The Least Privilege Principle is a security concept that suggests individuals or systems should have only the minimum levels of access necessary to perform their tasks. In the context of blockchain and cryptocurrency, this means giving users, wallets, and smart contracts only the permissions needed to execute specific actions.For instance, when a user creates a wallet, they should only generate the keys needed for transactions and not any additional access. This minimizes the risk of unauthorized access or potential breaches.Applying this principle helps protect assets by limiting exposure. If someone gains access to a wallet or account, their ability to exploit it is restricted. Moreover, during the development of smart contracts, ensuring that these contracts only interact with necessary functions prevents malicious actions and unintended vulnerabilities. Overall, adhering to the Least Privilege Principle enhances security and fosters trust among users and developers in a decentralized environment.