The arguments between web2 and web3 had been around for a while NOW. It ALL started when blockchain technology opened the public eyes to what data is, where it has been going and how it has been handled. Mostly have been rough anyway, we have heard such complaints of account Breach and activity restrictions as associated with web2.
The issue of online security needs to be addressed. I have talked about how everything is entering into the digital realms and in the process increasing the rate of losses. The online space we have to admit is very volatile, if someone gets a hand on important keys to your wallet or accounts, the rest as usual becomes history. privacy has been the new way. When I am talking of privacy, I am mostly addressing the individualized aspect of it.
Everything is getting too personal; phones, PC social media handles e-mail accounts and the rest. My concern was what would happen if the unexpected (like death) happened. How is it possible to retrieve individual assets that were stored on this digital space? We have to admit that families are at least Next of kin. I wrote two articles centering this; the part was focusing on the fact that there is a pending loss ( a huge one to be precise) as I have just started. The next one was a possible solution; why I term ‘multi-sig vault’. Let's not go too much backward, you can go through them to have a much better understanding of the entire follow up article.
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That said, so we arrived at a multi-sig vault; a multi-diversified wallet that could hold many individual's documents for easy retrieval. The concerns from here was again bouncing back to the usual; security. Multi-sig Vault will indeed become a hunted wallet by fraudsters and hackers. At least for the fact that it holds diversified credentials in one piece. Even in the physical space, we can admit it is much easier for a thief to steal from a single house rather than many.
So it boils down to how secured will such wallets or accounts be? Or maybe we should shift grounds to; where should such wallets even be hosted? This is where web2 and web3 comparison has to come in. We all know how web2 is generally operated (your data/details in the hands of third parties). You should be familiar with this from your normal web2 social media handles. Will it fly for a multi-sig vault? First, we have to reconsider what is at stake here; ‘a multi-user account’ holding mostly assetful documents or keys.
The risk of keeping it in a web2 space is high. I have heard of stories of former workers helping exploit a company. This is the flaw of web2, it may not be a shareholder’s duty but a former worker. Everything is going digital, you have heard me say this severally, eggs are now moving into one basket. Safe hands are needed for the safety of generational assets or it may just be preserve for a future loss as bounties to hackers and fraudsters.
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This is where web3 steps in. A future that will require a multi-sig vault operation will need to be decentralized. We are talking of risk mitigation here. Ownership should be kept to co-holders of subaccounts to get rid of any external uncertainties. I know the masses are used to the web2 mode of operation but has many inconveniences unravel there will be a need to side with web3. This was something I earlier discussed with someone on chain about the future of web3. Many are still snubbing but they will soon run back when it's importance is fully observed.
To conclude, let me add, there will continue to be discussion and suggestions as to what is likely to unravel in the near future. The pace of technology moving causes for much attention. Financial safety should be prioritized. Trillions upon trillions will soon be converted into the digital space. The core concerns will soon be security, putting things in place earlier Enough is something developers should be working on.
If the web3 ecosystem are the earlier guys to the show better. This is not about a fight anyway but rather the fact. A future of a more enhanced security should be spurred by ownership. An account like a multi-sig vault if adopted should look at such safety considerations.
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