The collectibles market, encompassing diverse assets such as fine art, rare books, and sports memorabilia, faces significant challenges in authentication, provenance tracking, and liquidity.Web3 technologies, particularly non-fungible tokens (NFTs), offer transformative solutions to these issues.This paper explores the application of NFTs and blockchain technology across various collectible asset classes, highlighting their potential to enhance transparency, security, and accessibility.The study explores the practical applications of NFTs, with a focus on their impact on physical collectibles, and examines the challenges and opportunities presented by Web3 integration.The paper concludes with a discussion on future research directions, emphasizing the need for comparative analyses and economic impact studies to fully understand the potential of Web3 in revolutionizing the collectibles market.
This paper presents a trustworthy architecture for Web3 service that establishes self-sovereign services. This architecture leverages decentralized identifiers (DID) and resource access control based on user trust scores and policies. By transitioning from centrally managed ID to DID, it will be possible to move towards ID management that does not rely on service providers. Trust scores are calculated by analyzing the social network generated from the history of past transactions between users stored in the blockchain. The degree of trust is quantified using measures of centrality and similarity. Centrality is measured by the number of user achievements and the extent of their connections. Similarity is calculated by estimating the communities they belong to using node embedding. These trust scores are clustered to generate policy based on role-based access control (RBAC). The authorization function is programmatically realized based on user credibility by comparing the results of the distribution of accessible resources by policy. In addition, a Web3 service broker acts as an intermediary between multiple service providers and users to provide optimal services through smart contracts. A Web3 service broker programmatically select services without intermediary agencies. A trustworthy architecture for Web3 service is shown as a case study of a home delivery service. In this scenario, Web3 service brokers offer optimal services for private companies and small and medium-sized businesses. This paper is an extended version of ”A Web3 Service Architecture with Self-Sovereign Identity” presented at iDECON/MS2023.
This paper explores Web3, the next phase of internet evolution driven by decentralization and blockchain technology, contrasting it with Web1 and Web2.It examines Web3's transformative potential in industries such as finance, art, gaming, and governance, with a focus on Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), Metaverses, and Decentralized Autonomous Organizations (DAOs).While Web3 offers significant promise, it faces challenges like scalability, security, regulatory uncertainty, and user experience issues.The paper also addresses the SEC's investigation of OpenSea, the largest NFT marketplace, as a critical obstacle for Web3's future.Finally, it discusses Web3's trajectory and highlights areas for future research.
Abstract This chapter has two purposes. First, we describe how information system (IS) scholars approach privacy research and summarize major findings. IS scholars are concerned with information privacy and have discovered that individuals have serious information privacy concerns. These concerns, however, do not prevent individuals from disclosing personal identifiable information (PII) with centralized platform providers, a phenomenon called the privacy paradox . We highlight four common explanations for the privacy paradox: privacy calculus, privacy fatigue, trust, and lack of choice. Most IS research investigated Web2 applications. Web2 is the foundation for today’s global economy. With Web2, users rely on centralized platforms for online searching, shopping, banking, data storage, social media, and other services. Second, we introduce readers to the new paradigm of Web3. Privacy protection has been the paramount logic behind the grand design of Web3 applications. Web3 is the era of the Internet that is based on decentralized infrastructures and applications, like Bitcoin and Ethereum. Web3 applications enhance information privacy compared to Web2 because individuals can access services without disclosing PII to a central authority. The privacy objective is achieved technically through a combination of digital wallets, cryptography, and distributed ledgers (a.k.a blockchain). While Web3 is still in its early days, education is an important driver of adoption.
