Securing the future of Web3 - with Thyra, on Massa
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The path to Web3 is not an easy one. So far in 2022, we’ve seen numerous examples of hacks, exploits, phishing attacks, rug-pulls and scams. Investors dipping their toes in the world of Web3 and witnessing such a track record can feel a little hesitant. And rightfully so — security is no joke. The year isn’t yet over and there’s already a new annual record for a total amount of funds lost to attacks — an astonishing $3 billion has been stolen in 2022 alone. But how did it come to this? Wasn’t blockchain technology supposed to be safe? How are attacks even possible? Let’s dig deeper into it.
The issue with Web2 platforms
Indeed, blockchain technology is more reliable than traditional tech as it doesn’t have a single point of failure. What does that mean? Well, unlike with a centralized database or server, in order to take control of a blockchain an attacker needs to take over at least 51% of network validator nodes. That’s easier said than done and typically requires an insane amount of effort and/or funds, making the whole process economically unviable. Okay, then how are these hacks still possible and why do they keep happening? Is the Web3 space continuously being attacked by genius hackers that have millions in assets? Not really. The explanation is a lot simpler.
Many Web3 projects are using Web2 infrastructure to onboard their users. From a marketing perspective, this makes perfect sense. Since there isn’t a Web3 equivalent of Twitter, Discord or Telegram yet, Web 3 projects have to lure in users from popular Web2 platforms. By promoting their project on social media, startups can attract a wider audience to build a community. Sadly, this leaves the door open to malicious attackers, as they can simply impersonate a project on social media or hijack Web2 accounts for their own gain. The cases where attackers take over validators are rare and usually involve some other means of getting access. For example, for this year’s Axie Infinity hack, which led to $620 million being stolen, the hackers set up fake job interviews in order to extract sensitive info from one of the Axie developers.
Leveling up your Web3 security
Security is an absolutely crucial factor if the mass adoption of blockchain technology is to occur. With an increasing number of projects and funds flowing into the blockchain ecosystem, security tools and privacy solutions are becoming all the more necessary.
Even if we completely eliminate the need for a Web2 framework, something that will inevitably happen at some point in the future, we still see a trend of continued centralization. This not only contradicts one of the main tenets of crypto but also leads to a lower degree of security. Take for example the recent Ethereum Merge which reduced the network’s energy consumption by over 99% while also reducing the number of validators. Subsequently, users that want to run their own validator node need a minimum of 32 ETH, an amount that’s not to everyone’s pocket, giving even more control to the rich and powerful. Last but certainly not least, there’s the blockchain trilemma, according to which networks cannot be simultaneously decentralized, secure and scalable.
A one-size-fits-all solution?
Currently, there seems to be only one clear-cut answer to all the pressing issues above. A remarkably advanced blockchain infrastructure uniquely positioned to solve the trilemma with unique innovations like autonomous smart contracts, blockclique architecture and transaction sharding. Yes, we’re talking about Massa.
While there’ll always be a security risk with Web2 infrastructures, it’s important to eliminate, or at least reduce, the risk of failure on the blockchain level. Massa achieves this with:
- Autonomous smart contracts: They execute autonomously, reducing the need for third-party service integration and automation altogether, which in turn decreases costs and improves efficiency.
- Blockclique architecture: This brand-new architecture utilizes transaction sharding in a multithreaded block graph and allows parallel blocks with compatible transactions, preventing double-spend. It’s the key to achieving high speed and security while maintaining decentralization.
- Proof-of-Stake consensus: Massa adopts the PoS mechanism for its energy efficiency, adding Sybil resistance to effectively counter Sybil attacks.
- Next-level decentralization: The Nakamoto coefficient is used to determine the minimum number of validators needed to create a disruption. Massa’s coefficient easily surpasses that of rival PoS blockchains.
In addition, Massa offers unparalleled accessibility to members of its community. Users are free to start their own validator nodes with just a couple of tokens. This leads to even higher levels of decentralization that remain out of reach for many other blockchains.
Massa technology for a more secure Web3
Introduction to Thyra
The best part is that anyone can use Massa’s decentralized solution. It enables you to use a client on your devices that manages the connection with the blockchain. It also comes with a range of services that allow you to perform different actions. Here it has a DNS to create your URL, a storage manager to upload your website on the blockchain and, of course, a wallet to sign your transaction.
This client is called θύρα (to pronounce Thyra, meaning ‘door’ in ancient Greek) and is a gateway to Massa’s blockchain that simplifies the interactions and enables you to store your websites on the blockchain with just a few clicks. Everyone can use it, and most importantly everyone can use it without the fear of scams or phishing attacks as there is no third party nor intermediary between you and Massa blockchain.
Don’t wait longer and test our decentralized web minimum value product. Install Thyra and upload your websites now.
About Massa:
Massa is a high-performance blockchain designed to be truly decentralized from the start. Massa testnet was released in July 2021, providing an easy way for anyone to test our protocol, and has been constantly improving since then.
- Website: massa.net
- Testnet explorer: test.massa.net
- Documentation: https://docs.massa.net/
- Source code and tutorials: github.com/massalabs/massa
- Telegram: t.me/massanetwork
- Discord: discord.gg/massa
- Twitter: https://twitter.com/MassaLabs
- Reddit: reddit.com/r/massa/
- Youtube: youtube.com/channel/UChVfdvYpn0eFk4B-T7TGmOg
