With the recent migration, Stratis has transitioned from a Bitcoin-based blockchain to an Ethereum-based framework. The move to an Ethereum-based ecosystem opens new possibilities with native Web3 support, utilizing Web3 wallets that differ from what was previously available. The transition from a bespoke wallet such as the STRAX Wallet and Cirrus Core to a multi-network Web3 wallet like MetaMask introduces new risks and exposure to more frequent and sophisticated phishing attempts. Stratis is committed to guiding its community through these challenges, ensuring a safe and informed transition into the Web3 world.
What is Web3?
Web3 refers to the third generation of the Internet, a revolutionary concept that focuses on decentralization and self-sovereign ownership. In this new world, individuals have complete control and ownership over their identity and assets without relying on any central authority. This is a significant step forward in the evolution of blockchain technology, and Stratis is excited to be at the forefront of this movement.
While there are many benefits of web3, primarily focusing on enhanced privacy and control over your data, the absence of an intermediary places the onus on the user to ensure sound security practices and an understanding of how to manage their wallets safely.
Your Defence Mechanism
The following defence mechanisms are essential for anyone navigating this space, aiming to minimize risks and ensure a secure experience.
Stay Informed
Constantly educate yourself about the latest scams. Follow reputable news sources and security blogs dedicated to Web3 and cryptocurrency. Awareness of scammers’ tactics can help you spot red flags.
The below are a great place to start in familiarizing yourself with some of the scammers methods:
https://www.web3isgoinggreat.com/?collection=metamask
https://www.web3isgoinggreat.com/?collection=discord-compromise
https://www.web3isgoinggreat.com/?collection=twitter-compromise
https://www.web3isgoinggreat.com/?collection=drainers
https://www.web3isgoinggreat.com/?collection=permit-phishing
Verify Everything
Always double-check addresses when sending and the legitimacy of projects you’re interacting with. If you’re using a dApp, double-check the website address and review community feedback on social channels, such as Discord or Twitter to ensure it’s not a phishing site or scam.
Safeguard Your Information
Treat your private keys and seed phrases as you would your banking details and identity documents. Use hardware wallets for extra security, and never store these details on internet-connected devices. Be cautious of phishing attempts that try to lure this information from you.
Use Reputable Platforms
Stick to platforms with a strong reputation and user base. Look for platforms that offer additional security features like multi-factor authentication and have a transparent process for reporting and addressing issues.
Enable Security Measures
In addition to two-factor authentication, consider only accessing your accounts on secure networks or utilising a VPN if you are using a public network. Regularly update your software and use strong, unique passwords for different accounts.
Too Good to Be True
Always remain sceptical of offers of airdrops or incentives that appear too good to be true. Check the project’s official social channels to ensure the validity of any campaigns and giveaways before connecting your wallet.
Keep In Touch
Navigating the Web3 world becomes a richer experience when joined by a community of like-minded enthusiasts. Stratis encourages individuals to become part of their thriving community by joining the Discord server. There, members find a supportive space offering insights, advice, and camaraderie to navigate Web3 safely and confidently. Whether seeking guidance on authenticating a dApp or eager to exchange knowledge, Stratis’s Discord community stands ready to welcome and assist!
