Blockchain Papers

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1,491 papersLast indexed Aug 16, 2026
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Aug 23, 2024·Journal of Web Engineering
2 cites
Ethereum Smart Contract Account Classification and Transaction Prediction Using the Graph Attention Network

Hankyeong Ko, Sangji Lee, Jungwon Seo

This study explores the application of a Graph Attention Networks version 2 (GATv2) model in analyzing the Ethereum blockchain network, addressing the challenge posed by its inherent anonymity. We constructed a heterogeneous graph representation of the network to categorize contract accounts (CAs) into different decentralized application (DApp) categories, such as DeFi, gaming, and NFT markets, using transaction history data. Additionally, we developed a link prediction model to forecast transactions between externally owned accounts (EOAs) and CAs. Our results demonstrated the effectiveness of the heterogeneous graph model in improving node embedding expressiveness and enhancing transaction prediction accuracy. The study offers practical tools for analyzing DApp flows within the Web3 ecosystem, facilitating the automatic prediction of CA service categories and identifying active DApp usage. While currently focused on the Ethereum network, future research could expand to include layer 2 networks like Arbitrum One, Optimism, and Polygon, thereby broadening the scope of analysis in the evolving blockchain landscape.

Open access
Blockchain Technology Applications and Security
FinTech, Crowdfunding, Digital Finance
Original source
Aug 19, 2024·IntechOpen eBooks
0 cites
Web3 – the Heartbeat of the Open Metaverse

Jane Thomason

The term “Metaverse” itself is derived from the fusion of “meta” (signifying “beyond”) and “verse” (an abbreviation of “universe”), suggesting a realm transcending physical reality. It foreshadows a networked constellation of virtual worlds wherein individuals can engage in various activities, including work, recreation, and social interactions. Web3, in conjunction with AI, will be integrated into Metaverses, where people can interact, learn, exchange, and have new immersive experiences. A profoundly transformational aspect of Web3 Metaverses will be the creation of community-owned economies, known as decentralised autonomous organisations (DAOs). With blockchain and smart contracts, community rules can be encoded, and digital assets allow members to exchange value within a token economy. The chapter describes a future world of greater decentralisation, a new data economy, and a world where the open Metaverse, powered by Web3, will provide social utility across multiple sectors.

Open access
Virtual Reality Applications and Impacts
Original source
Aug 19, 2024·2024 IEEE International Conference on Blockchain (Blockchain), Copenhagen, Denmark, 2024, pp. 605-610
5 cites
A Systematisation of Knowledge: Connecting European Digital Identities with Web3

Ben Biedermann, Matthew Scerri, Victoria Kozlova, Joshua Ellul

The terms self-sovereign identity (SSI) and decen-tralised identity are often used interchangeably, which results in increasing ambiguity when solutions are being investigated and compared. This article aims to provide a clear distinction between the two concepts in relation to the revised Regulation as Regards establishing the European Digital Identity Framework (eIDAS 2.0) by providing a systematisation of knowledge of technological developments that led up to implementation of eIDAS 2.0. Applying an inductive exploratory approach, relevant literature was selected iteratively in waves over a nine months time frame and covers literature between 2005 and 2024. The review found that the decentralised identity sector emerged adjacent to the OpenID Connect (OIDC) paradigm of Open Authentication, whereas SSI denotes the sector's shift towards blockchain-based solutions. In this study, it is shown that the interchangeable use of SSI and decentralised identity coincides with novel protocols over OIDC. While the first part of this paper distinguishes OIDC from decentralised identity, the second part addresses the incompatibility between OIDC under eIDAS 2.0 and Web3. The paper closes by suggesting further research for establishing a digital identity bridge for connecting applications on public-permissionless ledgers with data originating from eIDAS 2.0 and being presented using OIDC.

