The metaverse represents now one of the most promising innovations that lie under the umbrella of Web3-powered technologies. Its societal impact has important repercussions both on social good and on social computing. Among the technologies that are driving the metaverse, we find cryptocurrencies and Non-Fungible Tokens (NFTs) that are used to represent the property of goods and assets in the virtual worlds. In particular, NFTs are used to represent the parcels in which the metaverse is divided, with unknown consequences on the metaverse economy. In this paper, we explore the social impact of employing NFTs in the metaverse and propose an analysis of parcel sales taking Decentraland and The Sandbox as a case study. Our analysis uncovers that prices of the metaverse parcels are increasing over time and that acquiring parcels is becoming prohibitive. Additionally, we identify that the factors that drive the price of sales in the metaverse are the proximity to specific landmarks, like roads, squares, districts, or parcels owned by influencers or enterprises. We argue that this could be a factor in reducing the social good of the metaverse because it fuels a speculative market similar to the one of the physical estate.
The emergence of the Web3 paradigm has led to more and more systems built on blockchain technology and relying on cryptocurrency tokens – both fungible and non-fungible – to sustain themselves and generate profit. The growth and success of these platforms are strongly dependent on the growth and evolution of the trade relationships among users. In this context, it is of paramount importance to understand the mechanism behind the evolution and growth dynamics of these economic ties: however, in these systems the trade relationships are strictly intertwined with social dynamics, posing significant challenges in the analysis. One of the most important mechanisms behind the evolution of social networks is the triadic closure principle: given the strict link between social and economic spheres, the mechanism emerges as a potential candidate among mechanisms in literature. Therefore in this work, we extend the existing methodology for triadic closure studies and adapt it to directed networks. We performed an analysis centered around 3-node subgraphs known as “triads” and statistically significant triads referred to as “triadic motifs”, both from a static and temporal perspective. The methodology was applied to various decentralized socio-economic networks with distinct levels of social components. These networks include currency transfers from the blockchain-based online social media platform Steemit, trade relationships among NFT sellers and buyers on the Ethereum blockchain, and a blockchain-based currency designed for humanitarian aid called Sarafu. Our measurements show how triadic closure is relevant during the evolution of these platforms and, for a few aspects, more impactful than centralized online social networks, where triadic closure is also incentivized by recommendation systems. Moreover, we are able to highlight both similarities and differences across networks with different levels of social components, both from a static and temporal standpoint. Overall our work presents strong evidence that triadic closure is an important evolutionary mechanism in decentralized socio-economic networks. Our findings provide a stepping stone in the study of decentralized socio-economic networks. Understanding the evolution of other decentralized networks, not following the same Web3 paradigm or with different social components will provide valuable insight into the understanding of dynamics in decentralized systems and potentially improve their design process.
A web3 crowdfunding dapp is a decentralized application built on blockchain technology that allows individuals or groups to raise funds for a project or venture.Unlike traditional crowdfunding platforms, web3 crowdfunding dapps operate on a decentralized network, where transactions are verified and recorded through a consensus mechanism, ensuring transparency and security.Web3 crowdfunding dapps leverage the power of smart contracts, which are selfexecuting programs that enforce the rules and conditions of the crowdfunding campaign.Smart contracts eliminate the need for intermediaries, reducing costs and increasing efficiency.Participants in a web3 crowdfunding campaign can contribute to the project using cryptocurrencies or tokens, and receive rewards or tokens in return.These rewards can be customized based on the level of contribution, creating a more personalized and engaging experience for participants.Overall, web3 crowdfunding dapps offer a more democratic and accessible way for individuals and groups to raise funds, while also providing greater transparency, security, and efficiency.