This study provides a pioneering analysis of the features and topics of news websites in the Web 3.0 era through a comparison with non-news sites. We first classify over 4,600 Web3 sites into news and non-news types to investigate the feature characteristics of decentralized websites as well as semantic and subject categories. The most novel finding is that Web3 news sites have more features than non-news sites in terms of design systems and functions, interactivity, information quality, and hyperlinks. Furthermore, news web3 domains have more terms in semantic networks associated with information provision (e.g., “source”), whereas non-news domains have more terms associated with finance (e.g., “token”). The integration of the Decentralized Autonomous Organization, a fundamental component of the Web3 ecosystem, began in the news industry and is at an early stage in terms of functionality and structure. The study’s results are discussed in the context of future Web3 domain development.
This chapter investigates "data-opolies" within Web3 and Artificial Intelligence (AI), highlighting their implications for democracy and their impact on business and society. Data-opolies are defined as dominant entities, usually large tech corporations, that control vast amounts of data, affecting market competition and transparency. The chapter discusses how the monopolization of data by these entities creates power imbalances, challenging democratic values. It explores how AI, when controlled by data-opolies, amplifies their influence, raising concerns about privacy, ethical AI use, and equitable access to technology. The concentration of data and AI capabilities in the hands of a few exacerbates socioeconomic divides and threatens democracy by potentially manipulating public opinion and information flow. The chapter examines Web3 innovations as a decentralized, transparent, and user-empowering alternative to traditional data control models. These technologies are presented as tools for democratizing data ownership, enhancing individual autonomy, and fostering an inclusive digital economy. However, the chapter also questions these assumptions, especially in the context of crypto-libertarian maneuvers around the "Network State" paradigm. In conclusion, the chapter emphasizes the need for a balanced approach to leveraging AI and Web3 to mitigate democracy's erosion by data-opolies. It calls for collaborative efforts and a multistakeholder approach to developing regulatory frameworks and ethical guidelines that align with democratic values, ensuring the responsible use of AI and data in society.
Jan 1, 2024·Proceedings of the ... Annual Hawaii International Conference on System Sciences/Proceedings of the Annual Hawaii International Conference on System Sciences
Christina Kaae, Asger Balle Pedersen, Signe Agerskov, Roman Beck
This paper presents key characteristics of Web3 and how the traditional business model canvas (BMC) requires update to support managers in the Web3 industry. The characteristics of Web3 include Dapps, wallets, interoperability, tokenization, distributed ownership, decentralized communities, creator economy, and token economy. This study investigates how a business model in Web3 is different from the traditional BMC by Osterwalder and Pigneur (2010) based on a Delphi study with a panel of eight experts from the Web3 industry. The contribution of the research outlines a nascent Web3 business model canvas with seven building blocks, which are complemented by two overarching components specific to the nascent Web3 business models: value co-creation and value distribution. Furthermore, the model expands on the blocks of community and customer, tokenomics, and incentive and reward structures.
In recent years, Decentralized Autonomous Organizations (DAOs) have advanced significantly, transforming organizational operations through blockchain technology by replacing traditional hierarchical management with community-driven decision-making via smart contracts. Despite early skepticism and regulatory challenges, DAOs have evolved into various forms, particularly Investment DAOs, which facilitate pooled asset management and democratize investment opportunities across sectors such as Web3 and real estate tokenization. Given this evolution, a comprehensive financial framework is urgently needed to address the specific governance structures of DAOs. Traditional financial metrics like the Current Ratio, Cash Flow Management, and Liquidity Coverage Ratio (LCR) must be adapted to the unique dynamics of decentralized organizations, promoting a deeper understanding of financial health and operational efficiency while ensuring transparency and accountability. As DAOs now manage treasuries exceeding $40 billion, robust financial oversight is essential. Integrating traditional accounting principles with blockchain’s transparency can revolutionize financial reporting, risk management, and governance, enabling stakeholders to make informed decisions and fostering trust and collaboration within the DAO ecosystem. This fusion of accounting methods and technology will not only enhance internal governance but also ensure sustainable growth. In conclusion, the increasing prominence of DAOs within the financial landscape highlights the need for forward-looking financial structures that blend established accounting practices with cutting-edge technological solutions, ensuring their continued success in a rapidly changing environment.