Open access
2 source records
Digital Rights Management and Security
Digital Humanities and Scholarship
Digital and Traditional Archives Management
Original source
Aug 13, 2024·arXiv (Cornell University)
0 cites
V3rified: Revelation vs Non-Revelation Mechanisms for Decentralized Verifiable Computation

Tiantian Gong, Aniket Kate, Alexandros Psomas, Athina Terzoglou

In the era of Web3, decentralized technologies have emerged as the cornerstone of a new digital paradigm. Backed by a decentralized blockchain architecture, the Web3 space aims to democratize all aspects of the web. From data-sharing to learning models, outsourcing computation is an established, prevalent practice. Verifiable computation makes this practice trustworthy as clients/users can now efficiently validate the integrity of a computation. As verifiable computation gets considered for applications in the Web3 space, decentralization is crucial for system reliability, ensuring that no single entity can suppress clients. At the same time, however, decentralization needs to be balanced with efficiency: clients want their computations done as quickly as possible. Motivated by these issues, we study the trade-off between decentralization and efficiency when outsourcing computational tasks to strategic, rational solution providers. Specifically, we examine this trade-off when the client employs (1) revelation mechanisms, i.e. auctions, where solution providers bid their desired reward for completing the task by a specific deadline and then the client selects which of them will do the task and how much they will be rewarded, and (2) simple, non-revelation mechanisms, where the client commits to the set of rules she will use to map solutions at specific times to rewards and then solution providers decide whether they want to do the task or not. We completely characterize the power and limitations of revelation and non-revelation mechanisms in our model.

Open access
2 source records
cs.GT
Modular Robots and Swarm Intelligence
Advanced Memory and Neural Computing
Original source
Aug 9, 2024·Revista Conocimiento Global.
1 cites
Desarrollo y evaluación de competencias digitales docentes para la transformación educativa en la era de la disrupción tecnológica

Alfredo Ramón Tumbaco Reyes, Gabriel Arturo Montenegro Orrala, Byron Alexis Rocha Haro, Esther Teresa Roca Quirumbay

La transformación educativa en la era digital requiere docentes con competencias avanzadas para liderar innovaciones en la enseñanza. Este estudio evalúa y desarrolla competencias digitales docentes, considerando tecnologías emergentes como inteligencia artificial, metaverso, automatización y Web3, que están redefiniendo las metodologías pedagógicas. Se adopta un enfoque descriptivo y longitudinal, recolectando datos antes y después de una intervención formativa mediante encuestas, entrevistas y pruebas de desempeño, midiendo la alfabetización digital y el uso de herramientas emergentes en la práctica docente. Los resultados identifican brechas en la formación y oportunidades de mejora a través de estrategias de capacitación continua y metodologías innovadoras. Se propone un marco de referencia alineado con estándares internacionales para fortalecer la enseñanza híbrida, la educación inmersiva y el aprendizaje adaptativo. Este estudio aporta al diseño de políticas educativas que optimicen la integración tecnológica en el aula, promoviendo un ecosistema de enseñanza dinámico, inclusivo y eficiente.

Open access
Digital literacy in education
Educational Innovations and Technology
E-Learning and Knowledge Management
Original source
Aug 9, 2024·Journal of Interpersonal Violence
5 cites
Digital Reconstruction: A Critical Examination of the History and Adaptation of Ku Klux Klan Websites

Ashton Kingdon, Aaron Winter

In response to the data revolution, academic research and media attention have increasingly focused on the technological adaptation and innovation displayed by the far right. The greatest attention is paid to social media and how groups and organizations are utilizing technological advancement and growth in virtual networks to increase recruitment and advance radicalization on a global scale. As with most social and political endeavors, certain technologies are in vogue and thus draw the attention of users and regulators and service providers. This creates a technological blind spot within which extremist groups frequently operate older and less well regarded technologies without the oversight that one might expect. This article examines the less well-studied traditional and official websites of the Ku Klux Klan, the most established and iconic of American far-right organizations. By incorporating non-participant observation of online spaces and thematic analysis, this research analyzes the evolution of 26 websites, from their emergence in the early 1990s to the present day. We examine the ways in which traditional printed communications and other ephemera have progressed with advances in technology, focusing on the following central elements of Klan political activism and community formation: Klan identity, organizational history, aims and objectives; technology and outreach, including online merchandise and event organization; and the constructions of whiteness and racism. The results add value and insight to comparable work by offering a unique historical insight into the ways in which the Klan have developed and made use of Web 1.0, Web 2.0, and Web3 technologies.

Open access
Hate Speech and Cyberbullying Detection
Social Media and Politics
Terrorism, Counterterrorism, and Political Violence
Original source
Aug 9, 2024
2 cites
Design of a Decentralized Web3 Access Interface

Juseong Jeon, Sejin Park, Deokwoo Lee, Juncheol Ahn

The blockchain market has been experiencing rapid growth recently. Alongside this, Web3 services based on blockchain technology are expanding and gaining attention. These services can support not only encompass gaming and financial services but also leverage the numerous nodes existing in the network to distribute tasks, thereby supporting parallel computing. However, there is no way to directly access web3 services in the current network topology, which limits the expansion of services. Therefore, the current Web3 relies on centralized web servers as access points for services, resulting in the inevitable loss of benefits associated with decentralization, such as the shift in data sovereignty.

