Crypto Security and the New Web3 Mindsets for Users

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Oct 15, 2021

Eddy Lazzarin, a crypto data scientist at A16Z, shares his expertise on securing cryptocurrency assets. He discusses the shift in mindsets needed for Web3, emphasizing user control and responsibility. Lazzarin highlights the risks of social engineering and the importance of safeguarding private keys. He explores advancements in security practices, such as metal storage and hardware wallets, and the evolving user interfaces aimed at making crypto more accessible. With a focus on practical security strategies, this conversation is a must-listen for crypto enthusiasts.

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INSIGHT

Web3 Control Shift

Web2 platforms control terms of engagement, even resetting passwords.
Web3 shifts control to users, creating both empowerment and responsibility.

INSIGHT

Crypto Hack Myths

Blockchains like Bitcoin and Ethereum are cryptographically secure and haven't been hacked.
"Crypto hacks" usually involve social engineering or tricking users, not network breaches.

ADVICE

Social Engineering and NFT Drops

Be wary of support requests in dApps or wallets requiring seed phrases.
Inspect transaction details in unfamiliar NFT drop sites, as MetaMask approvals can be risky.

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Today’s episode is all about crypto security — that is, the new mindsets and the new strategies for storing crypto assets safely while also allowing holders control and access. As a reminder, none of the following should be taken as investment advice, please see a16z.com/disclosures for more important information. We’ve covered security trends more broadly a ton in our content, which you can find at a16z.com/security, as well as crypto-related trends including NFTs, and the creator and ownership economies; you can find all of that at a16z.com/nfts But as more people enter crypto lately — thanks to the boom in NFTs, decentralized finance, and much more — we share specific best practices and options for securing crypto as well as discussing how it all fits this next evolution of the internet: web3. Our expert today is a16z crypto data scientist Eddy Lazzarin, who joins host Zoran Basich to cover practical approaches ranging from passwords to crypto wallets and what users can do; the evolution of crypto briefly; and the big picture mindset shifts involved here as well. We quickly begin with the practical shift crypto security represents compared to how people interact with traditional financial institutions, and then we go into the big picture trends in security when it comes to abstraction and usability. Stay Updated: Find a16z on X Find a16z on LinkedIn Listen to the a16z Podcast on Spotify Listen to the a16z Podcast on Apple Podcasts Follow our host: https://twitter.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.