Darcy W E Allen, Chris Berg, Aaron M. Lane, Trent MacDonald · 5 authors
Abstract Blockchains have enabled innovation in distributed economic institutions, such as money (e.g., cryptocurrencies) and markets (e.g., decentralised exchanges), but also innovations in distributed governance, such as decentralised autonomous organisations. These innovations have generated academic interest in studying web3 governance, but as yet there is no general theory of web3 governance. In this paper, we draw on the contrast between a ‘romantic view’ of governance (characterised by consensus through community voting) and the ‘exchange view’ of governance from public choice theory (characterised by an entrepreneurial process of bargaining and exchange of voters under uncertainty). Our analysis is the first to argue that the latter ‘exchange view’ of governance is best to understand the dynamics of governance innovation in web3, providing the foundations for a new general theory of governance in this frontier field. We apply the ‘exchange view’ of governance to three case studies (Curve, Lido and Metagov), exploring how these projects enable pseudonymous, composable and permissionless governance processes to reveal value. Our approach helps illuminate how this emergent polycentric governance process can generate robustness in decentralised systems.
Tao Huang, Renchao Xie, Yuzheng Ren, F. Richard Yu · 10 authors
In recent years, the Industrial Internet and Industry 4.0 came into being. With the development of modern industrial intelligent manufacturing technology, digital twins, Web3 and many other digital entity applications are also proposed. These applications apply architectures such as distributed learning, resource sharing, and arithmetic trading, which make high demands on identity authentication, asset authentication, resource addressing, and service location. Therefore, an efficient, secure, and trustworthy Industrial Internet identity resolution system is needed. However, most of the traditional identity resolution systems follow DNS architecture or tree structure, which has the risk of a single point of failure and DDoS attack. And they cannot guarantee the security and privacy of digital identity, personal assets, and device information. So we consider a decentralized approach for identity management, identity authentication, and asset verification. In this paper, we propose a distributed trusted active identity resolution system based on the inter-planetary file system (IPFS) and non-fungible token (NFT), which can provide distributed identity resolution services. And we have designed the system architecture, identity service process, load balancing strategy and smart contract service. In addition, we use Jmeter to verify the performance of the system, and the results show that the system has good high concurrent performance and robustness.
There are several centralized organizations with a stranglehold over substantial portions of the internet's sector that act unilaterally to decide what is and is not permitted.Web3, which supports decentralization and is created, run, and owned by its users, provides a solution to this conundrum.Web3 gives people, not institutions, control over their own destinies.NFT (Non-Fungible Token) heralds a new age of digital collection for fans and buyers.Therefore, it is a novel way to assist singers, sports, and artists without the need for middlemen.NFT is a novel way for makers, musicians, and artists to share and make money from their work.Because digital items were so simple to copy and exploit fraudulently, there were many problems and challenges related to their selling.Our goal is to offer customers a decentralized platform where they may advertise or purchase these NFTs from the vendor without worrying that any central authorities would ignore their business dealings.
Non-fungible tokens (NFTs) are becoming increasingly popular in Play-to-Earn (P2E) Web3 applications as a means of incentivizing user engagement. In Web3, users with NFTs ownership are entitled to monetize them. However, due to lack of objective NFT valuation, which makes NFT value determination challenging, P2E applications ecosystems have experienced inflation. In this paper, we propose a method that enables NFT inflation value management in P2E applications. Our method leverages the contribution-rewards model proposed by Curve Finance and the automated market maker (AMM) of decentralized exchanges. In decentralized systems, P2E Web3 applications inclusive, not all participants contribute in good faith. Therefore, rewards are provided to incentivize contribution. Our mechanism proves that burning NFTs, indicating the permanent removal of NFTs, contributes to managing inflation by reducing the number of NFTs in circulation. As a reward for this contribution, our method mints a compensation (CP) token as an ERC-20 token, which can be exchanged for NFTs once enough tokens have been accumulated. To further increase the value of the CP token, we suggest using governance tokens and CP tokens to create liquidity pools for AMM. The value of the governance token is determined by the market, and the CP token derives its value from the governance token in AMM. The CP token can determine its worth based on the market value of the governance token. Additionally, since CP tokens are used for exchanging NFTs, the value of the NFT is ultimately determined by the value of the CP token. To further illustrate our concept, we show how to adjust burning rewards based on factors such as the probability of upgrading NFTs' rarity or the current swap ratio of governance and CP tokens in AMM.