Open access
Peer-to-Peer Network Technologies
Caching and Content Delivery
Advanced Data Storage Technologies
Original source
Aug 7, 2024
0 cites
Detecting Suspicious Player Behavior in Web3 games: A Data-Driven Analysis of Bot Accounts

Barbara Guidi, Andrea Michienzi, Laura Ricci

Blockchain fuelled the innovation of numerous application fields. In particular, Web3 applications benefit the most because blockchain can be used to implement a rewarding system for users that contribute the most, thus increasing the overall social good provided by these platforms. One of the sectors that has benefited most from blockchain technology is the gaming sector through the so-called Play-to-Earn (P2E) model. The P2E Blockchain Video Games allow players to earn rewards in the form of tokens or NFTs, by having an impact on the social good. Unfortunately, bot accounts could exploit these platforms, which defeats the purpose of having a reward system because they invalidate the social good introduced by the rewards. In this paper, we provide an analysis geared towards detecting suspicious behaviour in P2E blockchain-based games by exploiting Gods Unchained as a case study. Using the game’s official APIs, we download 12 months’ worth of players’ activity. Analysing the data, we detect two groups of players with abnormal activity. Additionally, analysing the players’ graph, we find communities made of the best players with similar activity. Lastly, we observe that users with suspicious behaviour belong to these communities.

Open access
Spam and Phishing Detection
Advanced Malware Detection Techniques
Network Security and Intrusion Detection
Original source
Aug 6, 2024·Modern technology materials and design in construction
0 cites
INTEGRATION OF BLOCKCHAIN AND METAUNIVERSE INTO MODERN WEB2 INTERNET SPACE AND PREPARATION OF UPDATE TO WEB3 VERSION

Vitaliy Podorozhnyuk, Оlena Lialiuk

This work examines the realities of social networks around the platforms of media giants on the world stage and the potential transition to a new stage - web3 marketing, thanks to the development and modernization of blockchain technologies. Advertising platforms are already changing marketing strategies and interactions with customers through targeted and sensory marketing, and the opportunities and challenges facing the industry in implementing centralized and decentralized technologies in the blockchain ecosystem are discussed. To begin with, modern approaches to promoting brands with the help of online marketing were considered, taking as an example targeted advertising on web resources. The next stage of the analysis of the marketing complex is the content strategy of attracting the target audience by means of the calculation of key metrics. Through this, you can gain insight into ways to directly influence key metrics to better understand your target customer's desires. The third stage revealed the history of the development of the Internet from version web1 to web3 using examples that influenced the development of modern finance and marketing strategies for brand promotion. The final stage in the work was the disclosure of the concept of decentralized and centralized financial systems based on blockchain technology. Thanks to this, it is possible to see the impact of these systems in the world economy, as well as to reveal their positive and negative sides, which mutually replace each other, looking at the problem set by the user, using blockchain technology, as an exchange of financial assets. As a result, the principle of setting up the metauniverse as one of the most promising traffic channels for the world economy is explained.

Open access
Blockchain Technology Applications and Security
Economic and Technological Developments in Russia
Scientific Research and Philosophical Inquiry
Original source
Aug 5, 2024·Journal of Data Science and Intelligent Systems
2 cites
Multi-layer Track & Trace System Landscape with Smart Contract Validation Instances

