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Navigating security challenges in Web3: from Ethereum smart-contracts to IPFS content
(2025-07-24) Karapapas, Christos; Καράπαπας, Χρήστος; Siris, Vasileios; Marias, Giannis; Voulgaris, Spyridon; Xylomenos, George; Patsakis, Constantinos; Ioannidis, Sotiris; Polyzos, George C.; Πολύζος, Γεώργιος
Web3 is not merely a technological evolution but a radical shift with deep philosophical implications. It envisions an Internet where users are at the center, yet without a centralized authority. Its goal is to ensure that users have full ownership of the data they generate, as well as the value—whether economic or informational—that arises from it. This paradigm shift finds applications in various fields, such as Decentralized Storage, which enables secure, distributed, and censorship-resistant data storage solutions; Non-Fungible Tokens (NFTs), which guarantee ownership and authenticity of digital assets; and Decentralized Gaming, which leverages blockchain technology to enable player-owned economies, provable asset scarcity, and transparent game mechanics. These, along with numerous other innovations, are shaping the next era of the Internet. As expected, Web3 has drawn the attention of researchers who are striving to establish it from the ground up using emerging, still-maturing technologies. Naturally, this has also caught the eye of malicious actors, who take advantage of the novelty and complexity of these interconnected systems for their own gain. The challenge now is to ensure that security advances in parallel with the growth of the Web3 ecosystem, preventing it from becoming an unstable or hostile environment. The contribution of this dissertation to this effort is multifaceted. First, we study the literature on Ethereum blockchain, NFTs, and the Interplanetary File System (IPFS), which serves as a cornerstone of the Web3 data storage layer. Our goal is to identify vulnerabilities and analyze whether – and to what extent – malicious activity exists. Next, from the perspective of malicious actors, we anticipate how they might exploit these technologies. We document potential attack vectors, making them easier to detect and mitigate. Finally, we propose design improvements that enhance the availability and scalability of key Web3 application-layer services, laying the groundwork for more scalable, resilient, and future-proof decentralized applications.