Kunpeng Ren, Jefferson F.B. Van Buskirk, Zheng Yong Ang, S. Hou · 8 authors
In this paper, we propose the Blockchain Benchmark Standardized Format (BBSF), a framework for standardized, transparent, and fair benchmarks for blockchains. BBSF enables users and developers to compare blockchain platforms using metrics derived from realistic workloads. We outline the challenges in developing a blockchain benchmark with this degree of breadth and flexibility. We contrast the results using our approach with prior benchmark implementations and show why BBSF generates results that are more verifiable than prior published benchmarking data. We present an implementation of our framework, called Blockbench v3, which is a benchmarking system focusing on Web3 applications and workloads, primarily to be used by layer-1 blockchains. Blockbench v3 serves as a test case for our framework’s effectiveness as part of ongoing work in the characterization of blockchain performance.
The purpose of this project is to develop Crypto Market, an innovative online shopping site thataccepts Ethereum payments using Web3 technologies. The approach included using ReactJS for front-enddevelopment, integrating WalletConnect and MetaMask for secure purchases, and using the PostgreSQLdatabase with the Django Rest framework for efficient data management. The goal was to create an easyto-learn interface that would appeal to a wide range of users. The main results of the project were thesuccessful integration of WalletConnect and MetaMask, which allow users to securely transfer Ethereumfrom their personal wallets to the site’s pool wallet with minimal transaction fees. The integration ofCoinGecko has increased transparency for customers by showing them the real-time dollar equivalent ofthe Ethereum price on product pages. Additionally, the existence of a membership system enabled userregistration and facilitated store opening requests, providing access to a dedicated panel for productmanagement for approved vendors. Important results from this research show that Web3 technologies offera secure shopping experience using Ethereum. WalletConnect and MetaMask integration provided areliable environment for transactions, minimizing the risk of failed or incorrect payments. The successfuladoption of cryptocurrency as a payment method in the context of online shopping highlights the potentialof decentralized finance in traditional e-commerce applications. In summary, the Crypto Market projectdemonstrates the advantages and feasibility of incorporating cryptocurrency payments into online shoppingsites. With this research, it has been revealed that cryptocurrencies should be more involved in commercialtransactions and that they are a system that can be easily integrated.
This project integrates Web 3.0, web development, and mobile game development to create aplay-to-earn (P2E) mobile game with a web component. The objective of this project is to seamlesslycombine a mobile game with a website and a distinctive token ecosystem to provide players with anenjoyable experience. For the purposes of creating mobile games, websites, and smart contracts,respectively, the Unity Game Engine and the "Next.js' framework, Solidity, are employed. The projectmakes use of Web3 Modal, the MetaMask extension, Microsoft Azure PlayFab for player management,and Web3 Modal for a seamless interface with blockchain networks. The main outcomes of the projectinclude successful implementations like a mobile game with simple gameplay that players can quicklyunderstand and a website with an interface that will allow you to withdraw crypto tokens securely usingsmart contracts. By offering real benefits like personalized crypto tokens, the idea increases playerparticipation. The primary conclusion to be drawn from this project is that combining gaming withblockchain integration results in a unique and engaging experience for gamers. In conclusion, our studyshows that integrating several technologies to improve user experiences in the gaming and blockchain areasis both feasible and potentially rewarding.