In this article, we discuss the potential of Web3 in the context of decentralized finance (DeFi). Web3, as the new generation of the internet and new approaches, comes with a decentralized architecture and increased security through the use of blockchain technology. These characteristics make Web3 a suitable environment for DeFi, which is a decentralized financial system based on blockchain technology and smart contracts to provide financial services. DeFi eliminates the need for intermediaries in financial transactions and can provide access to financial services globally, even for those who do not use traditional financial instruments. We address the various aspects of DeFi that are possible through the use of Web3, such as payments, loans, and digital asset exchanges. We also aim to address how Web3 can solve some of the current issues facing DeFi, such as scalability and interoperability. Additionally, we discuss the regulatory perspective, how these new financial systems bring and create new risks, and what the management tools for these risks can be from two perspectives: financial stability and the protection of consumers/investors, and financial education as a proactive element of self-management of increasingly complex new financial concepts. DeFi is one of the most innovative and exciting applications of blockchain technology that can transform and improve the global financial system. However, DeFi is still in its early stages and faces certain challenges, such as scalability and interoperability between different DeFi platforms. Web3 can play a significant role in addressing these challenges by creating a decentralized environment that can facilitate value transfer and interconnectivity between different DeFi platforms. Web3 can also enhance the security and transparency of DeFi platforms by leveraging blockchain technology and smart contracts. The emergence of DeFi also brings new risks and challenges, particularly in terms of regulation and consumer protection. Financial authorities must adopt a proactive approach to regulate these new financial systems and ensure their stability and security, while also promoting financial education and awareness among consumers and investors
Planetary health is an emergent transdisciplinary field, focused on understanding and addressing the interactions of climate change and human health, which offers interventional challenges given its complexity. While various articles have assessed the use of blockchain (web3) technologies in health, little consideration has been given to the potential use of web3 for addressing planetary health. A scoping review to explore the intersection of web3 and planetary health was conducted. Seven databases (Ovid Medline, Global Health, Web of Science, Scopus, Geobase, ACM Digital Library, and IEEE Xplore) were searched for peer-reviewed literature using key terms relating to planetary health and blockchain. Findings were reported narratively. A total of 3245 articles were identified and screened, with 23 articles included in the final review. The health focus of the articles included pandemics and disease outbreaks, the health of vulnerable groups, population health, health financing, research and medicines use, environmental health, and the negative impacts of blockchain mining on human health. All articles included the use of blockchain technology, with others additionally incorporating smart contracts, the Internet of Things, artificial intelligence and machine learning. The application of web3 to planetary health can be broadly categorised across data, financing, identity, medicines and devices, and research. Shared values that emerged include equity, decentralisation, transparency and trust, and managing complexity. Web3 has the potential to facilitate approaches towards planetary health, with the use of tools and applications that are underpinned by shared values. Further research, particularly primary research into blockchain for public goods and planetary health, will allow this hypothesis to be better tested.
Research on the metaverse has experienced significant growth in recent years, driven by advancements in technology, the thriving gaming industry, the expansion of social media and virtual communities, economic prospects, and the captivating vision of a new digital interface that transcends the current internet environment. To uncover research themes within the metaverse, we conducted a comprehensive analysis of research trends in this field using publications from Scopus, a widely recognized and extensively utilized scholarly database. Employing BERTopic, an advanced topic modeling technique, we analyzed 2,181 research articles focused on the metaverse. The exploration of the metaverse had humble beginnings with a single publication in 1995 but saw a substantial increase after 2020, reaching explosive growth with 1,041 publications in 2022. The application of the BERTopic model revealed 12 primary topics, each associated with significant keywords. These main topics encompass education, healthcare, blockchain, conferences, fashion, NFTs, cybersecurity, web3, research, video streaming, tinyML, and industry. Notably, among these subjects, education, healthcare, and blockchain exhibit significant research activity. In light of the global concern over the digital divide, we conducted investigations focusing on case studies involving digitally disadvantaged groups, such as individuals with visual impairments and the elderly. However, it is noteworthy that we identified only five studies addressing this issue, indicating limited research presence in this crucial area.
