Paper 2024/271 Original: eprint.iacr.org/2024/271 ↗

Understanding User-Perceived Security Risks and Mitigation Strategies in the Web3 Ecosystem

Abstract

The advent of Web3 technologies promises unprecedented levels of user control and autonomy. However, this decentralization shifts the burden of security onto the users, making it crucial to understand their security behaviors and perceptions. To address this, our study introduces a comprehensive framework that identifies four core components of user interaction within the Web3 ecosystem: blockchain infrastructures, Web3-based Decentralized Applications (DApps), online communities, and off-chain cryptocurrency platforms. We delve into the security concerns perceived by users in each of these components and analyze the mitigation strategies they employ, ranging from risk assessment and aversion to diversification and acceptance. We further discuss the landscape of both technical and human-induced security risks in the Web3 ecosystem, identify the unique security differences between Web2 and Web3, and highlight key challenges that render users vulnerable, to provide implications for security design in Web3.