<p>The first cryptocurrency was invested in 2008/09, but the Blockchain-Web3 concept is still in its infancy, and the cyber risk is constantly changing. Our cybersecurity should also be adapting to these changes to ensure security of personal data and continuation of business for organisations. This review paper starts with a comparison of existing cybersecurity standards and regulations from the National Institute of Standards and Technology (NIST) and the International Organization for Standardization (ISO) - ISO27001, followed by a discussion on more specific and recent standards and regulations, such as the Markets in Crypto-Assets Regulation (MiCA), Committee on Payments and Market Infrastructures and the International Organisation of Securities Commissions (CPMI-IOSCO), and more general cryptography and post-quantum cryptography, in the context of cybersecurity. These topics are followed up by a review of recent technical reports on cyber risk/security and a discussion on cloud security questions. Comparison of Blockchain cyber risk is also performed on the recent EU standards on cyber security, including European Cybersecurity Certification Scheme (EUCS) – cloud, and additional US standards – The National Vulnerability Database (NVD) Common Vulnerability Scoring System (CVSS). The study includes a review of Blockchain endpoint security, and new technologies e.g., IoT. The research methodology applied is a review and case study analysing secondary data on cybersecurity. The research significance is the integration of knowledge from the United States (US), the European Union (EU), the United Kingdom (UK), and international standards and frameworks on cybersecurity that can be alighted to new Blockchain projects. The results show that cybersecurity standards are not designed in close cooperation between the two major western blocks - US and EU. In addition, while the US is still leading in this area, the security standards for cryptocurrencies, internet-of-things, and blockchain technologies have not evolved as fast as the technologies have. The key finding from this study is that although the crypto market has grown into a multi-trillion industry, the crypto market has also lost over 70% since its peak, causing significant financial loss for individuals and cooperation’s. Despite this significant impact to individuals and society, cybersecurity standards and financial governance regulations are still in their infancy.</p>
In mid-2021, the term “Web3” suddenly exploded into the public consciousness. As people scrambled to figure out what it was—cryptocurrencies? blockchain? nonfungible tokens?—venture capital firms were pouring money into new startups, totaling over US $30 billion before the year was out.
Reza Aria, Norm Archer, Moein Khanlari, Bharat Shah
This paper summarizes the work of many different authors, industries, and countries by introducing important and influential factors that will help in the development, successful adoption, and sustainable use of the Web3/metaverse and its applications. We introduce a few important factors derived from the current state-of-the-art literature, including four essential elements including (1) appropriate decentralization, (2) good user experience, (3) appropriate translation and synchronization to the real world, and (4) a viable economy, which are required for appropriate implementation of a metaverse and its applications. The future of Web3 is all about decentralization, and blockchain can play a significant part in the development of the Metaverse. This paper also sheds light on some of the most relevant open issues and challenges currently facing the Web3/metaverse and its applications, with the hope that this discourse will help to encourage the development of appropriate solutions.
The fervor for Non-Fungible Tokens (NFTs) attracted countless creators, leading to a Big Bang of digital assets driven by latent or explicit forms of inspiration, as in many creative processes. This work exploits Vision Transformers and graph-based modeling to delve into visual inspiration phenomena between NFTs over the years, i.e., the visual influence that can be detected whenever an NFT appears to be visually close to another that was published earlier in the market. Our goals include unveiling the main structural traits that shape visual inspiration networks, exploring the interrelation between visual inspiration and asset performances, investigating crypto influence on inspiration processes, and explaining the inspiration relationships among NFTs. Our findings unveil how the pervasiveness of inspiration led to a temporary saturation of the visual feature space, the impact of the dichotomy between inspiring and inspired NFTs on their financial performance, and an intrinsic self-regulatory mechanism between markets and inspiration waves. Our work can serve as a starting point for gaining a broader view of the evolution of Web3.
