Web3 Industry News Update – August 30th, 2023

Xterio and Particle Network Forge a Path to Seamless Web3 Gaming

• Xterio has partnered with Particle Network to build an infrastructure for seamless Web3 gaming experiences.
• The partnership aims to solve challenges like fragmented wallet and identity management that currently exist in Web3 gaming.
• Xterio’s bleeding-edge infrastructure will integrate with Particle’s Web3 profiles to deliver a smooth onboarding process for gamers.
• This allows gamers to easily carry their identity, assets, and progress across different Web3 games.
• Particle’s Web3 profiles contain reputation, achievements, possessions, social graphs, and other metadata.
• Integrating the two platforms is a major step toward frictionless Web3 gaming adoption.

Source: http://www.cointrust.com/market-news/xterio-and-particle-network-forge-a-path-to-seamless-web3-gaming

Why Web3 Penetration Testing is Crucial

• Web3 presents new attack surfaces that require specialized penetration testing.
• Smart contracts are vulnerable to exploits like reentrancy, integer overflow, and more.
• Web3 apps can be manipulated by attackers to drain funds from users’ wallets.
• Web3 penetration testing also evaluates risks like rug pulls and flash loan attacks.
• Testing providers use techniques like gray box testing to audit smart contracts.
• Fuzzing and symbolic execution are used to uncover flaws and vulnerabilities.
• Web3 penetration testing is the only way to ensure robust security before launch.

Source: http://www.cryptopolitan.com/how-is-web3-penetration-testing-crucial/

Cyber Gear Launches Comprehensive Web3 Glossary

• Cyber Gear has released an extensive glossary covering over 150 Web3 terms.
• The glossary aims to make Web3 more accessible to newcomers.
• It covers cryptocurrency terms like Bitcoin, Ethereum, and stablecoins.
• Blockchain terminology such as blocks, mining, and consensus is explained.
• Key DeFi concepts like lending, yield farming, and oracles are included.
• NFT jargon including minting, gas fees, and marketplaces is clarified.
• The glossary will be continuously updated as the Web3 space evolves.

Source: http://pressreleasenetwork.com/site/2023/08/29/cyber-gear-launches-comprehensive-web3-glossary-2/

Key Takeaways

• Seamless identity and asset portability will be key for mainstream Web3 gaming adoption.
• Robust security is crucial in Web3 due to new attack surfaces like smart contract exploits.
• Clarifying Web3 terminology is important for making the space more accessible.
• Partnerships between leading Web3 companies will accelerate development.
• Ongoing education and testing is needed to keep pace with rapid Web3 innovations.
• Simplifying the user experience remains the biggest challenge for Web3 interfaces.

The Web3 sector continues to see exciting partnerships, security innovations, and educational initiatives as it evolves. Seamless identity portability, rigorous testing procedures, and comprehensible terminology are emerging as essential elements for user-friendly mainstream adoption. While UX challenges remain, the Web3 space displays strong momentum.