With the recent hype around the Metaverse and NFTs, Web3 is getting more and more popular. The goal of Web3 is to decentralize the web via decentralized applications. Wallets play a crucial role as they act as an interface between these applications and the user. Wallets such as MetaMask are being used by millions of users nowadays. Unfortunately, Web3 is often advertised as more secure and private. However, decentralized applications as well as wallets are based on traditional technologies, which are not designed with privacy of users in mind. In this paper, we analyze the privacy implications that Web3 technologies such as decentralized applications and wallets have on users. To this end, we build a framework that measures exposure of wallet information. First, we study whether information about installed wallets is being used to track users online. We analyze the top 100K websites and find evidence of 1,325 websites running scripts that probe whether users have wallets installed in their browser. Second, we measure whether decentralized applications and wallets leak the user's unique wallet address to third-parties. We intercept the traffic of 616 decentralized applications and 100 wallets and find over 2000 leaks across 211 applications and more than 300 leaks across 13 wallets. Our study shows that Web3 poses a threat to users' privacy and requires new designs towards more privacy-aware wallet architectures.
AI requires heavy amounts of storage and compute with assets that are commonly stored in AI Hubs. AI Hubs have contributed significantly to the democratization of AI. However, existing implementations are associated with certain benefits and limitations that stem from the underlying infrastructure and governance systems with which they are built. These limitations include high costs, lack of monetization and reward, lack of control and difficulty of reproducibility. In the current work, we explore the potential of decentralized technologies - such as Web3 wallets, peer-to-peer marketplaces, storage and compute, and DAOs - to address some of these issues. We suggest that these infrastructural components can be used in combination in the design and construction of decentralized AI Hubs.
Recently, the concept of metaverse has been rapidly emerging, which highly expands the human living space. Specifically, 3D models are at the heart of building a vast metaverse space, so a massive number of 3D models are needed. Existing 3D model libraries and platforms have achieved great results. However, most of them are unscalable, insufficiently open, inefficient to collect, and at risk of service disruption and data corruption. Therefore, we propose and implement Web3DP, a crowdsourcing platform for 3D models based on Web3 (a.k.a. Web 3.0) infrastructure. By using the decentralized blockchain technology, Web3DP has the advantages of transparency, auditability, traceability, data tamper-proof, high file transfer efficiency, and service stability. Experiments are conducted to validate the performance of the proposed platform. It illustrates that Web3DP shows better file transmission capabilities with an acceptable transaction fee to facilitate 3D model collecting and managing for metaverse, games, cultural heritage, etc.
Yu Qiu, Haijun Zhang, Kai Sun, Keping Long · 5 authors
Recently, Web3 has received extensive attention as the next generation Internet and is in rapid development, which can highly integrate the physical world with the digital world. The blockchain that can build trust and fog computing with distributed computing mode can fit well with the decentralization idea of Web3. The combination of the two can provide an effective solution for the implementation of Web3. This article proposes a new network architecture, fog-assisted blockchain radio access network (FogBC-RAN), which supports stable and mutual trust connections on a global scale, and can smoothly coordinate multi-dimensional resources to support new services such as holographic communication, digital twin, and sensory interconnection. With the interconnection of ten thousand chains in the future Web3, the cross-chain information transfer process based on Polkadot for charging sharing is presented, which can realize flexible cross-chain transactions. Meanwhile, for the mainstream computing-intensive applications of Web3, considering the latency, energy consumption and transaction cost, a computing offloading strategy based on matching game is proposed to minimize the system cost. Finally, the simulation results demonstrate the effectiveness of the offloading mechanism proposed in FogBC-RAN.
Hao Xu, Yunqing Sun, Zihao Li, Yao Sun · 6 authors
Web3 brings an emerging outlook for the value of decentralization, boosting the decentralized infrastructure. People can benefit from Web3, facilitated by the advances in distributed ledger technology, to read, write and own web content, services and applications more freely without revealing their real identities. Although the features and merits of Web3 have been widely discussed, the network architecture of Web3 and how to achieve complete decentralization considering law compliance in Web3 are still unclear. Here, we propose a perspective of Web3 architecture, deController, consisting of underlay and overlay network as Web3 infrastructures to underpin services and applications. The functions of underlay and overlay and their interactions are illustrated. Meanwhile, the security and privacy of Web3 are analyzed based on a novel design of three-tier identities cooperating with deController. Furthermore, the impacts of laws on privacy and cyber sovereignty to achieve Web3 are discussed.