Asan Nainar, Vigneshwaran, S. Surya, Saran Kumar · 5 authors
This blockchain-based decentralized ecommerce project aims to create a platform that enables buyers and sellers to interact and transact directly without the need for intermediaries. The project utilizes blockchain technology to ensure security, transparency, and immutability of transactions, and also incorporates Firebase and Moralis Web3 to provide seamless integration with existing web platforms. Firebase is a cloud-based platform that offers various services, including authentication, real-time database, and hosting, which are crucial in providing a secure and efficient e-commerce experience. Moralis Web3, on the other hand, provides a backend-as-a-service for web3 applications, allowing developers to interact with the Ethereum blockchain easily. In summary, this blockchain-based decentralized e-commerce project offers an efficient, secure, and cost-effective platform for buyers and sellers to engage in transactions without intermediaries. The integration of Firebase and Moralis Web3 enhances the platform's usability, making it accessible to a wider audience.
Wensheng Gan, Zhenqiang Ye, Shicheng Wan, Philip S. Yu
With the rapid growth of the Internet, human daily life has become deeply bound to the Internet. To take advantage of massive amounts of data and information on the internet, the Web architecture is continuously being reinvented and upgraded. From the static informative characteristics of Web 1.0 to the dynamic interactive features of Web 2.0, scholars and engineers have worked hard to make the internet world more open, inclusive, and equal. Indeed, the next generation of Web evolution (i.e., Web 3.0) is already coming and shaping our lives. Web 3.0 is a decentralized Web architecture that is more intelligent and safer than before. The risks and ruin posed by monopolists or criminals will be greatly reduced by a complete reconstruction of the Internet and IT infrastructure. In a word, Web 3.0 is capable of addressing web data ownership according to distributed technology. It will optimize the internet world from the perspectives of economy, culture, and technology. Then it promotes novel content production methods, organizational structures, and economic forms. However, Web 3.0 is not mature and is now being disputed. Herein, this paper presents a comprehensive survey of Web 3.0, with a focus on current technologies, challenges, opportunities, and outlook. This article first introduces a brief overview of the history of World Wide Web as well as several differences among Web 1.0, Web 2.0, Web 3.0, and Web3. Then, some technical implementations of Web 3.0 are illustrated in detail. We discuss the revolution and benefits that Web 3.0 brings. Finally, we explore several challenges and issues in this promising area.
Since the first appearance of the World Wide Web, individuals have increasingly relied on the Internet for cyber social activities. The second phase of the World Wide Web, known as Web 2.0, has extensively attracted worldwide people who participate in creating and enjoying the virtual realm. Today, the next Internet revolution, Web3, will open new opportunities for conventional social models. The decentralization property of Web3 is capable of breaking the monopoly of Internet corporations. Moreover, Web3 will lead to a paradigm shift from the Web functioning solely as a publishing medium to one that fosters intensive interaction and participation. This shift will profoundly influence the interactions between users and platforms, relationships within production networks, and global economic models. As a result, it is necessary that this article technically, practically, and more broadly take an overview of Web3. This article presents a comprehensive survey of Web3, focusing on current technologies, challenges, opportunities, and outlook. This article first introduces several key technologies underlying Web3. Then, some types of Web3 applications (e.g., blockchain) are illustrated in detail. Blockchain and smart contracts ensure decentralized organizations are less trusted and more truthful than centralized ones. Decentralized finance will be global, and open with financial inclusiveness for unbanked people. This article also discusses the relationship between the Metaverse and Web3, including the differences and similarities between Web 3.0 and Web3. Drawing inspiration from Maslow’s hierarchy of needs theory, a novel hierarchy of needs theory within Web3 is proposed. Finally, several worthwhile future research directions of Web3 are discussed.
Bousselham El haddaoui, Raddouane Chiheb, Rdouan Faizi, Abdellatif El Afia
Decentralized Web (Web3) and Finance (DeFi) have become the main discussion topic in research and industry fields.Cryptocurrencies, as an essential part of DeFi, enjoyed the interest of many stakeholders such as companies, professionals, researchers, and even common citizens eager to benefit from the proposed ecosystems.Although previous research studies focused on establishing price prediction systems using Sentiment Analysis (SA) techniques, the main focus of these studies was the performance of the predictive system rather than the accuracy and efficiency of the used models.In our work, we address two research questions; the predictability of cryptocurrency price based on past social and technical information, and the effect of social features on cryptocurrency price fluctuations using an SA and a Time Series approach.A combination of selected social and technical features was processed and reframed as a prediction problem, then studied to assess the ability of our model to predict the desired price.We noted that there is both an explicit correlation for some considered features and implicit for others, also social features including overall positive and neutral sentiment, and community engagement improved the performance of our model.
