Crypto acceptance on a world-wide scale is an uphill battle of Sisyphean proportions. It’s difficult to sell investors on the “next big thing” if that thing is both intangible and nascent. With that in mind, getting investors on board with Web 3.0 seems like it will take years. But before this can even be addressed, there’s another issue at hand: the scarily high prevalence of crypto hacks and scams fueling the Web 3.0 Bogeyman.
Indeed, it will be nearly impossible to sell new people on this potentially world-changing technology if the trailblazers are constantly under siege. Nearly every week, there’s news of some hack or scam. This week, it’s Crema Finance; the DeFi platform lost almost $9 million through a bug in the protocol’s code. Last month, non-fungible token (NFT) collection Bored Ape Yacht Club was rocked by its third hack of the year. A crook was able to assume the identity of a community leader and scam holders out of their tokens.
Without addressing this issue, Web 3.0 loyalists are shooting their beloved project in the foot. The way many blockchain critics see it, the movement won’t grow further without more users — regardless of the amount of funding flowing into the space. Of course, the key to doing this is in improving existing products and innovating new ones. It also means patching the many security holes in what skeptics are blasting as a sinking ship.
But, just how bad is the blockchain security issue that plagues Web 3.0?…