In this comprehensive exploration, our paper delves into the intricate implementation of robust authentication and transaction management within the realm of secure voting systems leveraging blockchain technology. Our innovative project stands as a testament to the commitment to privacy and integrity, safeguarding voter interactions through the adept application of advanced cryptographic techniques—all achieved without reliance on a centralized authority. The multifaceted capabilities of blockchain technology are showcased through the seamless facilitation of secure voting processes and the optimization of transaction transfers, collectively contributing to an ecosystem characterized by enhanced security, transparency, and efficiency. Beyond the immediate applications, our study uncovers profound insights into the transformative potential of blockchain within the voting sector, redefining conventional paradigms by introducing unparalleled security measures and transparency to the intricate dynamics of voter interactions. This research not only underscores the feasibility of blockchain in addressing the unique challenges of voting systems but also offers a roadmap for leveraging its capabilities to create a more secure, accountable, and streamlined electoral ecosystem. The paper thus serves as a pioneering contribution, illuminating the path towards a future where blockchain technologies play a pivotal role in shaping the voting landscape. Index Terms: Internet Computer Blockchain (ICP), Blockchain Voting, Decentralized, Rust, Cryptography, SHA-256 algorithm
Two of the most exciting advancements concerning the internet could be web3 and the metaverse.In addition to affecting how we interact with each other and with institutions over the internet, this advancement could also have an impact on how assets are traded, how we invest, and how we borrow.Some key components of web3 are already making some waves, some big and some peculiar, in finance.These components include decentralized autonomous organizations (DAOs) and decentralized finance.
Introduction. Today, the introduction of DeFi and Web3 technologies, which provide users with access to a variety of financial instruments based on a decentralised distributed ledger, is of great importance for business development. These tools include DEX exchanges, DAO projects, participation in liquidity pools, the use of staking and farming of smart contracts, and decentralised lending. In addition, these technologies allow for risk insurance and the use of oracles to predict market trends, as well as interact with new forms of financial services. DeFi and Web3 are not only technological innovations, but also important catalysts for change in finance, transforming outdated financial technologies into open protocols (smart contracts). Methods. To achieve the goal of the article, an analysis of literary sources was carried out, the main characteristics of the components of the DeFi market were determined, directions for their use in the digital business environment in combination with the real sector of the economy were proposed. The methods of analysis, synthesis, system approach and comparative analysis were also used. Results. The article investigated the importance of the development and implementation of DeFi and Web3 technologies, which provide users with access to various financial instruments built on a decentralized distributed ledger system, such as DEX exchanges, DAO projects, ensure participation in liquidity pools, the use of staking and farming of smart contracts and decentralized lending systems, and also allow for risk insurance and the use of oracles to predict market trends and actively interact with new forms of financial services. This applies not only to the field of cryptocurrency exchange, but also includes a wide range of opportunities to participate and invest in various financial instruments built on the principles of decentralization and blockchain technologies. The obtained results testify to the significant potential and prospects of this direction in the financial sphere. It is noted that DeFi and Web3 are not just technological innovations, but also a real catalyst for transformations in finance, transforming outdated technologies of the financial system into open protocols (smart contracts). Despite the fact that DeFi is often viewed as a speculative tool, the article substantiates its economic efficiency, which consists in receiving passive income and saving on commission costs, providing liquidity for highly volatile cryptocurrency assets. Discussion. Further research perspectives in the field of DeFi, Web3 include the study of security and risk issues, the development of transparent legal frameworks, socio-economic impact assessment, technical innovation and environmental impact, which will contribute to the expansion and improvement of these technologies in the financial sector. In particular, the prospects may include exploring opportunities to ensure that DeFi technologies interact with the traditional banking sector and developing mechanisms to increase the degree of implementation and adoption of these innovations in the global financial environment. Keywords: DeFi market, DeFi technology, blockchain, web.3.0, farming, staking, smart contracts