Markus Rabe, Henrik Körsgen

Ideas about blockchain-based applications are soaring, while the realization of existing enterprise architecture landscapes is more cumbersome. This is also valid for applications based on track & trace blockchains. The main impediment to implementing smart contracts with a subsequent financial flow from one blockchain peer to another is trust. Trust issues are prevalent in many business areas. One of the most effective countermeasures is a demonstration of the power of blockchain information systems. By showing the actors of a supply chain how their nodes in a common blockchain are interacting, suspiciousness is traded for knowledge. For this reason, an example of a realistic blockchain application is discussed in detail. The main components are a widely used SAP Business Technology Platform and Hyperledger Firefly. Since multiple layers are part of such an instance, the focus will be on the Hyperledger side. This study presents a notable advancement in the realm of blockchain-enabled track & trace solutions through the use of a novel system architecture for its end-to-end implementation. Its architecture achieves crucial integrations between web3 technologies and established enterprise systems. It offers new functionalities, such as AI integration, while simultaneously acknowledging the inherent challenges and charting potential trajectories for future research. Received: 9 May 2024 | Revised: 21 June 2024 | Accepted: 29 July 2024 Conflicts of Interest The authors declare that they have no conflicts of interest to this work. Data Availability Statement The data that support the findings of this study are openly available in SAP at https://help.sap.com/docs/SAP_S4HANA_ON-PREMISE/671fe27096664c2c82ac6d2cabb38dea/74c6b169bfb74953b07a66aa248cd9aa.html?locale=en-US and https://help.sap.com/docs/SAP_S4HANA_ON-PREMISE/671fe27096664c2c82ac6d2cabb38dea/02b0ed279b5b430f9f48ad41c7e37f4f.html?locale=en-US. Author Contribution Statement Markus Rabe: Conceptualization, Validation, Writing - original draft, Writing - review & editing, Supervision. Henrik Rainer Körsgen: Conceptualization, Methodology, Software, Validation, Formal analysis, Investigation, Resources, Data curation, Writing - original draft, Writing - review & editing, Visualization, Project administration.

Open access
Blockchain Technology Applications and Security
Big Data and Business Intelligence
Original source
Aug 5, 2024·Energy Reports
48 cites
Decentralized peer-to-peer energy trading in microgrids: Leveraging blockchain technology and smart contracts

Nimrah Saeed, Fushuan Wen, Muhammad Zeshan Afzal

Microgrids are regarded as vital components in contemporary realm of energy system improvement, resilience, and sustainability. In this paper a novel decentralized peer-to-peer energy trading system leveraging blockchain technology is proposed. The proposed model not only demonstrates the implementation of blockchain technology in microgrids but also transforms the energy sector by emphasizing decentralization, security and efficiency. This research aims to enhance the energy trading system by including smart contracts written on the Ethereum network. Energy Token and Demand Response contracts are integrated to enable dynamic interactions inside microgrids, which leads to a transparent, secure, and efficient energy trading system. Moreover, automation of energy transactions and elimination of intermediaries ensure cost effectiveness and utilization of excess energy potentially reduce dependency on the main grid. A microgrid system is designed in Simulink for distributed energy trading. Energy credits are represented by standard ERC-20 digital token and then demand response contract dynamically adjusts rewards and energy prices based on energy production and consumption. the ERC-20 contract manages the token transaction and then demand response contract enforces governance rules. The purpose of a demand response contract is to enable the automatic and efficient control of energy usage in response to changing demand and supply conditions. The use of the Web3 library further facilitates a direct and smooth connection between the blockchain network and microgrids. The results demonstrate the successful implementation of both smart contracts, making trading possible at noon when the combined generation from solar array and energy management system exceed the energy demand. • A P2P decentralized energy trading model leveraging blockchain technology to enhance microgrid efficiency and sustainability. • ERC-20 tokens are used for trading purpose. • Demand Response contract is written for balanced microgrid operation. • Employs Web3 library for direct and smooth interaction between microgrid and blockchain.

Open access
Blockchain Technology Applications and Security
Smart Grid Energy Management
FinTech, Crowdfunding, Digital Finance
Original source
Aug 2, 2024·Наука і техніка сьогодні
0 cites
RISKS AND CHALLENGES OF WEB3 STARTUPS AND METHODS OF SOLVING THEM

Maksym Budiaiev, Fedir Makarchuk

This article begins with setting a definition for a Startup, explaining how a startup different to an enterprise in general.Further the article lists and describes the typical risks and challenges with which startups often have to deal and proceeds with methods of how startups mitigate the risks and solve the presented challenges.In that chapter the readers can find descriptions of such risks as problems with access to finance, talent acquisition, market need, competition, planning, customer acquisition, regulatory compliance, scaling, cash flow management, and unrealistic expectations.In the following chapter the article defines the Web3 startups and describes how they differentiate from startups in general.In that chapter readers can find an overview of fundamental Web3 principles, including decentralization, blockchain technologies, and smart contracts, and an explanation, what characteristics make Web3 startups different from startups in classical sense, the article brings a list of specific risks and challenges that are met by Web3 startup founders.Classifying risks such as lack of crypto adoption, Web3-specific security risks, regulatory uncertainty, vendor management problem, the challenge of fundraising in Web3 environment and Interoperability problem -all these risks are to be considered by founders when starting a Web3 project.The final chapter provides methods of solving the presented Web3-specific risks and challenges, 7(35) 2024 137 taking into account that every startup is different and offering several methods of solving every described problem.Authors do not endorse any particular solutions, however they make real life examples when explaining possible solutions to such problems as legal uncertainty and interoperability problems.In general authors stress that this material is a good base for further research and Web3 founders should not take any given examples as a ready-made solutions without consulting experts or doing their own research.The article contains useful material for founders of Web3 Startups and people who are interested in studying the process of running a Web3 startup at an early stage.

