Abstract
In this work, we evaluate the state of the art of Web3 while seeking to provide developers with a clear understanding of the Web3 architecture. We seek to provide a cybersecurity-focused, practical, and up-to-date assessment of Web3, equipping developers with the knowledge necessary to utilize Web3 to enhance the security of their applications. We analyze the security advantages Web3 introduces over Web2 while critically evaluating its limitations. Through an in-depth analysis of the security of Web3 applications, this work provides practical insights to developers on creating Web3 applications. Our analysis provides a framework Web3 application that emphasizes the unique security benefits of Web3. Overall, we found that the Web3 architecture offers inherent cybersecurity benefits such as increased data control and security, identity management, and data inventory management, and reducing the risk of cyber attacks for platform providers.