Yuqiang Sun, Daoyuan Wu, Yue Xue, Han Liu · 8 authors
Smart contracts are prone to various vulnerabilities, leading to substantial financial losses over time. Current analysis tools mainly target vulnerabilities with fixed control or data-flow patterns, such as re-entrancy and integer overflow. However, a recent study on Web3 security bugs revealed that about 80% of these bugs cannot be audited by existing tools due to the lack of domain-specific property description and checking. Given recent advances in Large Language Models (LLMs), it is worth exploring how Generative Pre-training Transformer (GPT) could aid in detecting logicc vulnerabilities. In this paper, we propose GPTScan, the first tool combining GPT with static analysis for smart contract logic vulnerability detection. Instead of relying solely on GPT to identify vulnerabilities, which can lead to high false positives and is limited by GPT's pre-trained knowledge, we utilize GPT as a versatile code understanding tool. By breaking down each logic vulnerability type into scenarios and properties, GPTScan matches candidate vulnerabilities with GPT. To enhance accuracy, GPTScan further instructs GPT to intelligently recognize key variables and statements, which are then validated by static confirmation. Evaluation on diverse datasets with around 400 contract projects and 3K Solidity files shows that GPTScan achieves high precision (over 90%) for token contracts and acceptable precision (57.14%) for large projects like Web3Bugs. It effectively detects ground-truth logic vulnerabilities with a recall of over 70%, including 9 new vulnerabilities missed by human auditors. GPTScan is fast and cost-effective, taking an average of 14.39 seconds and 0.01 USD to scan per thousand lines of Solidity code. Moreover, static confirmation helps GPTScan reduce two-thirds of false positives.
We present a novel method for a multi-party, zero-trust validator infrastructure deployment arrangement via smart contracts to secure Proof-of-Stake (PoS) blockchains. The proposed arrangement architecture employs a combination of non-fungible tokens (NFTs), a treasury contract, and validator smart contract wallets to facilitate trustless participation in staking mechanisms. The NFT minting process allows depositors to exchange their capital for an NFT representing their stake in a validator, while the treasury contract manages the registry of NFT holders and handles rewards distribution. Validator smart contract wallets are employed to create a trustless connection between the validator operator and the treasury, enabling autonomous staking and unstaking processes based on predefined conditions. In addition, the proposed system incorporates protection mechanisms for depositors, such as triggered exits in case of non-payment of rewards and a penalty payout from the validator operator. The arrangement benefits from the extensibility and interoperability of web3 technologies, with potential applications in the broader digital ecosystem. This zero-trust staking mechanism aims to serve users who desire increased privacy, trust, and flexibility in managing their digital wealth, while promoting greater decentralization and transparency in the PoS ecosystem.
Different from “read” based Web1 and “read-write” based Web2, “read-write-own” based Web3 is proposed as a typical user-centric internet to open the new generation of World Wide Web, which is expected to not allow the power to rest with a few big internet companies. Generally, Web3 is decentralized and semantic depending on user behavior, and thus the zero-trust architecture should be created initially. To hasten its arrival, a comprehensive discussion on its architecture and enabling technologies is inspired. Specifically, to access Web3, it is essential to study how to establish an identity management system. Meanwhile, for resource description and data verification, it is necessary to set up decentralized identifiers (DID), and link the data to identifiers in the form of DID document. In particular, a decentralized network operating system is an indispensable underlying technology for Web3, incorporating concepts such as decentralization and user-driven philosophy. Therefore, the corresponding technologies for the operating system such as blockchain and distributed ledger technology should be further studied and developed. Moreover, in order to reduce the consensus cost, a large-scale incentive mechanism is also the basis of long-term sustainability, which can attract and motivate distributed players to participate in the maintenance of Web3. Last but not the least, Web3 is built on a physical infrastructure relying on communication, networking, storage and computing, which is crucial to establishing an effective and secure Web3. This encourages us to study communication, networking, storage and computing in Web3, as well as the specific requirements of running Web3.
Propelled by the socio-economic disturbances and the COVID-19 pandemic, advanced technologies such as artificial intelligence (AI), Internet of Things (IoT), robotics, and Web3, which are characteristic of the Fourth Industrial Revolution (FIR), have gained significant ground globally, including the developing countries. As organizations face the array of opportunities and challenges of adopting these technologies, human resource (HR) professionals are tasked with trailblazing the digital transformation of workplaces. Yet, a gap in scientific research regarding the preparedness of HR professionals for this task exists, especially in developing countries like North Macedonia. With this research, the authors aim at addressing this gap and exploring the impact of FIR-related technologies on Macedonian workplaces, employees, their skills, and jobs, as well as, the level of readiness of HR professionals to step up in line with these advanced technologies. The authors build upon a review of the existing literature and use a quantitative online survey distributed to a selected group of HR professionals, operating on the territory of North Macedonia. The findings will contribute to a better understanding of the preparedness of HR professionals to steer organizations in the direction of working in the new era of automation and digital transformation.