Open access
Entrepreneurship Studies and Influences
Business Strategies and Innovation
Original source
Aug 1, 2024·Sustainability
1 cites
Exploring the Sustainable Development of Web3 Game Token Economy

Anna Xie, Xi Hu, Mindao Wang, Xindong Zhao

With the popularity of Play-to-Earn (P2E) games, in-game token economies have become the foundation of the financial structure of virtual worlds. More and more players are investing in digital assets, promoting long-term economic growth. This paper delves into the key factors for the sustainability of the P2E game token economy: the investment value of tokens and external incentives. When tokens are no longer profitable, user churn rates rise sharply, which is critical to the continued development of P2E games. External factors also significantly impact token prices, which affects the stability and sustainability of the entire economic system. In response to these challenges, this paper proposes a series of strategies to enhance token stability, including adjustments to game design, improvements to player incentive mechanisms, and the formulation of relevant policies and regulations. The conclusions of this study aim to provide valuable insights and guidance to game designers, investors, and players to promote the healthy development of Web3 game token economic systems.

Open access
FinTech, Crowdfunding, Digital Finance
Sharing Economy and Platforms
Digital Games and Media
Original source
Jul 31, 2024
0 cites
Minting Non-Fungible Tokens with Provably Fair Procedural Generation

Timothy Michael Cotten

Implementing provable fairness in the minting process of non-fungible tokens (NFTs) enables the procedural generation of NFT metadata that can be verified in a decentralized manner, even when stored off-chain. Until now, smart contracts have required additional on-chain data, such as integrity digests, to support the verification of off-chain NFT metadata. Due to the high costs of on-chain data storage, most NFTs do not implement such validation methods, reducing trust in the NFT's off-chain metadata and increasing reliance on centralization. We propose a new method, inspired by the virtual ecology design of sandbox massively multiplayer online role-playing games (MMORPGs). This method utilizes a 256-bit unsigned integer representing a seed value, a Web3-compatible implementation of a pseudorandom number generator (W3PRNG), and an executable ruleset containing attribute definitions and their probability spaces to procedurally generate NFTs. This methodology provides users with a provably fair way of generating NFTs in an open-ended minting smart contract by imitating Proof-of-Work mining, including an arbitrary amount of work to be performed while initializing the PRNG. Due to the extremely large state space of 2^256 possible seeds, any implementation makes the NFT's economy inherently inflationary, offering more attractive features and higher utility in Web3 and Metaverse design than existing fixed supply NFT collections. Furthermore, such a system implicitly guarantees the veracity of off-chain metadata based on the on-chain seed value and the smart contract's immutable integrity configuration. (First published to the Future of Gaming Discord community in November, 2022)

Open access
Digital Rights Management and Security
Advanced Data Storage Technologies
Blockchain Technology Applications and Security
Original source
Jul 31, 2024·Journal of Social Entrepreneurship Theory and Practice
0 cites
Evaluation of Smart Charity Possibilities in Developing Countries Based on Web3 Trends: Non-Fungible Tokens (NFT) and Smart Contracts Introduction

Dmitry Mikhaylov, Evgeny Xata, Abubakar Khamchiev

The role of Web3 technologies was examined specifically regarding SmartCharity and their effect on the financing and delivery of public goods in developing countries. The research focused on the case of SmartCharity, its role in making fund distribution more transparent and efficient, and the role of NFTs and smart contracts’ efficacy in changing. For primary data, the cross-sectional study used interviews and questionnaires administered to the critical actors in or close to SmartCharity initiatives; secondary data came from project reports and publicly accessible sources. Quantitative analysis uses statistics to identify trends and correlations in data, whereas qualitative data analysis identifies such trends and patterns. This paper aimed to establish an appreciation of the strengths and weaknesses of Web3 innovation in public good management and make future suggestions for improvement.

