You will have control over your data with Web 3.0, the next generation of the World Wide Web. Using self-sovereign identities (a mechanism for you to maintain your digital identity), you will engage directly with other people on the web because there won't be a centralised identity management organisation.
Web 3.0 may have certain advantages for data privacy, but it won't fix all of your privacy issues. This is why:
1. Possible User Errors
Blockchain technology and other cutting-edge technologies will be used in Web 3.0. These systems will guarantee security, decentralisation, transparency, and immutability, but they will also add complexity.
You'll be in charge of safeguarding your data on the more complicated web, therefore mistakes could be made that would jeopardise your privacy. For instance, you might misconfigure a smart contract or accidentally send your private key to a public blockchain.
User errors can have serious repercussions, such as disclosing private information to the public or giving hackers and con artists the means to exploit you.
2. Vulnerabilities Introduced by Coding Errors
Software development kits (SDKs), code, and software are all necessary for Web 3.0, although they are not error-proof. Despite their best efforts, programmers occasionally produce defects, which leaves openings for hostile actors.
In addition, Web 3.0's most salient characteristic is decentralisation, which implies that the programme will be open-source. The code will be accessible to and editable by internet users. This entails that users could intentionally enter harmful code, opening the system up to vulnerabilities.
For instance, con artists can insert harmful code into the source code of a smart contract. Once this vulnerability has been created, they can use it to get unauthorised access to your assets or data.
Coding flaws can result in the loss of your digital assets or sensitive information if they are not found. Additionally, since consensus among the network users is needed to address coding faults in decentralised systems, they are often more difficult to fix.
3. Lack of Regulatory Oversight
Web 3.0 shifts away from Web 2.0's centralization; online platforms, microblogging sites, and site administrators will no longer be in charge. The decentralised web's users will be in charge of their data and privacy. Nobody can stop someone from posting or publishing something, and they can also not have their data deleted.
Malicious actors will nevertheless continue to exist. Because it will be difficult to identify users using their Personally Identifiable Information (PII), persons can submit dangerous, fraudulent, abusive, and spam information without being scrutinised.
Furthermore, fake information might circulate uncontrolled, providing criminals with an opportunity to trick unwary consumers. For instance, you might be duped into disclosing private information that can be used to steal your possessions or identity.
Although there have been discussions of regulatory technologies, none have been established. Some of the problems to be solved include the following:
- Who will act as the data controller or processor?
- Where will data be held, in each place and jurisdiction?
- Who will answer demands for access, and how will they do it?
- How are users able to change or remove their off-chain and on-chain data?
4. Blockchain Does Not Equal Privacy or Anonymity
Blockchain technology is frequently associated with secrecy and anonymity. This, however, is not always the case.
Blockchain technology allows for the creation of secure, immutable, and transparent systems, but this does not guarantee that they will be private. Similar to the last example, using a distinctive address rather than your legal name doesn't guarantee anonymity.
In Web 3.0, data is stored on the blockchain and made available to all users of the network. As a result, your data can be easily tracked down and analysed if you ever link your true identity to your specific address. In addition, someone else could use your address or identity if you misplace your private key or it ends up in the wrong hands.
Additionally, there's a danger that someone could reveal your true identify online without your permission. However, your data becomes available once it is shared publicly on a blockchain.
Additionally, in order for Web 3.0 to function, the computers will need data, which you and other Web 3.0 users are expected to supply. However, it is not yet obvious how this data will be used or whether it will be safe, private, and anonymous.
5. More Bad Actors Because of the Trustless System
Creating a World Wide Web where consumers control their data is the main tenet of Web 3.0. As a result, trustless technologies will be used in Web 3.0; network users won't need to be authenticated by a central authority.
Instead of relying on mutual trust, you'll communicate with other parties via smart contracts or other cryptographic tools.
Smart contracts, decentralised applications (dApps), phoney accounts, and other technologies can be developed by bad actors, however, to trick unwary users. These criminals have greater opportunity to take advantage of weaknesses because they are not required to be seen as credible.
6. The Rise of New, Advanced Attacks
New technologies frequently lead to fresh threats. There is a big chance for novel and cutting-edge attacks since Web 3.0 brings concepts and tools that aren't yet generally accepted or used.
Due to the decentralised nature of the web, it may be challenging to identify malevolent actors, making these new assaults harder to identify and prevent.
Additionally, Web 3.0 may make older assaults that have not been widely used more important. Attacks involving social engineering, for instance, might increase in frequency. After gathering personal information, con artists may pose as respected users and solicit your investment in dubious ventures.
Web 3.0 Is Promising but Not Perfect
Web 3.0 has the potential to revolutionise the internet, but it won't completely address our privacy concerns. Lack of regulatory control, a rise in decentralisation, and complexity will probably usher in fresh dangers that could jeopardise our privacy.
You must therefore assume responsibility for safeguarding your data and privacy. This will need being on the lookout for flaws and attacks, comprehending the dangers of Web 3.0, and learning the required safeguards for a high level of privacy.