Analyzing and Mitigating Common Vulnerabilities in Smart Contracts in Web3 Ecosystem: A Comprehensive Study

Abstract

As we enter a new era of decentralized applications and blockchain technology, the issue of Web3 security becomes crucial and requires immediate attention. Given the growing popularity of using smart contracts in web3, it is vital to ensure the protection of digital assets and user data online. This paper aims to examine the different security risks associated with smart contracts in web3 and propose measures to mitigate them. This research article delves into the identification, causes, and potential mitigation steps for common vulnerabilities found in smart contracts in web3. Specifically, we focus on six major vulnerabilities: overflow and underflow, access control vulnerabilities, re-entrancy attacks, price manipulation attacks, signature reply attacks and self-destruct attacks. By comprehensively discussing these vulnerabilities and offering mitigation strategies, this research aims to disseminate the security vulnerabilities in smart contracts in Web3 ecosystem and provides a path way for adoption of blockchain technology.