A primer to the Web3 system designed to serve as a introduction to Web3 concepts. It also highlights the legal issues related to Web3 and it's related fields covering cryptocurrencies, Decentralized Autonomous Organizations (DAO's), Non-Fungible Tokens, Decentralized Finance (DeFi).
This article emphasizes the types and threats of cybercrime related to cryptocurrencies. The necessity of implementing legislative regulations and invention of administrative control mechanisms in connection with the growth of the digital economy is also discussed. The presented article also elucidates features of cyber-cartels and their new instruments, such as âAuction Robotsâ, for committing illicit activities as the new type of the organized crime in a digital world. This work also focuses on describing certain categories of cybercrime, such as cryptojacking, which is a scheme to use peopleâs devices (computers, smartphones, tablets and etc.), without their consent or knowledge, to secretly mine cryptocurrency on the victimâs dime. To analyze the growth in demand, this work highlights the index of the whole capitalization and the exchange rates of the cryptocurrencies. Article also underlines the threat of the element of anonymity related to cryptocurrencies as the main instrument for criminals to either disguise terrorism financing or evade paying taxes. Some valuable examples of amendments developed and introduced by the US and Great Britain legislations to regulate crypto market and control tax evasion are also cited
IntroductionBlockchain (distributed ledger technology) is a network software protocol that enables the secure transfer of money, assets, and information via the Internet, without the need for a third-party intermediary such as a bank (Swan, 2015). Transactions are validated, executed, and recorded chronologically in an append-only tamper-resistant database, where they remain