Introduction: Uniting the Web3 Community
In a celebration of achievements in the ever-evolving crypto ecosystem, Immunefi, Electric Capital, Bitscale Capital, and MA Family hosted The Bug House—a gathering aimed at bringing together the global Web3 community. This event featured a panel discussion led by Cointelegraph editor-in-chief Kristina Lucrezia Cornèr, alongside prominent figures such as Mitchell Amador, founder and CEO of Immunefi, and Brendan Eich, founder and CEO of Brave browser.
The Transition from Web2 to Web3
As the panel discussed the shift from Web2 to Web3, Eich pointedly remarked that “there’s a lot of Web2 in Web3,” suggesting that many existing practices and technologies are still rooted in the previous web paradigm. Amador added that traditional Web2 sites could harbor adversaries and noted the recent EIP-5593 proposal designed to mitigate man-in-the-middle attacks, showcasing a proactive approach to security.
Security Landscapes: A New Breed of Hackers
Eich highlighted the evolving nature of hackers in the Web3 space, identifying two distinct types of hackers. He noted that many Web3 hackers are typically younger, often under the age of 35, with some being under 30. Amador chimed in to mention that the profile of hackers is broadening to include older, tech-savvy individuals with years of experience in blockchain technology:
“We’ve seen a number of these guys […] they just storm the leaderboard with their skills.”
Brave’s Approach to Security
Brave has taken significant steps to ensure user security, employing HackerOne to protect its in-house crypto wallets and expanding its bug bounty to swiftly address potential vulnerabilities. Eich emphasized that Brave’s total control over its browser and wallets aids in preventing phishing attacks, thus safeguarding its growing user base of 20 million daily users, double that of the previous year.
Building a Safer Web3 Community
Both Amador and Cornèr underscored that protecting the Web3 community involves more than just financial measures; it encompasses fostering a culture and values that prioritize security and ethics. Amador stated,
“To wish for, fight for, and create a better world for which their most sinister and capricious behaviors simply won’t work.”
Collaboration with Regulators and Innovating Solutions
To further the cause of Web3 accessibility, Amador highlighted ongoing efforts by Immunefi, Brave, and their partners to engage with governments and lobby for support. Eich added that a focus on developing better programming languages and tools is critical to improving security, stating, “Education sounds prim and proper. But if it doesn’t have incentives, it’s not gonna work.”
Trust and Recognition in Web3 Security
In an industry that faces challenges related to trust, Immunefi aims to establish legitimacy through its bug bounty platform. By providing a neutral third-party service that mediates interactions between projects and bug hunters, they are fostering an environment where security discoveries are rewarded fairly. Amador also introduced the new Whitehat Leaderboard, designed to honor the top 20 elite white hats in the Web3 space, reinforcing the necessity of acknowledging efforts to enhance cybersecurity.
Conclusion: Moving Forward Together
The discussions at The Bug House highlighted both the challenges and opportunities present in building a secure and collaborative Web3 community. As the industry continues to evolve, the need for transparency, education, and a strong ethical foundation will play crucial roles in navigating the complexities of the crypto landscape.
