From Bitcoin to ETFs, Ethereum to DeFi, Staking to Arbitrage, and now from NFTs to Metaverse, the world of Blockchain and cryptocurrencies seems to be on steroids!
With the rise of Blockchain and subsequently cryptocurrency, NFTs, and Metaverse, innovation in the space has been the only constant. However, digital innovation has always had two sides, the other one being a significant threat in cyber security compromises. Criminals of cyberspace have always been quick to spot opportunities in the latest form of technology, especially one like Metaverse.
What exactly is a Metaverse?
Metaverse, in simple terms, is a virtual space in a digital universe. It is generally referred to as an iteration of the internet. It is transcending from a 2D digital world to a 3D digital future. Like VR games, it combines your physical reality with augmented reality and Virtual Reality.
Metaverse is an entire social economy across both the real and virtual world. The avatar, the experiences, the goods, and everything which is a part of the physical world can function here seamlessly.
In other words, it is an alternative life where you can explore your true self without any restrictions and can chase your wildest dreams.
But it is never as good as it looks
However fascinating the concept of Metaverse sounds, it comes with its own set of vulnerabilities. One way to avoid this is to have robust cybersecurity in this yet to be regulated space.
Cisco Talos Head of Outreach Nick Biasini believes that Metaverse is just the next medium for the cybercriminals/attackers to use their old scams at a fresher Platform.
There are more than just a few issues Metaverse could potentially bring along, including buying and selling fake NFTs. This will not only put a big dent in an investor’s pocket but also hamper the reputation of the space. Cybercriminals have not limited themselves to cryptocurrencies scams, and the scams have also been spotted with the smart contract executing transactions. Cybercriminals are seen to abuse the executing power of these smart contracts and swap tokens from the buyer’s wallet. This also leaves a scope of development of smart contracts intending to dupe the user.
Need of Cybersecurity in Metaverse
Metaverse plans to create a universe where users can work, play, buy, sell and win. Similar to our physical reality, the robbers are cybercriminals in disguise. These scammers can set up goods or services that look reputable and trustworthy because there is no way to verify this unregulated space.
Although conversations regarding the regulation of cryptocurrencies are heating up across the globe, there is no immediate fix to this shortcoming that Metaverse has gotten along with. The regulation needs to be set with the idea of what is happening in the crypto space and strictly on what it does.
Remembering the days of the ICO scams, people who are leaning into the metaverse should be careful where they invest their hard-earned money.
Blockchain space being unregulated can lead investors as well as companies defenseless.
As Schulz says, ‘With emerging technology, security is an afterthought’. Though Metaverse is still an idea, it is highly susceptible to cyberattack, and its defense needs to be thought through carefully. Until the introduction of strong regulation, companies can ensure establishing standard conduct in the Metaverse.
The hackers are already abusing the NFT market, and NFTs being one of the significant tokens of transaction in the Metaverse, come with their own sets of vulnerabilities as explained in our last blog. The space needs to be well equipped to handle the thwart of such attacks.
Cybersecurity is the need of any digital platform today, especially Metaverse. Having a solid cybersecurity regulation will help enhance data privacy and ethical usage and ascribed penalties for any hacking attempts. The three primary things that cybersecurity laws will protect are –
- Privacy of the users
- User data on the network
- Biometric data that VR devices would collect
For Metaverse to function seamlessly, cybersecurity guidelines are going to play a prominent role. With big names like Facebook and Microsoft getting into Metaverse, having a dependable regulation will be even more crucial.
However, there does exist an immediate fix.
If we look at the core component of Metaverse, it all runs on pre-programmed lines of code that exist on the immutable ledger of Blockchain. Sounds familiar?
Yes, smart contracts are yet again one of the most crucial parts of this new innovation. Assets being traded in the Metaverse or the transactions that will be done will all happen through smart contracts built on top of Blockchain.
And one of the most efficient ways to ensure the security of the user in the Metaverse is to get such smart contracts audited.
With a professional thorough audit, smart contract vulnerabilities can be identified at an early stage which not only saves time and money but also protects potential scams, thefts, and loss of credibility.
There is a catch here too. In order to ensure that the smart contracts in the Metaverse are truly protected, the team behind the audit should be well aware of the bugs they are looking for. After all, you can fix what you know.
This is why the team at QuillAudits started exploring the concept of Metaverse at an early stage to become one of the few companies in the world capable of analyzing contracts in the Metaverse.