Ildar Begishev, Veronika Denisovich, Timur Sabitov, A. A. Pass · 5 authors
The article is devoted to the analysis of global issues of the existence in law of a completely new object of criminal legal protection — metaverses. The authors consider it necessary to regulate not only the interactive space of the metaverses, but also the relationships that develop within them. A person is able to realize himself inside the digital space. The metaverse has entered social life, economics and law. They attributed metaverse technology to one of the ten technologies that affect the efficiency of business processes. According to analysts, a significant growth of the virtual economy based on digital assets is expected, and by 2027 40 % of companies will use a combination of Web3, cloud augmented reality and digital twins. And of course, this will require from digital law a comprehensive legal regulation of the metaverse technology, which is absent today as a phenomenon. There were complaints from users about the need to protect their rights in the process of using interactive content, in particular: protection of personal data, property, money, physical integrity, the ability to exercise their intellectual rights. However, before outlining the range of crimes that can be committed in completely new conditions, it is necessary to define in the concept of criminal law the need to protect this space, to regulate human activity in it.
Любов Крестьянполь, Станіслав Новачевський, Микола ХРАНОВСЬКИЙ
Незамінні токени (NFT) представляють одну з найважливіших технологій у просторі Web3. Завдяки NFT цифрові або фізичні активи можна токенізувати, щоб представляти їх власність за допомогою смарт-контрактів і блокчейнів. Перше покоління цієї технології під назвою NFT 1.0 розглядає статичні токени, описані набором метаданих, які неможливо змінити після створення токена. Статичний характер перешкоджає їх широкому розповсюдженню, оскільки вони не підтримують жодної значущої взаємодії з користувачем. З цієї причини була запропонована його еволюція, яка називається NFT 2.0, щоб зробити токени інтерактивними та динамічними та покращити взаємодію з користувачем, відкриваючи можливість використовувати NFT у більшій кількості способів і сценаріїв. Об’єкти культурної спадщини знаходяться під загрозою зникнення або пошкодження через відсутність публічності та фінансові проблеми. Технологічний прогрес може зіграти певну роль у їх збереженні та просуванні. Збереження та поширення культурної спадщини є серйозним викликом, особливо в епоху цифрових технологій. Невзаємозамінні токени (NFT) пропонують багатообіцяюче рішення для управління та автентифікації цифрових активів. Використовуючи технологію блокчейн, NFT можуть допомогти зберегти та сприяти видимості цих важливих культурних артефактів. Це дослідження спрямоване на створення системи захисту культурної спадщини на основі блокчейну. Культурні активи перетворюються на унікальні цифрові елементи за допомогою технології NFT. Смарт-контрактами забезпечена автономна робоча система. Прихильники проекту роблять пожертви, щоб отримати свою частку прав на захист і підтримку обєктів культурної спадщини. Використання NFT у цій сфері ставить важливі питання збереження, оцифрування та популяризації української культури. Метою статті є аналіз технології блокчейн, яка використовується для NFT, розробка унікальної колекції цифрових активів та розміщення її на маркетплейсі.
This research article discusses current and promising issues in the field of cybersecurity, in particular, the analysis of potential threats and risks of Web3 development. Web3 is a new generation of the Internet based on blockchain technology, decentralization, cryptography, and smart contracts. This approach aims to improve security, privacy, and user rights in the virtual environment, but without proper understanding, it can carry the opposite risk. The article begins with an analysis of recent research and issues. The authors discuss potential threats and risks, including possible attacks on decentralization protocols, censorship manipulation, attacks on blockchain protocols, attempts to break the consensus system, and unfair smart contract transactions. The article discusses a number of vulnerabilities and attacks that can harm the new Web 3.0 technology. The article describes new threats to the privacy of users and their digital assets, including the use of anonymization technologies and countermeasures by criminal organizations or government agencies. The article also emphasizes the importance of discussing the legal aspects of Web3 integration, finding an optimal balance between the regulation of the digital space and users' rights to privacy and autonomy. Global challenges require international cooperation and standardization of regulatory rules in this area. The results of the study demonstrate that a conscious approach to analyzing Web3 threats is the key to building a secure future for the Internet. This article contributes to the dissemination of information and knowledge about possible risks, opens up new horizons for scientific research, practical implementation of cybersecurity measures, and political dialogue in the Web3 era.