This article explores how the concept of a ‘Decentralised Digital Identity’ applies to media users or a professional publishing company. We investigate how these types of identities can be used to develop trust and extract new value in the publishing and media industries. The work is based on the research undertaken by the Cogency project in 2022, which assessed how Web3 can be used to help build ongoing trust and develop new sources of revenue for publishers and content producers.
The Metaverse is gaining attention among academics as maturing technologies empower the promises and envisagements of a multi-purpose, integrated virtual environment. An interactive and immersive socialization experience between people is one of the promises of the Metaverse. In spite of the rapid advancements in current technologies, the computation required for a smooth, seamless and immersive socialization experience in the Metaverse is overbearing, and the accumulated user experience is essential to be considered. The computation burden calls for computation offloading, where the integration of virtual and physical world scenes is offloaded to an edge server. This paper introduces a novel Quality-of-Service (QoS) model for the accumulated experience in multi-user socialization on a multichannel wireless network. This QoS model utilizes deep reinforcement learning approaches to find the near-optimal channel resource allocation. Comprehensive experiments demonstrate that the adoption of the QoS model enhances the overall socialization experience.
This paper provides an economic appraisal of blockchain technology's impact on the two representative pillars of an economic system: finance and market competition. It is argued that although cryptocurrencies designed upon blockchain technology are perceived as alternative currencies and speculative financial assets today, their roles are limited in the economic sense. However, blockchain technology can promote market competition in the internet sector by the virtue of decentralization. In comparison to the highly concentrated market power of current internet companies, new dynamics of market competition based on Web3 are discussed.
The emergence of Web3 technologies is transforming the internet and its applications. Web3 refers to the next generation of the internet, which is built on blockchain technology and decentralized applications. This new version of the internet is expected to be more secure, transparent, and open than the current Web2, which is characterized by centralized control and data ownership.The review paper provides an overview of Web3 and its significance in the context of the internet and blockchain technology. It explains how Web3 is different from Web1 and Web2, and why it has the potential to revolutionize various industries. Web1 was the first version of the internet, which was static and read-only. Web2, on the other hand, introduced interactive and social elements to the internet, but it still relies on centralized control and data ownership. The review paper goes on to explain the various technologies associated with Web3, such as blockchain technology, decentralized applications (dApps), and smart contracts. Blockchain technology is the backbone of Web3 and enables decentralized data storage and transaction processing. Decentralized applications (dApps) are software programs that run on a blockchain and enable peer-to-peer transactions without the need for intermediaries. Smart contracts are self-executing contracts that automatically enforce the rules and regulations of an agreement. The review paper also explores the rise of decentralized finance (DeFi) and its impact on the financial sector. DeFi is a subcategory of dApps that enables decentralized financial services such as lending, borrowing, and trading without the need for traditional financial intermediaries. The report discusses how DeFi is disrupting the traditional financial sector and opening new opportunities for innovation and financial inclusion. The review paper further discusses the potential use cases for Web3 in industries such as gaming, social media, supply chain management, and identity verification. For example, Web3 can enable new models of gaming that are more transparent and fairer for players, as well as provide a more secure and private social media experience. In supply chain management, Web3 can enable greater transparency and traceability of products, which can improve efficiency and reduce fraud. In identity verification, Web3 can provide a decentralized and secure way for individuals to prove their identity without relying on centralized authorities.Finally, the review paper discusses the challenges and limitations of Web3 technologies, such as scalability, interoperability, and user adoption. Despite these challenges, the report provides a vision for the future of Web3 and its potential impact on society.Web3 has the potential to create a more open, decentralized, and equitable internet that empowers individuals and communities.
