Донецький національний університет імені Василя Стуса, В.В. Матвійчук, О.В. Таранич, Донецький національний університет імені Василя Стуса
The article explores the essence of cryptocurrencies as a phenomenon of the digital economy through a conceptual and categorical analysis and typology, combining their financial, technological, and institutional characteristics. The study addresses the challenge of defining the concept of "cryptocurrency" in the context of the rapid digital transformation of the economy. It presents an analysis of key approaches to the typology of cryptocurrencies as money, investment assets, and technological platforms. The paper substantiates the relevance of applying a flexible functional approach that accounts for the use and evolution of cryptocurrencies within the digital economy.It is argued that the term "cryptocurrency" cannot be reduced to a single universal definition, as it reflects the multidimensional nature of digital assets undergoing constant transformation. The analysis of their functional orientation demonstrates that contemporary cryptocurrencies perform a wide range of tasks within the digital economy — from payment solutions to cross-chain interaction, from privacy protection to servicing logistics and media. This justifies the need to rethink approaches to their definition, considering both the economic context and the technical architecture of cryptocurrency operations.The study concludes that in the digital economy, cryptocurrencies are evolving beyond purely monetary functions — such as accumulation, speculation, and payments — toward acquiring the features of a technological unit of value operating within various digital ecosystems. Future research should focus on the development of a functional classification of cryptocurrencies, the analysis of their interaction with the traditional financial system, and the assessment of the impact of emerging technologies (in particular, Web3, DeFi, and AI) on the evolution of cryptocurrency ecosystems.
Introduction:The study examined blockchain technology as a pillar of Web3, highlighting its principles of immutability, transparency, and decentralization. It analyzed the paradox that these same virtues could become disadvantages when it was necessary to correct errors, delete data, or deal with malicious uses, generating legal and ethical tensions.Development:Cases and studies were reviewed that showed how immutability guaranteed integrity and resistance to censorship but was incompatible with rights such as the “right to be forgotten” under the GDPR. Situations were also documented in which decentralization empowered both legitimate actors and criminals, eliminating consumer protection mechanisms. Faced with these dilemmas, solutions such as off-chain storage, updatable smart contracts, decentralized identity, and zero-knowledge proofs were evaluated. The proposal for double validation was highlighted, which incorporated a layer of smart contract verification to authenticate the origin and legitimacy of information before it was recorded. The validation of sensitive content by the people involved was also proposed as a strategy to prevent defamation, misinformation, or the dissemination of illegal material.Conclusion:The paper concluded that the potential of blockchain lay in its integration within an ethical, legal, and social framework. The implementation of mandatory verification and validation mechanisms strengthened accountability and individual protection, transforming blockchain into a tool that is not only secure and transparent, but also fair and socially responsible.
Abstract The aim of this study is to design and implement a system that allows centralized blockchain institutions to prove their solvency. This system ensures that institutions do not misappropriate user assets and enhances trust between users and institutions. The article introduces the Groth‐16 zero‐knowledge proof algorithm from ZK‐SNARK (zero‐knowledge succinct non‐interactive argument of knowledge). The R1CS arithmetic circuit in the Groth‐16 algorithm effectively guarantees the authenticity and tamper‐resistance of the system's raw data sources. Additionally, it combines the use of Merkle Sum Trees and Sparse Merkle trees. The former enables users to perform distributed verification of solvency proofs, while the latter effectively hides the overall number of users. Finally, users verify the balances and the private key signatures of addresses in the institution's bulletin board. Together, these components form a comprehensive and distributed solvency proof solution. This solution is a pioneering solution in the field of blockchain solvency proofs and provides a secure, efficient, and privacy‐preserving method for centralized cryptocurrency service providers or Web3 enterprise custodians. It effectively addresses the challenge of proving an institution's possession of sufficient reserves to cover user assets without compromising user privacy or disclosing the institution's scale.
As generative AI (GenAI) technologies proliferate in urban governance, the challenge of building trustworthy AI systems becomes increasingly urgent. This chapter critically examines “trustworthiness” not as a purely technical attribute, but as a socio-political construct shaped by power, participation, and policy. Focusing on smart cities as testbeds of algorithmic governance, it explores how decentralized Web3 technologies—such as blockchain, DAOs, and data cooperatives—can offer structural alternatives to centralized, opaque systems. Drawing on action research from the Horizon Europe ENFIELD project and framed by EU policy developments like the AI Act and the Draghi Report, the chapter proposes a multi-layered governance model. It evaluates seven emerging techniques to strengthen GenAI accountability: (i) federated learning, (ii) blockchain provenance tracking, (iii) zero-knowledge proofs, (iv) DAO-based verification, (v) digital watermarking, (vi) explainable AI (XAI), and (vii) privacy-preserving machine learning (PPML). The chapter ultimately argues that trustworthy AI must be embedded in participatory governance, algorithmic transparency, and plural civic oversight. By reframing trust as a relational, institutional, and democratic issue, it contributes to reimagining smart cities not as technocratic projects, but as inclusive arenas for data justice and democratic renewal.