Open access
FinTech, Crowdfunding, Digital Finance
Microfinance and Financial Inclusion
Insurance and Financial Risk Management
Original source
Jul 20, 2024·arXiv
2 cites
Political Leanings in Web3 Betting: Decoding the Interplay of Political and Profitable Motives

Hongzhou Chen, Xiaolin Duan, Abdulmotaleb El Saddik, Wei Cai

Harnessing the transparent blockchain user behavior data, we construct the Political Betting Leaning Score (PBLS) to measure political leanings based on betting within Web3 prediction markets. Focusing on Polymarket and starting from the 2024 U.S. Presidential Election, we synthesize behaviors over 15,000 addresses across 4,500 events and 8,500 markets, capturing the intensity and direction of their political leanings by the PBLS. We validate the PBLS through internal consistency checks and external comparisons. We uncover relationships between our PBLS and betting behaviors through over 800 features capturing various behavioral aspects. A case study of the 2022 U.S. Senate election further demonstrates the ability of our measurement while decoding the dynamic interaction between political and profitable motives. Our findings contribute to understanding decision-making in decentralized markets, enhancing the analysis of behaviors within Web3 prediction environments. The insights of this study reveal the potential of blockchain in enabling innovative, multidisciplinary studies and could inform the development of more effective online prediction markets, improve the accuracy of forecast, and help the design and optimization of platform mechanisms. The data and code for the paper are accessible at the following link: https://github.com/anonymous.

Open access
2 source records
Sports Analytics and Performance
Gambling Behavior and Treatments
Crime Patterns and Interventions
Original source
Jul 16, 2024
1 cites
Proposal and Implementation of a Fact-Checking DAO

Ryosuke Nakazawa, Akihiro Fujihara

With the spread of blockchain technology, various tokens have been issued in Decentralized Autonomous Organizations (DAOs).DAO is considered to be a leading application of Web3, which is a web that makes use of these tokens, not just to exchange tokens, but to have a positive impact on the real world.DAO is expected to have a potential to improve the efficiency of existing communities and build new types of communities by combining cutting-edge technologies, such as AI, as well as blockchain.Many experiments are being conducted to verify its potential these days.On the other hand, with the spread of Social Networking Service (SNS) and Artificial Intelligence (AI) technologies in society, the problem of disinformation and misinformation has been hurting society at an unprecedented level of impact.It has also been pointed out that there is a risk that it becomes impossible to know what is true and what is false due to the flood of disinformation and misinformation automatically generated by AI on the Internet.To avoid this, increasing fact-checking activities has become an urgent issue.However, the sustainability of fact-checking activities has been questioned due to the lack of human resources for fact-checking and the difficulty of establishing a system to generate revenue solely from fact-checking activities.In this study, we propose a factchecking DAO to address these issues.The novelty of this study is to propose a two-stage platform: production and education of fact-checking.We also implement smart contracts and platforms for the fact-checking DAO, and specifically design user experiences, such as receiving orders and requests for fact-checking on the platform, and using governance tokens to make decisions based on DAO parameters based on democratic voting.Through our fact-checking DAO platform, participants can also learn how to check and verify facts from perspectives by multiple fact-checkers.The strengths and weaknesses of our proposal and future work are also discussed.

Open access
Semantic Web and Ontologies
Original source
Jul 16, 2024·arXiv (Cornell University)
0 cites
End-user Comprehension of Transfer Risks in Smart Contracts

Yustynn Panicker, Ezekiel Soremekun, Sudipta Chattopadhyay, Sumei Sun

Smart contracts are increasingly used in critical use cases (e.g., financial transactions). Thus, it is pertinent to ensure that end-users understand the transfer risks in smart contracts. To address this, we investigate end-user comprehension of risks in the most popular Ethereum smart contract (i.e., USD Tether (USDT)) and their prevalence in the top ERC-20 smart contracts. We focus on five transfer risks with severe impact on transfer outcomes and user objectives, including users being blacklisted, contract being paused, and contract being arbitrarily upgraded. Firstly, we conducted a user study investigating end-user comprehension of smart contract transfer risks with 110 participants and USDT/MetaMask. Secondly, we performed manual and automated source code analysis of the next top (78) ERC-20 smart contracts (after USDT) to identify the prevalence of these risks. Results show that end-users do not comprehend real risks: most (up to 71.8% of) users believe contract upgrade and blacklisting are highly severe/surprising. More importantly, twice as many users find it easier to discover successful outcomes than risky outcomes using the USDT/MetaMask UI flow. These results hold regardless of the self-rated programming and Web3 proficiency of participants. Furthermore, our source code analysis demonstrates that the examined risks are prevalent in up to 19.2% of the top ERC-20 contracts. Additionally, we discovered (three) other risks with up to 25.6% prevalence in these contracts. This study informs the need to provide explainable smart contracts, understandable UI and relevant information for risky outcomes.

