Cybercrime has increasingly surged at a high rate in the U.S. Annually, cybercrime amounts to damage worth trillion dollars. One of the top cyber threats has been digital identity theft, in which threat actors leverage the stolen personal information of the victims, with the intent of causing financial havoc.
The issue of cybercrime has persisted over the years and is certainly not going away anytime soon. In regard to the issue, the CEO of Sony, said, “the solution to cybercrime isn’t two-factor identification or your mother’s maiden name. The solution to cybercrime lies in the transition to Web3.”
What is Web3?
Web3, also known as Web 3.0 serves as the succeeded iteration of the internet after Web 2.0. While Web 2.0 is marked as a centralized internet model in which most of the data, content, and other services are controlled by some of the internet giants, also referred to as ‘Big Tech.’
WWe3 on the other hand can be described as a decentralised version of the internet, allowing users to communicate with one another in a secure, peer-to-peer environment.
How are users vulnerable to Web2?
Since a “digital identity” in
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