6 Web3 Security Tools for Collectors, Creators, and Builders
Ensuring your security in Web3 can often seem like a difficult task. But it really shouldn’t be, considering the wide variety of best practices that users can observe to increase the level of security while reading the blockchain. Yet many simply overlook the lessons of the past and other practical security solutions established by their peers until it is too late.
Except in the wake of a notable hack or scam, security seems to be a secondary or even tertiary priority for many in Web3. But significant ailments can eventually cause problems for the majority of those in the NFT space, depending on who is affected. How can we end this cycle?
The solution is twofold. First, we must understand that the security of the NFT space is not only the user’s responsibility, but must be a group effort. Second, users need to familiarize themselves with and start using the tools that are already readily available to help safe creators, collectors, and builders. Here are some of the best to know.
Web3 Antivirus is a security tool for creators, collectors and builders of all levels. It installs as a browser extension on Chrome, Brave, Firefox and Edge. The extension works by auditing the smart contracts a user uses to identify dangerous logic, critical vulnerabilities, and compromising access permissions.
By checking contracts, Web3 Antivirus warns users for they engage in malicious contracts or otherwise perform potentially dangerous acts. Currently, only the basic free version of Web3 Antivirus is available, while a premium paid version (equipped with a number of new features) is set to be released soon.
SafeSoul is a free browser extension created by the same team behind the Digital Animals NFT project. The service is compatible with Chrome, Brave, Firefox, Opera and Safari. It identifies potential NFT scams by using bright red brackets as Web3 users navigate popular platforms such as Twitter, Google and YouTube.
Threats are constantly monitored by the SafeSoul team, but the service also relies on community members to identify potential malicious accounts and content. With SafeSoul Web3 Patrol, users are encouraged to flag potential dangers of exploiting their identity using non-transferable Soulbound Tokens (SafeSoul Tokens) that act to verify them as trusted members of the NFT community.
Immunefi is one of, if not the most prominent, bug bounty platform available in Web3. For those unfamiliar, a bug bounty is a reward (monetary or otherwise) given to well-meaning hackers who attempt to find and flag a vulnerability or bug to an application (or smart contract) developer.
In the NFT space, smart contract auditing is a crucial step before a project is launched, and one that can significantly affect the security of users in Web3 if performed incorrectly. Considering that in 2022 alone, hacks and scams reportedly cost the Web3 community over $4 billion, Immunefi has continued to encourage hackers to claim bug bounties to prevent more capital being siphoned away from pointless advertising. The platform reports that it has saved $25 billion from being hacked to date.
NotCommon is a service that provides real-time, customized Web3 security threat alerts to users on Ethereum, Polygon, Solana, and Tezos. By connecting a wallet to the service and downloading the service’s Chrome extension, users will receive updates on security threats specific to their NFTs, tokens and the projects they follow.
The reactionary model spearheaded by NotCommon has so far apparently proven effective, with the platform identifying over 160,000 scams to date. By identifying threats as they arise, NotCommon can send up a torch that can save collectors from engaging with malicious links or trading unofficial and malicious NFTs.
Harpie is an on-chain firewall that aims to provide an important new layer of security for Web3 wallets to stop hacks “before they ever get on-chain.” The service monitors a user’s wallet hundreds of times per second and works to stop a malicious transaction or transfer automatically.
Users can expect to be defended against front-end attacks, phishing and scam sites, private key theft, phishing attacks and accidental transfers. Apart from being the first and only company to ever stop one private key theft automaticallyHarpie also claims to be non-custodial, operate on immutable and auditable contracts, and use a system of checks and balances to avoid single points of failure.
Forta is the first detection network built for security and operational monitoring of blockchain activity. The service’s goal is to create a Web3 approach to securing the open economy by detecting threats and anomalies within the DeFi and NFT ecosystems – as well as through governance, bridges and other Web3 systems – in real time.
Running on the Ethereum, Polygon, BSC, Avalanche, Arbitrum, Optimism and Fantom blockchains, Forta provides users (traders, developers and investors) with timely and useful information about the security and stability of their systems. To date, Forta’s community-driven security network has protected tens of billions of valuable assets from exploits.