This study has explored and analyzed a new Web3 social media for innovative development and built a theoretical framework for future counterparts. The researcher took the Taiwan Web3 social media platform, Potato Media, as a case study with the walkthrough method for both data gathering and analyzing. The present study shows that Potato Media has reformed, reconstructed and renewed their out-of-date Web2 online service using blockchain technology and cryptocurrency for governing and promoted user-led marketing actions. At the same time, Potato Media facilitated all users to build a marketing vision based on Web3 discourse in an advanced manner. The study concludes that new innovative social media with Web3 technology could initiate innovative development and marketing for three reasons: First, they could do it to enhance the inclusion of all users and creators and sustain core value of creativity; second, they could do it by creating the cryptocurrency as the governing tool for managing organizations and fulfilling token/ sharing economy; third, they could do it to represent their innovative social media marketing visions. This study finally suggests that all the social media platforms could have Web3 reforming plans for pursuing future business goals.
Mevlüt Uysal, Mutlu Tahsin Üstündağ, Ahmet Çelik, Mustafa TANRIVERDİ · 6 authors
Web3, characterized by its decentralization, user autonomy, and integration of blockchain technologies, introduces a novel ecosystem that is rife with both opportunities and complexities. While these advances are rewriting the conventional norms of digital interaction and data management, they are also ushering in a new set of challenges and learning curves. We introduce the "Web3 Awareness Scale" as a main element through the current study. This carefully designed scale assesses university students' understanding and readiness for the emerging landscape of Web3. Whilst the article provides detailed insights into the technical, real-world applications and challenges of Web3, the inclusion of the scale emphasizes the practical assessment of awareness and readiness among key digital natives - students. As a result of the EFA, 6 items were removed from the scale, and the total explained variance of the two-factor structure consisted of 31. The final version of the scale showed a total explained variation of 64.16%. Specifically, the first factor, Opportunities, accounted for 46.94% of the variance, while the second factor, Risks, accounted for 17.21% of the variance. It is found that the coefficients of all factors indicate a very highly reliable measurement. The interpretation is that both the total scale and each factor have a high level of reliability. The findings from the scale are critical and have the potential to provide invaluable insights. These insights are expected to shape future educational curricula and policy-making, ensuring that the next generation is well-equipped to navigate and exploit the opportunities of Web3.
The emergence of blockchain technology has paved the way for innovative solutions in various domains, particularly in enhancing democratic processes. This research paper presents the design, development, and evaluation of a Web3 blockchain decentralized voting application (DAPP) built using React JS for frontend development and Solidity for smart contract implementation. The objective of this study is to explore the feasibility and effectiveness of employing blockchain technology to create a secure, transparent, and decentralized voting system. The proposed DAPP leverages the immutability and transparency features of blockchain technology to ensure the integrity of the voting process. Smart contracts coded in Solidity are utilized to execute the voting mechanism, ensuring tamper-proof recording and tallying of votes. React JS, a popular JavaScript library for building user interfaces, is employed to develop an intuitive and user-friendly frontend interface, enhancing accessibility and usability for voters. Key aspects addressed in this research include the architecture of the DAPP, the design of smart contracts for voting logic, integration of React JS components for frontend development, and security considerations to prevent vulnerabilities and attacks. Additionally, the paper discusses the implications of decentralized voting systems on democracy, including increased trust, transparency, and participation.