Open access
2 source records
cs.SE
FinTech, Crowdfunding, Digital Finance
Blockchain Technology Applications and Security
Original source
Jul 15, 2024·ACM Transactions on Web 2025
1 cites
Investigating shocking events in the Ethereum stablecoin ecosystem through temporal multilayer graph structure

Cheick Tidiane Bâ, Richard G. Clegg, Benjamin A. Steer, Matteo Zignani

In the dynamic landscape of the Web, we are witnessing the emergence of the Web3 paradigm, which dictates that platforms should rely on blockchain technology and cryptocurrencies to sustain themselves and their profitability. Cryptocurrencies are characterised by high market volatility and susceptibility to substantial crashes, issues that require temporal analysis methodologies able to tackle the high temporal resolution, heterogeneity and scale of blockchain data. While existing research attempts to analyse crash events, fundamental questions persist regarding the optimal time scale for analysis, differentiation between long-term and short-term trends, and the identification and characterisation of shock events within these decentralised systems. This paper addresses these issues by examining cryptocurrencies traded on the Ethereum blockchain, with a spotlight on the crash of the stablecoin TerraUSD and the currency LUNA designed to stabilise it. Utilising complex network analysis and a multi-layer temporal graph allows the study of the correlations between the layers representing the currencies and system evolution across diverse time scales. The investigation sheds light on the strong interconnections among stablecoins pre-crash and the significant post-crash transformations. We identify anomalous signals before, during, and after the collapse, emphasising their impact on graph structure metrics and user movement across layers. This paper pioneers temporal, cross-chain graph analysis to explore a cryptocurrency collapse. It emphasises the importance of temporal analysis for studies on web-derived data and how graph-based analysis can enhance traditional econometric results. Overall, this research carries implications beyond its field, for example for regulatory agencies aiming to safeguard users from shocks and monitor investment risks for citizens and clients.

Open access
2 source records
cs.SI
Opinion Dynamics and Social Influence
Complex Network Analysis Techniques
Original source
Jul 11, 2024·Dokuz Eylül Üniversitesi Güzel Sanatlar Fakültesi Dergisi
0 cites
Blokzincir Üzerinde Algoritmik Koreografi: Human Unreadable

David M. Berry, Merve Güven Özkerim

Human Unreadable, İnsan bedenini gizleyen üç perdelik, bedensel, long-form (uzun biçimli) algoritmik bir koreografidir. Blok zincir üzerine kayıtlı bu çalışma dans, kriptografi, mühendislik, insan-makine etkileşimi, yapay zekâ, makine öğrenmesi ve plastik sanatlara ilişkin birçok disiplini sentezleyen bir yapıya sahiptir. Bu çalışmanın amacı, Operator ikilisi tarafıdan gerçekleştirilmiş Human Unreadable örneği üzerinden algoritmik sanatın, blok zincir teknolojisindeki yerini ve yeni varolma biçimini ortaya koymak ve web3 sanatının yaratıcılık potansiyellerini tartışmaktır. Bu örnekte, blok zinciri teknolojisi hem çalışmanın konusunun (beden ve gizlilik) bir parçasıdır hem de çalışmanın formunu oluşturan temel araçlardan biri ve elbette sunuş biçimidir. Sonuç olarak bu çalışmada olduğu gibi blok zincir üzerine kayıtlı bazı algoritmik sanat çalışmalarının bu teknolojiyi sadece satış, sergileme ya da arşivleme amacıyla değil aynı zamanda konunun ve formun bir parçası haline gelme yani blok zincir teknolojisini yaratıcı bir medyum olarak kullanma özelliği taşıdığını ifade etmek mümkündür. Çalışma ile ilgili elde edilen tüm bulgular literatür bağlamında yorumlanmıştır.