Yusra Mohammed AlRoshdi, Mohammed Al-Badawi, Abdullah Al-Hamdani, Mohamed Sarrab
Decentralized Web (Web3) and Finance (DeFi) have become the main discussion topic in research and industry fields.Cryptocurrencies, as an essential part of DeFi, enjoyed the interest of many stakeholders such as companies, professionals, researchers, and even common citizens eager to benefit from the proposed ecosystems.Although previous research studies focused on establishing price prediction systems using Sentiment Analysis (SA) techniques, the main focus of these studies was the performance of the predictive system rather than the accuracy and efficiency of the used models.In our work, we address two research questions; the predictability of cryptocurrency price based on past social and technical information, and the effect of social features on cryptocurrency price fluctuations using an SA and a Time Series approach.A combination of selected social and technical features was processed and reframed as a prediction problem, then studied to assess the ability of our model to predict the desired price.We noted that there is both an explicit correlation for some considered features and implicit for others, also social features including overall positive and neutral sentiment, and community engagement improved the performance of our model.
Regardless of which community, incentivizing users is a necessity for well-sustainable operations. In the blockchain-backed Web3 communities, known for their transparency and security, airdrop serves as a widespread incentive mechanism for allocating capital and power. However, it remains a controversy on how to justify airdrop to incentive and empower the decentralized governance. In this paper, we use ParaSwap as an example to propose a role taxonomy methodology through a data-driven study to understand the characteristic of community members and the effectiveness of airdrop. We find that users receive more rewards tend to take positive actions towards the community. We summarize several arbitrage patterns and confirm the current detection is not sufficient in screening out airdrop hunters. In conjunction with the results, we discuss from the aspects of interaction, financialization, and system design to conclude the challenges and possible research directions for decentralized communities.
Web 3.0 atau dikenal juga dengan Web3 atau Web 3 merupakan salah satu terobosan dalam dunia internet. Kehadiran Web 3.0 tidak hanya dapat menafsirkan secara akurat apa yang diketikkan ke dalam mesin pencarian, tetapi juga benar-benar memahami semua yang dikirimkan, baik melalui teks, audio, atau media lainnya. Trilema blockchain yaitu terdesentralisasi, dapat diskalakan, dan aman adalah masalah yang dipelajari dengan baik oleh para peneliti dan pelaku pasar. Mekanisme konsensus Satoshi Plus pada blockchain CORE yang memanfaatkan hashrate penambangan Bitcoin dan Ethereum Virtual Machine (EVM). Solusi untuk trilema tersebut adalah konsensus Satoshi Plus yang menggabungkan Proof of Work (PoW) dan Delegated Proof of Stake (DPoS) untuk memanfaatkan kekuatan masing-masing sekaligus memperbaiki kekurangannya masing-masing.
Blockchain technology might change healthcare by increasing patient experience (Px) in terms of patient-centeredness, trust, transparency, and medical data ownership. However, healthcare blockchain-Px research is few. This study aims to enhance healthcare blockchain deployment from a Px standpoint. Three particular aims are to (1) perform a complete literature assessment of current research on blockchain technology and Px in healthcare, (2) identify gaps in existing research and suggest a strategy to bridge the gap between blockchain technology and Px, and (3) evaluate value co-creation. A narrative review was utilized to seek and examine 2017–2022 literature. "Blockchain," "patient experience," "digital health," "customer experience," "healthcare," "telemedicine," "eHealth," "value co-creation," and "blockchain implementation" were searched in PubMed, Google Scholar, and Scopus. Inclusion and exclusion criteria ensured that only relevant content was reviewed. Review focus, research design, and article publication dates determined the criteria. The literature was summarized to highlight main themes and research gaps. Blockchain technology may create more patient-centered, data-driven healthcare systems, the analysis concluded. It also emphasized the risks and challenges of using blockchain technology in healthcare, such as changing the therapeutic relationship between patients and clinicians and preserving patients' medical data. Blockchain technology in healthcare requires patient-provider value co-creation. The review suggested bridging blockchain technology with Px and suggested additional study. Blockchain technology in healthcare, value co-creation for effective adoption, and web3 apps' effects on Px need further study.