Blockchain technology has gained significant attention as a solution for ensuring data integrity, confidentiality, and availability in a trustless environment.Its main objective is to safeguard data from both internal and external cyberattacks by leveraging the collective power of the network to counter malicious attempts.In this project, we aim to develop a decentralized messaging application using XMTP (replace with the correct protocol if applicable).Our application will enable secure and anonymous transmission of encrypted messages.The Ethereum platform will be utilized for deploying our blockchain network.By utilizing a distributed architecture and a flexible communication protocol, our application will be resilient against various forms of suppression.XMTP's extensible design allows for a wide range of use cases in exchanging message data between web3 identities.Additionally, the XMTP network ensures message persistence and associates them with web3 identities rather than specific client apps.As a result, each web3 identity possesses a portable inbox accessible through any XMTP-enabled client application.
The current online social network landscape is characterized by competition to get larger audiences leading to massive user migrations which will determine the shape of the future Web. However, user migration phenomena have not been fully understood and their driving mechanisms are still not well identified; in particular, the behaviors of hubs and the influence they exert on their followers are unclear. In this work, we focus on these aspects by analyzing the propensity of hubs to migrate towards a new social platform as a consequence of a shocking event; and the influence they exert on the decision of their neighbors of migrating to a new platform or staying on the native one. We conducted analysis on data made available after a user migration consequence of a hard fork involving two Web3 online social networks based on the blockchains Steem and Hive. Due to the blockchain nature of these Web3 platforms, we got detailed data about social and financial interactions among the users, along with information that allowed a precise reconstruction of the context surrounding the migration. The main findings suggest that different types of hubs apply different strategies when choosing to migrate, e.g. financial hubs diversify their strategy by staying and migrating at the same time. As for hub influence, results suggest that users directly interacting with hubs tend to migrate. In general, findings on influence indicate that understanding the activity and the influence of hubs is crucial in monitoring and controlling the user migration process.
The metaverse, a virtual world comprising a collective virtual shared space where users interact with one another through avatars and computer-generated objects, aims to closely mimic our real world by integrating elements of Artificial Intelligence (AI), immersive reality, advanced connectivity, and Web3. As metaverse technologies gain momentum across multiple sectors, including animal farming, their potential for addressing complex challenges such as climate change and sustainability in precision food production systems becomes increasingly apparent. However, it is crucial to consider the ethical implications and the role of sensor data and livestock behavior analysis in developing metaverse technologies for modern animal farming, given the sensitive and controversial nature of animal welfare. Failure to address these ethical considerations and harness the power of sensor data and behavior analysis could lead to a lack of credibility and insensitivity towards adopting metaverse technologies in the animal farming sector. It is essential to ensure that the development of metaverse technologies does not prioritize technology over animal welfare, ethics, socio-economic implications, and the potential for data-driven insights. Addressing diversity and equity in the context of animal farming and the metaverse is crucial to avoid perpetuating existing inequalities during the implementation of metaverse technologies. This groundbreaking paper ventures into unexplored territory, shedding light on the untapped potential of the metaverse for modern animal farming. While research on this topic is still in its infancy, we embark on a journey of visionary speculation, presenting a compelling technology forecast that envisions the extraordinary possibilities awaiting us in the future. By delving into the metaverse's transformative capabilities, we provide a glimpse into a world where animal farming transcends its traditional limitations and embraces a new era of efficiency, sustainability, and ethical practices.
ROCYS is a knowledge resource for practitioners, scientists, and researchers working in various fields of cyber security, hacking, digital forensics, cyber warfare, viruses and worms domain or critical infrastructure protection area.
