The Risks of Transparency In Web3, data and code are stored publicly, and much is open-source, increasing the risk of code leaks and bugs being easily detected and exploited.
Using wallets and smart contracts for asset storage often leads to asset loss during security breaches, differing from Web2 incidents.
Challenging Modifications Once deployed, modifying smart contracts is difficult, underscoring the need for rigorous pre-deployment security measures.
Blockchain treats code as the ultimate rule for transactions and contracts. Insufficient security can lead to exploitation and tarnish a project's reputation.