—In the second decade of the twenty-first century, blockchain is considered one of the most popular computer technologies. Blockchain is a zero-trust network, making it a potent tool for various services provided that people are ready to believe and invest in it. In the Ethereum world, the blockchain runs on smart contracts, self-executing applications that come at the cost of security. As technology is used increasingly, Election is facing new issues of trust and management. Therefore, E-voting systems are increasingly acceptable because they are more accurate, reliable, practical, and secure. This research purpose is to propose a decentralized elections application based on Ethereum; the application was developed using the Truffle development framework. The actions of the software were written into an Ethereum smart contract, which was then deployed on the Ethereum network. A web interface had been used to read the user's vote before it was broadcast to the Ethereum network through the web3.js API. The ganache was utilized as the Ethereum client. Metalmark was used as a wallet on a website, and the remix was used to deploy the smart contract on the main network, the results of implementing the proposed system show that the cost of each transaction is not stable, its increases with the increase the network load, and the throughput ends up at 14 transactions per second.
A benchmark is a measurement of a systems performance against another systems performance. A proper workload is relevant, reproducible, fair, verifiable, and usable [24]. A proper workload is also standardized between the systems being measured, as to produce comparable results. The Transaction Processing Performance Council (TPC) provides a range of database benchmarks including standardized benchmarks for transaction processing, decision support, and virtualization. These benchmarks provide external parties with results that are comparable between systems and lead to informed decisions when choosing the best system for a given task. This standardization of benchmarks across the blockchain industry is necessary for the adoption of blockchain technology. Currently, blockchain organizations benchmark in-house using their own workloads, runtime environments, and definition of metrics. As such, the results of a given blockchain organization are not comparable to the results of another blockchain organization. In this thesis we explore the problems within blockchain benchmarking, our proposed framework for developing standardized blockchain benchmarks, and our implementation of this framework in a web3 focused benchmark for layer-1 blockchains.
The paper discusses the current state and development prospects of Web3 and decentralized autonomous organizations in comparison with Web 2.0. The problems of interaction between participants of decentralized autonomous organizations within the virtual space and integration of a decentralized autonomous organization with the outside world through network inducement algorithms are raised. The possible implementation of such interactions is considered on the example of TheOoL DAO. The functionality of TheOoL DAO is briefly disclosed, aimed at ensuring the security of participants in a decentralized autonomous organization, the complete suppression of the "digital footprint" they leave. The classes and forms of financial relationships of participants in a decentralized autonomous organization are determined. A mathematical model of billing in the serverless secure Internet TheOoL DAO on smart contracts is presented as an integral part of the TheOoL cloud computing and data storage subsystem. This system provides guaranteed automatic payment for services for the provision of computing power for storing and processing data or performing computing tasks and, at the same time, performs the functions of fully automatic control over the execution of the terms of a smart contract by the owners of these capacities. The presented billing system blocks the transfer of personal information between the customer and the service provider, which ensures the privacy and security of the execution of smart contracts.
There are a huge number of centralized entities that have a stronghold on huge swathes of the sector of the world wide web, taking unilateral action to determine what is and is not permissible. This dilemma is resolved by Web3 which embraces decentralization and is being built, operated, and owned by its users. Web3 places power inside the hands of people rather than agencies. For lovers and customers, NFT (Non-Fungible Token) represents a brand-new era of digital collection. So, it is a new manner to support artists, athletes, and musicians without any third-party intermediaries. For creators, artists, and musicians, NFT is a new manner to share and monetize their work. There were a number of troubles and issues surrounding the sale of digital products because it was very easy to duplicate and claimed through others. Our aim is to provide a decentralized platform to users from which they can list or buy these NFTs from the seller and the transactions between the buyer and seller will not be overlooked by some central authorities.