“Code is law” became a buzz term in Web3 and blockchain reality. Despite the term being already used much earlier by Lawrence Lessig in the year 2000 in his book titled “Code and Other Laws of Cyberspace,” when the internet and Web2 were emerging, the rise of smart contracts and complex algorithmic power made the term genuinely resonate with the (idealised) Web3 reality. The entrainment of technological solutionism in the brains of members of society gives an impression that a world governed by algorithms will be a fairer one. However, research has shown that many members of society are not standard statistical representations of the majority and whilst algorithmic governance leaves room for “standard deviation,” individuals that fall outside this standard deviation are, in fact, very disadvantaged. There are numerous research papers as well as popular science books that address the issue of algorithmic bias and unfairness in Web 2. The proponents of blockchain and web3 technology argue that with a DAO-governed, decentralised society, problems of biased algorithmic governance are solved as power and decision-making are decentralised, and members use their governance tokens to collectively decide on the law encoded in the smart contracts that are the ultimate law enforcement apparatus. Web3 promises a shift of power from governments and corporations to people and token holders, arguing it will make a Web3-governed society fairer. This paper is based on decoding this promise and using Althusser’s model of a state apparatus to show how the power relations changed in Web2 and Web3 realities. It shows that Web3 promises of the code becoming the law were already present in the Web2 discourse and discovers a model of an ideological apparatus power struggle between states and Web2 giants. Next, the power relations in the blockchain society are researched, starting from the idealised model of decentralised, token-holder governed power, which regulates the governments and corporations, to a discussion on what the actual power relations and struggles might result from encoding the law in the smart contract. Research shows that in Web3, “code is law” society. There will be power struggles and opposition on a vertical and horizontal level. The vertical struggle is the power enforcement (originally in the hands of the state in Althusser’s (1970) model between the code and individuals, governments and corporations not willing to conform with the code-enforced law or falling outside the standard deviation of statistics-based AI algorithms hence being disadvantaged by the smart contract enforced laws. The horizontal power struggle is based on what Althusser describes as the ideological apparatus. Here, the struggle is based on a fight between individuals (the society), corporations, and the state for code-modifying resources and/or leverage over the governance token holders. Overall, the paper argues and shows that blockchain-based “code is law” reality does not solve the issue of unequal power relations within societies but only as any technological revolution shifts the power relations and power struggles between existing and new actors. Unlike the founder of Polkadot, Gavin Wood states that blockchain, DAOs, smart contracts, and Web3 overall do not result in the new social sphere with revolutionised power relations. Where Web3 is now is much more similar to where Web1 and Web2 were 25–30 years ago—Creating a new space for social interactions and discourse yet being stuck within the same social sphere and uneven power relations that have governed our societies for centuries.
Dan Zhuo, Jia‐Wei Tang, Yang Chen, Shaobin Wang · 5 authors
The InterPlanetary File System (IPFS) is a representative decentralized data storage system that has been widely used in recent years. IPFS plays an important role in the emerging Web3-related applications. As a global peer-to-peer system, a good understanding of IPFS nodes’ session time is meaningful. In this work, we introduce a measurement study to uncover the issues that are related to the session time of IPFS nodes. Based on the collected massive data of all online IPFS nodes for over one month, we gain a comprehensive understanding of the relationship between various node attributes and session time. In addition, we build a supervised machine learning-based model to predict the session time with a high prediction performance.
Decentralized identity frameworks grant users full sovereignty over their digital assets in the Web3 ecosystem. However, allowing arbitrary creation of identifiers makes the system susceptible to Sybil attacks and puts assets at risk when keys are lost or compromised. Moreover, the lack of identification prevents anonymous credential schemes from deterring malicious transfers. While existing solutions attempt to address these issues by linking identifiers to entities through trusted intermediaries, these entities are not always accessible and require costly offline interactions. In this work, we introduce LinkDID, a decentralized identity scheme offering Sybil resistance, trustless key recovery, and nontransferable anonymous credentials. LinkDID creates blockchainbased bindings between identifiers and gradually combines identifiers belonging to the same holder into a unified associated identifier. As all identifiers within an association are presumed to belong to one individual, any fraudulent activity can be detected. The association grows larger as interactions increase, substantially reducing the likelihood of successful Sybil attacks. This mechanism allows holders to recover identifiers with lost or stolen keys by proving knowledge of specific association structures. Additionally, LinkDID prevents unauthorized transfers through blockchain-based identifier-key bindings and proofs of ownership for credentials. The evaluation shows that LinkDID effectively achieves progressive Sybil resistance while surpassing state-of-the-art anonymous credential schemes, achieving identifier association and credential presentation times of 2.41s and 3.31s on consumer-grade devices.