Open access
Visual Attention and Saliency Detection
Original source
Jul 10, 2024·Digital Business
22 cites
A nascent market for digital assets: Exploration of consumer value of NFTs

Tatiana Zalan, Élissar Toufaily

Despite widespread academic and practitioner interest in non-fungible tokens (NFTs) as a form of digital assets, little is known about how consumers perceive NFT value. This exploratory research investigates why people create, trade or collect NFTs, what value they derive from them, and how online communities contribute to value co-creation. Over the course of two rounds, we interview 38 participants, most of whom are digital natives. We find that engaging with NFTs is the new form of day trading, reflecting financialization of everyday life. The value of NFTs is mainly speculative and utilitarian, and NFTs themselves are best thought of as derivatives. Value co-creation in NFT project communities is largely focused on gaining superior information about the project. We contribute to the crypto-marketing and web3 literature by advancing a novel model of NFT consumer value that extends Holbrook's (1999) typology and distinguishes both positive and negative aspects of consumer value that have been overlooked in mainstream literature. We shed light on the role of communities in an unusual setting: a nascent, illiquid, speculative, informationally opaque market for digital assets. Our study helps creators and brand managers to develop effective NFT strategies.

Open access
Blockchain Technology Applications and Security
Art History and Market Analysis
FinTech, Crowdfunding, Digital Finance
Original source
Jul 10, 2024·Portuguese National Funding Agency for Science, Research and Technology (RCAAP Project by FCT)
0 cites
Design de interação para a web3: plataforma de música como caso de estudo

Diogo Pereira

A adoção das tecnologias associadas à denominada web3 em diversos setores do mercado originaram oportunidades que, por sua vez, levantam novos desafios e barreiras ao seu uso e benefício por parte da população em geral. Entre esses desafios destaca-se o carácter ainda relativamente pouco conhecido do funcionamento de conceitos relacionados com a blockchain tais como smart contracts e NFTs, que se encontram na base de uma nova gama de produtos digitais, e que como tal, ainda desconhecidos por parte de um público tecnologicamente menos literato. O Design da Experiência e a Usabilidade surgem como áreas com o potencial de realizar a ligação entre a complexidade tecnológica desta nova categoria de produtos digitais e as práticas online da população em geral. A presente dissertação pretende investigar, através do design, abordagens de desenho de interfaces que tornem a adoção de produtos digitais associados à web3 mais fáceis de usar, através da identificação e reflexão das diferenças conceptuais e tecnológicas desta categoria de produtos em relação a outras tecnologias de uso mais estabelecido. Para tal, foi desenhada a interface de uma plataforma que conjuga um serviço de oferta de música através de stream, que permite ao ouvinte, através das tecnologias da web3, ser potencialmente co-proprietário desses mesmos conteúdos.

Open access
Education and Digital Technologies
Technology Adoption and User Behaviour
Business and Management Studies
Original source
Jul 6, 2024·Digital Communications and Networks
9 cites
A hierarchical blockchain-enabled distributed federated learning system with model contribution based rewarding

Haibo Wang, Hongwei Gao, Teng Ma, Chong Li · 5 authors

Distributed Federated Learning (DFL) technology enables participants to cooperatively train a shared model while preserving the privacy of their local data sets, making it a desirable solution for decentralized and privacy-preserving Web3 scenarios. However, DFL faces incentive and security challenges in the decentralized framework. To address these issues, this paper presents a Hierarchical Blockchain-enabled DFL (HBDFL) system, which provides a generic solution framework for the DFL-related applications. The proposed system consists of four major components, including a model contribution-based reward mechanism, a Proof of Elapsed Time and Accuracy (PoETA) consensus algorithm, a Distributed Reputation-based Verification Mechanism (DRTM) and an Accuracy-Dependent Throughput Management (ADTM) mechanism. The model contribution-based rewarding mechanism incentivizes network nodes to train models with their local datasets, while the PoETA consensus algorithm optimizes the tradeoff between the shared model accuracy and system throughput. The DRTM improves the system efficiency in consensus, and the ADTM mechanism guarantees that the throughput performance remains within a predefined range while improving the shared model accuracy. The performance of the proposed HBDFL system is evaluated by numerical simulations, which show that the system improves the accuracy of the shared model while maintaining high throughput and ensuring security.

Open access
Privacy-Preserving Technologies in Data
Blockchain Technology Applications and Security
Age of Information Optimization
Original source