Hafiz Aliyev, Ahmet Faruk Aysan, Umar Nawaz Kayani
This article discusses the impact of new financial technologies, such as Non-Fungible Tokens (NFTs) on traditional industries such as art, sports, and game, while focusing on the recently formed &quot;Metaverse&quot; market. As a component of the overall blockchain ecosystem, the history of the establishment of NFT is analyzed. The impact of Web3 and intelligent contracts on Fintech are also investigated. This study examines the general trends in the NFTs market, including their price formation, price-influencing factors, and available patterns. Then the paper provides classifications and examples of NTFs. Besides, the technological application and primary technical path are also described. Later, the paper assesses the market's and marketplaces' accessibility. Finally, this study evaluates the management applications of NFTs and analyzes existing platforms, and demonstrates how they can be implemented effectively in various settings. The concluding portion discusses technological obstacles. The study concludes with a discussion of potential applications for the results and prospects for future research.
Elnaz Rabieinejad, Abbas Yazdinejad, Reza M. Parizi, Ali Dehghantanha
Ethereum blockchain has shown great potential in providing the next generation of the decentralized platform beyond crypto payments. Recently, it has attracted researchers and industry players to experiment with developing various Web3 applications for the Internet of Things (IoT), Defi, Metaverse, and many more. Although Ethereum provides a secure platform for developing decentralized applications, it is not immune to security risks and has been a victim of numerous cyber attacks. Adversarial attacks are a new cyber threat to systems that have been rising. Adversarial attacks can disrupt and exploit decentralized applications running on the Ethereum platform by creating fake accounts and transactions. Detecting adversarial attacks is challenging because the fake materials (e.g., accounts and transactions) as malicious payloads are similar to benign data. This article proposes a model using Generative Adversarial Networks (GAN) and Deep Recurrent Neural Networks (RNN) for cyber threat hunting in the Ethereum blockchain. Firstly, we employ GAN to generate fake transactions using genuine Ethereum transactions as the first phase of the proposed model. Then in the second phase, we utilize bi-directional Long Short-Term Memory (LSTM) to identify adversarial transactions in a hunting exercise. The results of the first phase evaluation show that the GAN can generate transactions identical to the actual Ethereum transactions with an accuracy of 82.51%. Also, the results of the second phase show 99.98% accuracy in identifying adversarial transactions.
Bank record security management is vital to the financial security of every nation. It aims to safeguard residents' as well as government income, determines eligibility for social assistance, and has a substantial influence on a country's foreign relations, economy and reputation. Numerous efforts are now ongoing throughout the globe to increase and improve security in the financial industry, especially in developing nations where demand is highest. It is common knowledge that the qualities of blockchain technology promote efficiency, transparency, and confidence. Concerns over data security, the danger of cybercrime, and the efficacy of bank system security are growing, especially in nations like Zambia that are still developing. Even after years later, it seems the banks and Ministry of Finance are unable to verify and assure the country's money is 100% secure, even inside the banks, according to information acquired and based on several interviews about bank security, the existence of a firewall is where all faith lies. Even after registration, there is no guarantee that client information is entirely secure and inaccessible to unauthorized third parties. This raises concerns and dangers about deceit being possible. In Zambia's bank record security management, there have been instances of illegal data changes and more recently, a cybercrime-related data breach. Throughout the years, government and public monies have been misappropriated without any documents to indicate what transpired or what happened to the revenue, and who knows what else. If the institution's information system is made safer and more dependable, process verification problems may be resolved. This research has been engaged with the aim of developing model design that employs blockchain technology principles to enhance Zambia's Record Security Management in banks. The later section of this research has an inclusion of a summary of the various literature about blockchain technology and Bank Record Security Management that is relevant. It describes the standard registry, storage, and operations, as well as a general description of blockchain, including its characteristics and uses. It demonstrates that using blockchain technology might boost efficiency by decreasing human labour and paper processing, and by giving clear provenance that verifies the origin of products. It may be used in industries such as health, education, agriculture, real estate, Bank record Security Management, etc. It also proves that smart contracts have a vast future potential, and that Ethereum is one of the most suitable platforms for constructing distributed applications using smart contracts. To fulfil the objective