The advent of Web 3.0, underpinned by blockchain technologies, promises to transform the internet's landscape by empowering individuals with decentralized control over their data. However, this evolution brings unique security challenges that need to be addressed. This paper explores these complexities, focusing on enhancing privacy and anonymous auditing within blockchain structures. We present the architecture of Web 3.0 based on the blockchain, providing a clear perspective on its workflow and security mechanisms. A security protocol for Web 3.0 systems, employing privacy-preserving techniques and anonymous auditing during runtime, is proposed. Key components of our solution include the integration of privacy-enhancing techniques and the utilization of Tor for anonymous auditing. We discuss related work and propose a framework that meets these new security requirements. Lastly, we offer an evaluation and comparison of our model to existing methods. This research contributes towards the foundational understanding of Web 3.0's secure structure and offers a pathway towards secure and privacy-preserving digital interactions in this novel internet landscape.
R Harsha, E Indra, Thirugnana Sambandham, K. Panimozhi
The growth of blockchain over the last ten years has been astounding: from bitcoin to over 2,000 altcoins, and from decentralized electronic payments to programmable transactions, by complicated tokens and smart contracts controlled by autonomous entities. The technological aspects of blockchain are developing at the same time as the new generation of blockchain applications are also developing. This paper considers one such sphere, to develop a decentralized solution for accessing Educational Resources which will alleviate the issues due to the single point of failure of centralized systems, democratize access to educational content and provide a facile experience for users who are not exposed to web3 technologies. This platform was developed by implementing Smart Contracts using Solidity and deploying them on the Ethereum blockchain to store educational resource metadata and files on the Inter Planetary File System (IPFS). Interfacing of blockchain and the frontend is done using the web3.js. The platform is more tenacious and fault-tolerant than systems using a centralized architecture and provides a better user experience by incorporating a search mechanism for the files uploaded to the platform. This paper proposes a decentralized platform that allows users to upload educational resources that can be accessed by others and implemented a file meta-data-based search feature to remove the need for users to remember the IPFS hash of a file.
Ovaj rad pokušava poboljšati sustav donacija implementacijom Web3 platforme za donacije. Problemi koji se riješavaju tom implementacijom su: velike naknade kod slanja donacija, ograničeni globalni doseg, manjak privatnosti, spore transakcije, manjak transparentnosti i sigurnosti. Također su istražene i implementirane sve potrebne tehnologije za riješavanje tih problema. Razvijene funkcionalnosti Web3 platforme za donacije su: izrada i uređivanje donacijskih kampanja, učitavanje PDF dokumenata donacijske kampanje na IPFS, prikaz informativnog sadržaja o kampanji, tražilica donacijskih kampanja, mogućnost razmjene tokena prije donacije, dodjela NFT nagrada za veće donacije, anonimna identifikacija korisnika putem povezivanja na platformu s kriptonovčanikom.
Proponents and developers of Web3 and blockchain argue that these technologies can revolutionize how people live and work by empowering individuals and distributing decision-making power. While technologists often have expansive hopes for what their technologies will accomplish over the long term, the practical challenges of developing, scaling, and maintaining systems amidst present-day constraints can compromise progress toward this vision. How technologists think about the technological future they hope to enable and how they navigate day-to-day issues impacts the form technologies take, their potential benefits, and their potential harms. In our current work, we aimed to explore the visions of Web3 and blockchain technologists and identify the immediate challenges that could threaten their visions. We conducted semi-structured interviews with 29 operators and professional investors in the Web3 and blockchain field. Our findings revealed that participants supported several ideological goals for their projects, with decentralization being a pivotal mechanism to enable user autonomy, distribute governance power, and promote financial inclusion. However, participants acknowledged the practical difficulties in fulfilling these promises, including the need for rapid technology development, conflicts of interest among stakeholders due to platform financing dynamics, and the challenge of expanding to mainstream users who may not share the "Web3 ethos." If negotiated ineffectively, these challenges could lead to negative outcomes, such as corrupt governance, increased inequality, and increased prevalence of scams and dubious investment schemes. While participants thought education, regulation, and a renewed commitment to the original blockchain ideals could alleviate some problems, they expressed skepticism about the potential of these solutions.
