Exploring the Security Implications of a Decentralized Internet : Vulnerabilities in Web3 and Blockchain-Based Networks

Sammanfattning: The internet has evolved from an information-based reading platform to a read-and-write platform which is dominated by a handful of organizations. This centralization has led to a movement suggesting a new shift using blockchain technology to create a decentralised internet. This study explores and describes such a system's security limitations and constraints. Also, the study intends to provide a basis for awareness of the development of decentralised networks. The study concludes that most of the attacks are a result of a central authority. This situation leaves significant standardization decisions to individual developers. It also makes the new decentralised solutions heavily rely on external parties for intensive processes. This leads to opportunities for attacks and exploitation.