The biggest challenge will be the same for the next round: Cybersecurity.
Andy Beal is the founder of Forta. We spoke about cybersecurity’s future.
“I think security always becomes more important during a period of growth,” He told me. “The bag available to attackers is bigger.”
Add to that the fact that we may very well see retail — and with that, newer participants — enter crypto in a bull market phase and those who aren’t as aware about security could be easy targets for bad actors. Beal said that you will statistically see an increase in End User Attacks because of this.
Beal isn’t surprised that the crypto space will start to take on some of those basic cybersecurity principles. Though to be fair, part of his belief may be centered on the fact that Forta unveiled Forta Firewall — basically the Web3 version of a classic firewall that uses custom AI to secure transactions and block potential malicious actions before they occur.
“And I think we’re going to see a lot more sort of traditional kind of cyber tools and services, like firewalls, that are applied to Web3 because, at the end of the day, the industry as a whole is actually really good at detecting these things now, the one gap has just been stopping it. So that’s what we’re trying to enable,” He explained.
Although I’m not an expert in cybersecurity, it was interesting to me that older security methods were resurfacing and seeing how they worked in the Web3 environment. Beal must have been surprised by this evolution.
“I think it’s not surprising at all that all of the things that have been proven to work in Web2 security … a lot of those are going to be adopted in Web3 [because] we’re still building on the internet. We’re just sort of introducing a financial layer to it … A lot of the same concepts apply, especially with respect to security, right? And so, firewalls have been around since the [1990s], they’ve gone through a lot of different evolutions over the last 30-plus years,” Beal explained
“They’re just now being introduced in Web3. But like we have 30 years of designs and learnings and innovation that we just get to copy and sort of use and adopt the best practices of so … I think we’ll see a lot more of it.”
It looks like a new use for AI and cryptography, doesn’t it?
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