Purpose This paper reviews the extant research on Web3.0 published between 2003 and 2022. Design/methodology/approach This study uses a topic modeling procedure latent Dirichlet allocation to uncover the research themes and the key phrases associated with each theme. Findings This study uncovers seven research themes that have been featured in the existing research. In particular, the study highlights the interaction among the research themes that contribute to the understanding of a number of solutions, applications and use cases, such as metaverse and non-fungible tokens. Research limitations/implications Despite the relatively small data size of the study, the results remain significant as they contribute to a more profound comprehension of the relevant field and offer guidance for future research directions. The previous analysis revealed that the current Web3.0 technology is still encountering several challenges. Building upon the pioneering research in the field of blockchain, decentralized networks, smart contracts and algorithms, the study proposes an exploratory agenda for future research from an ecosystem approach, targeting to enhance the current state of affairs. Originality/value Although topics around Web3.0 have been discussed intensively among the crypto community and technological enthusiasts, there is limited research that provides a comprehensive description of all the related issues and an in-depth analysis of their real-world implications from an ecosystem perspective.
Jens Hunhevicz, David F. Bucher, Ranjith K. Soman, Meliha Honic · 6 authors
Long-term access to lifecycle data is key to a successful transition towards a circular built environment. However, the underlying technology often remains centralized and risks becoming inaccessible over time. In this paper, we investigate whether decentralized access methods using Web3, i.e. blockchain and decentralized data storage protocols, can help to mitigate this limitation. We implement Web3 data access mechanisms for a material passport with both a role-based and a token-based smart contract. Initial results suggest that Web3 offers a promising approach to data access over the lifecycle of a built asset - but only with careful design choices.
Web3Recommend is a decentralized Social Recommender System implementation that enables Web3 Platforms on Android to generate recommendations that balance trust and relevance. Generating recommendations in decentralized networks is a non-trivial problem because these networks lack a global perspective due to the absence of a central authority. Further, decentralized networks are prone to Sybil Attacks in which a single malicious user can generate multiple fake or Sybil identities. Web3Recommend relies on a novel graph-based content recommendation design inspired by GraphJet, a recommendation system used in Twitter enhanced with MeritRank, a decentralized reputation scheme that provides Sybil-resistance to the system. By adding MeritRank's decay parameters to the vanilla Social Recommender Systems' personalized SALSA graph algorithm, we can provide theoretical guarantees against Sybil Attacks in the generated recommendations. Similar to GraphJet, we focus on generating real-time recommendations by only acting on recent interactions in the social network, allowing us to cater temporally contextual recommendations while keeping a tight bound on the memory usage in resource-constrained devices, allowing for a seamless user experience. As a proof-of-concept, we integrate our system with MusicDAO, an open-source Web3 music-sharing platform, to generate personalized, real-time recommendations. Thus, we provide the first Sybil-resistant Social Recommender System, allowing real-time recommendations beyond classic user-based collaborative filtering. The system is also rigorously tested with extensive unit and integration tests. Further, our experiments demonstrate the trust-relevance balance of recommendations against multiple adversarial strategies in a test network generated using data from real music platforms.
This paper presents a general-purpose approach for the drug supply chain management, by proposing a DLT-based methodology to facilitate and make more efficient the development of such applications. For specific domains, such as drug management and traceability, a system based on Django Python framework, on Ethereum blockchain, and on web3.py library has been developed that can be customized for most real supply chains, automatically generating the specific applications (database schema, smart contracts, apps). A case study about a simple drug traceability system for a producer to hospital wards is described, to show how this approach works.
