Molly Zhuangtong Huang (University of Macau), Rui Jiang (University of Macau), Tanusree Sharma (Pennsylvania State University), Kanye Ye Wang (University of Macau)
In the rapidly evolving Web3 ecosystem, transparent auditing has emerged as a critical component for both applications and users. However, there is a significant gap in understanding how users perceive this new form of auditing and its implications for Web3 security. Utilizing a mixed-methods approach that incorporates a case study, user interviews, and social media data analysis, our study leverages a risk perception model to comprehensively explore Web3 users' perceptions regarding information accessibility, the role of auditing, and its influence on user behavior. Based on these extensive findings, we discuss how this open form of auditing is shaping the security of the Web3 ecosystem, identifying current challenges, and providing design implications.