Amulya Singh, Aayushi Bhatnagar, K. B. Bhatnagar, Dr. Rajesh Kumar
Abstract: In the real world, we enjoy showing off our art collections through images and films to express our personalities and interact with others in the neighborhood. However, there aren’t many methods in the NFT community outside updating the profile image for us to show others how much we love our collections. Adding any NFT to your camera is quite simple with this project. This merely needs an OpenSea connection to access the associated material because of the compatibility with web3. And whether it is 3D or 2D, a superb AR experience will be created based on the NFT. The NFT can be used as a background if it’s a JPEG. However, if the 3D model is set up, you may control it by moving your body.
Non-fungible tokens (NFT) represent one of the most important technologies in the space of Web3. Thanks to NFTs, digital or physical assets can be tokenised to represent their ownership through the usage of smart contracts and blockchains. The first generation of this technology, called NFT 1.0, considers static tokens described by a set of metadata that cannot be changed after token creation. The static nature prevents their wide spread as they do not support any meaningful user interaction. For this reason, its evolution, called NFT 2.0, has been proposed to make tokens interactive and dynamic and enhance user experience, opening the possibility to use NFTs in more ways and scenarios. The purpose of this article is to review the transition from NFT 1.0 to NFT 2.0, focusing on the newly introduced properties and features and the rising challenges. In particular, we discuss the technical aspects of blockchain technology and its impact on NFTs. We provide a detailed description of NFT properties and standards on various blockchains and discuss the support of the most important blockchains for NFTs. Then, we discuss the properties and features introduced by NFT 2.0 and detail the technical challenges related to metadata and dynamism. Lastly, we conclude by highlighting the new application scenarios opened by NFT 2.0. This review paper serves as a solid base for future research on the topic as it highlights the current technological challenges that must be addressed to help a wide adoption of NFTs 2.0.
With the overall momentum of the blockchain industry, crypto-based crimes are becoming more and more prevalent. After committing a crime, the main goal of cybercriminals is to obfuscate the source of the illicit funds in order to convert them into cash and get away with it. Many studies have analyzed money laundering in the field of the traditional financial sector and blockchain-based Bitcoin. But so far, little is known about the characteristics of crypto money laundering in the blockchain-based Web3 ecosystem. To fill this gap, and considering that Ethereum is the largest platform on Web3, in this paper, we systematically study the behavioral characteristics and economic impact of money laundering accounts through the lenses of Ethereum heists. Based on a very small number of tagged accounts of exchange hackers, DeFi exploiters, and scammers, we mine untagged money laundering groups through heuristic transaction tracking methods, to carve out a full picture of security incidents. By analyzing account characteristics and transaction networks, we obtain many interesting findings about crypto money laundering in Web3, observing the escalating money laundering methods such as creating counterfeit tokens and masquerading as speculators. Finally, based on these findings we provide inspiration for anti-money laundering to promote the healthy development of the Web3 ecosystem.
This article explores the technology underpinning the decentralized data revolution and encourages Indigenous Peoples (IPs) to secure their Indigenous Data Sovereignty (IDSov) over the Metaverse and Web3. More specifically, this article will survey blockchain technologies, exploring some disturbing colonial uses and providing an international legal framework that IPs can use to advance their IDSov internationally and domestically. This article will consider the role that cryptocurrencies, smart contracts, decentralized oracles, non-fungible tokens (NFTs), decentralized finance (DeFi), and decentralized autonomous organizations (DAOs) might play in advancing IDSov as it relates to western conceptualizations of Web3 and the Metaverse. The worldwide web's global data structure is undergoing a seismic shift that will significantly impact IPs. As inherent sovereigns, IPs are uniquely positioned to use and regulate these technologies in manners consistent with their cultural values and international indigenous human rights instruments. However, the march toward Web3 also looms menacingly over IPs. As such, we intend to examine IPs' novel risks and opportunities with Web3 and the Metaverse. We conclude by encouraging IPs to become fluent in the minutia of these technologies and to exert their inherent sovereignty over these nascent technologies in international and domestic arenas by building culturally informed systems to address their particularized needs. Future research should look toward the specific hurdles, and successes IPs are experiencing as they apply the technologies and principles discussed here.