of the research, it was important to investigate Zambia's Record Security Management procedures in order to uncover continuing problems related with unauthorized alterations and other reported concerns. The Bank Blockchain Adoption Framework guided the examination of process mapping, stages and data. The results allow us to break Bank RSM into three phases: registration, verification and lastly, storage. Using a flowchart process diagram, network architecture, use cases, and technological development diagrams, a full design solution is shown. This project in design science offers a blockchain-based application architecture that will enhance the existing Bank Record Security Management System. It is proposed that the blockchain network be used to share datasets between banks, other financial organizations, and other informatics under the Ministry of Home Affairs Security. On the other hand, a centralized server will be an operating node in the blockchain network that is where records will be stored digitally. The research built a novel registration method on the Ethereum blockchain on Binance Smart Chain using the React App client, which in this case is the NodeJS server's web interface. The architecture was used to assess a smart contract's verification implementation. The NodeJS Server uses the web3 library plugin to interface with the Ethereum client network. Bank Record Security Management based on blockchain technology may enhance the security and integrity of banks and nations. This study's contribution may be utilized for additional research in each of the aforementioned application areas to uncover potential benefits and drawbacks.
Adrian Petcu, Bogdan Pahonțu, Mădălin Frunzete, Dan Alexandru Stoichescu
Over the past decade, there has been significant evolution in the security field, specifically in the authentication and authorization part. The standard authentication protocol nowadays is OAuth 2.0-based authentication. This method relies on a third-party authentication service provider with complete control over the users’ data, which it can filter or modify at will. Blockchain and decentralization have generated much interest in recent years, and the decentralized web is considered the next significant improvement in the world wide web (also known as Web 3.0). Web3 authentication, also known as decentralized authentication, allows for the secure and decentralized authentication of users on the web. The use cases for this technology include online marketplaces, social media platforms, and other online communities that require user authentication. The advantages of Web3 authentication include increased security and privacy for users and the ability for users to have more control over their data. The proposed system implementation uses Ethereum as the blockchain and a modern web stack to enhance user interaction and usability. The solution brings benefits both to the private and the public sector, proving that it has the capability of becoming the preferred authentication mechanism for any decentralized web application.
Abstract: This paper suggests a decentralised web hosting solution based on Web3 Storage and the Interplanetary File System (IPFS). The IPFS platform is used to host websites and store data. To guarantee that the source codes of the websites and users’ data are preserved over the long term, all storage miner nodes on the IPFS network provide the pinning service. Websites must use an encryption technique for data storage that protects user privacy. The suggested model integrates the Web3 Storage and IPFS networks to create a platform that offers decentralised site hosting. The suggested platform guarantees the privacy, availability, and integrity.
Various metaverse applications have entered our daily life and show a promising trend that will occupy people's attention in the era of Web3. This makes interoperability across metaverses become one of the fundamental technologies in the context of multiple metaverse platforms. The aim of interoperability is to provide a seamless service for users when their requests interact with multiple metaverses. However, the development of cross-metaverse interoperability is still in its initial stage in both industry and academia. In this article, we review the state- of-the-art cross-metaverse interoperability solutions, which are designed for a dedicated purpose but do not apply to all metaverse platforms. To this end, we propose MetaOpera, a generalized cross-metaverse interoperability protocol. Connecting to MetaOpera by means of wireless communication, users and digital objects across different metaverses that rely on centralized servers or decentralized blockchains are capable of interacting with each other. We also implement a proof-of-concept mechanism for Meta- Opera, aiming at evaluating its performance with a state-of-the-art cross-metaverse solution based on the Sidechains technique. Simulation results demonstrate that the size of cross-metaverse proof and the average latency of cross-metaverse transactions using the proposed solution are about eight to three times smaller, respectively, than those of the Sidechains solution. This article also suggests a number of open issues and challenges faced by cross-metaverse interoperability that may inspire future research.
This interview, which took place in September 2021, explores the history of projects carried out by Jadu and the possibilities of Web3, NFTs, and the futures of data in the metaverse.