The increase in international trade relations and the opportunities offered by the digital world raise great concern about the number of resources and time invested in dispute resolution. The creation of new markets and digital disruption bring with them an unprecedented kind of disputes, which require agile and accessible mechanisms for their resolution. Web3 brings a new dimension to the business world: the Metaverse overflows all existing boundaries for companies, brands, and social relationships. However, new opportunities for social and economic interaction necessarily bring legal challenges: How to deal with the potential disputes brought about by the synergy between the real world and the digital sphere? What kind of disputes are we facing? What is the most efficient method for their resolution? Is arbitration flexible enough to consolidate itself as the main solution? Considering the challenges brought by Web3, disputes rising both within and as a result of the Metaverse require resolution methods that are up to their challenges. In the absence, at present, of a universal law applicable to digital relations and of a global meta-jurisdiction,arbitration is postulated as a mechanism that could play a central role. However, the arbitration legal community will have to rethink fundamental issues in the face of this paradigmshift.
Navin V. Keizer, Onur Ascigil, Michał Król, George Pavlou
The Web has become an integral part of life, and over the past decade, it has become increasingly centralised, leading to a number of challenges such as censorship and control, particularly in search engines. Recently, the paradigm of the decentralised Web (DWeb), or Web3, has emerged, which aims to provide decentralised alternatives to current systems with decentralised control, transparency, and openness. In this paper we introduce Ditto, a decentralised search mechanism for DWeb content, based on similarity search. Ditto uses locality sensitive hashing (LSH) to extract similarity signatures and records from content, which are stored on a decentralised index on top of a distributed hash table (DHT). Ditto uniquely supports numerous underlying content networks and types, and supports various use-cases, including keyword-search. Our evaluation shows that our system is feasible and that our search quality, delay, and overhead are comparable to those currently accepted by users of DWeb and search systems.
SNAP (Standar Nasional OPEN API Pembayaran) is an implementation of open banking for encouraging digital transformation in the banking industry. SNAP was submitted by several sub-working groups formed jointly by ASPI and the Bank of Indonesia. In the document Pedoman Tata Kelola (Bank of Indonesia, n.d.), there is already a customer data protection mechanism between the bank, the owner of Open API, and the user of Open API. However, there is no data protection process carried out by consumers so third parties, that use the Open API of the bank, do not need to know the customer's data. Based on the web3 protocol, users can store data and transmit only in encrypted form which can only be opened by calculating the data with a pre-agreed smart contract. Banks can work like a decentralized network on web3, where the process of calculating proof and witness is carried out by the bank. Proof and witness are calculated using a zero-knowledge proof protocol, making it difficult to duplicate. For this reason, we propose a new architecture using smart contracts between banks and customers using the ZK-SNARK method. Therefore, there is no significant performance difference between using ZK-SNARK and without ZK-SNARK in the API call process.
This study explores the concept of decentralization in the context of emerging technologies, specifically Blockchain and Web3. These technologies offer an alternative to traditional centralized models by promoting systems that are more open, secure, and transparent. The study employs a qualitative approach using case studies to understand the practical applications and impacts of decentralization across various industries. Key findings highlight the significant benefits of decentralization, such as enhanced security and transparency, user control over data, and operational efficiency through smart contracts. However, challenges such as scalability, regulatory compliance, and security concerns remain. The study concludes that while there are considerable challenges, the benefits of decentralization make it a promising area for continued exploration and development. With sustained research and technological advancement, broader adoption and deeper integration into everyday life can be achieved, leading to a more decentralized and inclusive digital future.
This paper explores the development, applications, and regulatory issues of Web3.0 as the next generation of internet technology. Web3.0 is based on technologies such as distributed computing, blockchain, artificial intelligence, and smart contracts, and it features decentralization, intelligence, and high security. This paper introduces the development, characteristics, technical architecture, and key technologies of Web3.0, as well as its applications and future development trends in areas such as digital currencies, decentralized finance, supply chain management, and digital identity. However, the decentralized nature of Web3.0 increases regulatory challenges, and the emergence of new businesses like digital currencies and smart contracts also poses challenges to traditional regulatory institutions. Therefore, this paper discusses the regulatory status and challenges of Web3.0 and proposes solutions. The aim of this paper is to provide references and insights for the research and application of Web3.0.