Security and interoperability, the challenges ahead of Web3 mass adoption

[Brianna White]

By 2030, Web3 is expected to reach a market size of $81.5 billion, according to Emergen Research, but the industry still has challenges to overcome, including security and interoperability, said players interviewed by Cointelegraph.
Interoperability, in short, provides communication between blockchains, aiming to offer a similar experience to users as Web2, hiding infrastructure complexity away and ensuring they don't have to know what solution is powering the mobile app they use, explained Derek Yoo, CEO of PureStake, a development team for the layer-1 blockchain Moonbeam.
However, interoperability also brings more moving parts to any system, and security is one of the greatest challenges. Justin Hulog, chief studio officer at Immutable, explained:

"Basically, the more links there are in a chain, the higher chances are that one of them will break. One of such links when it comes to interoperability is the need for “bridges” that facilitate transfers of assets between blockchains — and often get attacked by hackers."

In fact, across 13 cross-chain bridge hacks, Chainalysis estimated that $2 billion in cryptocurrency has been stolen until August 2022. Bridge attacks account for 69% of total funds stolen this year. In one of the biggest recent cases, hackers drained $612 million from the Ronin bridge and Katana Dex by faking private keys to forge withdrawals.
Continue reading: https://cointelegraph.com/news/security-and-interoperability-the-challenges-ahead-of-web3-mass-adoption