In 2016, the World Economic Forum recognized blockchain technology as one of the ten most important emerging technologies. Prior to this recognition, The Economist published articles about the "trust machine," introducing this remarkable technology to a wider audience. In order to understand the progress of blockchain technology and its current state, it is essential for countries to research these issues in relation to their economies. It is important to distinguish between theoretical blockchain applications and their commercial applications to assess the potential disruption of existing business models by blockchain technology. This article presents the European initiative in applying this technology and estimates the Moldovan economy's preparedness in this regard. To achieve this, we have set the following objectives: describing the principles and directions of the EU Blockchain/Web3 Strategy; conducting a comparative analysis of the level of innovation in the Moldovan economy with two EU member states; estimating the potential for future use of these technologies, and outlining the necessary skills and abilities. This research is relevant because it identifies the actions that the Moldovan economy must take to achieve a level of innovation and economic progress on par with the EU.
Hora, Harneesh Singh, Sahani, Rahul, Suthar, Aryan, Rizwan Khan, Sahil
<i>We present a decentralized NFT (Non-Fungible Token) marketplace built on the Ethereum blockchain. The platform allows users to mint, buy, and sell unique digital assets (e.g., art, collectibles) using Solidity smart contracts and a Web3-enabled frontend. All ownership records are stored on-chain for transparency and immutability, while large media data (images, metadata) are stored off-chain using IPFS. Users connect their wallets (e.g., MetaMask) via a React interface using Ethers.js, enabling peer-to-peer transactions without intermediaries. Key features include real-time transaction updates via blockchain event listeners and gas-optimized contract design. Security is enforced through standard libraries and audit practices to prevent common exploits (e.g., reentrancy, overflow). Performance evaluations show reasonable gas costs per transaction, demonstrating feasibility on Ethereum’s current throughput. Future work includes expanding cross-chain support and enhanced scalability.</i>
Cette recherche interroge les mutations du champ artistique à l’ère numérique à travers l’émergence des NFTs comme dispositifs de circulation, de légitimation et de monétisation. S’appuyant sur une analyse de contenu (X, Reddit) et une enquête par questionnaire (artistes et institutions), il examine dans quelle mesure ces technologies participent à une désintermédiation réelle ou tendent à reconduire, sous d’autres formes, les logiques de pouvoir, de hiérarchisation et de sélection caractéristiques au champ de l’art traditionnel. L’étude explore les tensions entre les promesses d’autonomie portées par le Web3 et les configurations concrètes observées dans un écosystème structuré par des plateformes, des algorithmes et des logiques économiques variables.
Christos Karapapas, Iakovos Pittaras, George C. Polyzos, Constantinos Patsakis
The InterPlanetary File System~(IPFS) offers a decentralized approach to file storage and sharing, promising resilience and efficiency while also realizing the Web3 paradigm. Simultaneously, the offered anonymity raises significant questions about potential misuse. In this study, we explore methods that malicious actors can exploit IPFS to upload and disseminate harmful content while remaining anonymous. We evaluate the role of pinning services and public gateways, identifying their capabilities and limitations in maintaining content availability. Using scripts, we systematically test the behavior of these services by uploading malicious files. Our analysis reveals that pinning services and public gateways lack mechanisms to assess or restrict the propagation of malicious content.
This chapter provides an analysis of legal mechanisms to addressing fraud and scams involving cryptocurrency, drawing on both practical legal experience and the new comparative economics. Although illicit transactions account for a small portion of total cryptocurrency transaction volumes, individuals incur significant private losses and there are unique enforcement challenges in the Web3 ecosystem. The prevalent legal approach to addressing cryptocurrency-based fraud is though public enforcement mechanisms. This chapter argues that in some circumstances private law and civil litigation mechanisms can offer a more efficient mechanism for addressing cryptocurrency-based fraud with tools to identify perpetrators, tailored legal claims, and secure assets. The chapter concludes by making recommendations to enhance these private law remedies.
Paulo Caetano da Silva, Djalma Oliveira Costa Filho, Daniel Jose Diaz, José Alan da Silva Teixeira
Blockchain has received a lot of attention for multiple use cases and applications since the first works emerged about 15 years ago, with its use targeting cryptocurrencies. During this period, a wide variety of platforms (e.g. Ethereum, Hyperledger, and others web3 Blockchain platforms), tools, programming languages and other resources such as smart contracts were proposed. With the aim of better understanding the use of smart contracts in Blockchain-based systems, this article presents a systematic review of the literature on Blockchain application architectures that make use of smart contracts, applied in different areas. It is expected to bring together approaches for the design and implementation of smart contracts on the Blockchain.
This chapter positions political geography as a critical lens through which to investigate the rise of cyberlibertarian post-Westphalianism—a phenomenon shaped by Web3 infrastructures, GenAI systems, and decentralized techno-politics. Building on sustained fieldwork in Silicon Valley since August 2022 and prior research, the chapter interrogates how libertarian ideologies embedded in Web3 are reconfiguring notions of sovereignty, governance, and socioeconomic coordination. It compares three paradigmatic formations: Network States (Srinivasan), rooted in crypto-libertarianism; Network Sovereignties (De Filippi), grounded in commons-based governance; and Algorithmic Nations (Calzada), emphasizing cultural self-determination and data sovereignty. Engaging with critical voices such as Jarrad Hope and David Golumbia, the chapter reveals the ideological tensions at the core of cyberlibertarianism, particularly its propensity to reinforce elitism and obscure structural inequalities. It argues that while decentralization promises new affordances for digital citizenship, it risks consolidating power in technocratic enclaves unless governed through pluralistic and inclusive frameworks. Drawing on theories of innovation systems and AI economics, the chapter calls for hybrid governance models that prioritize solidarity, transparency, and institutional reflexivity. Ultimately, it proposes that political geography must play a central role in reimagining post-Westphalian digital orders that are democratic, accountable, and socially just.