The potential for blockchain technology to eliminate the middleman and replace the top down hierarchical model of governance with a system of distributed cooperation has opened up many new opportunities, as well as dilemmas. Surpassing the level of acceptance by early tech adopters, the market of smart contracts is now moving towards wider acceptance from regular (non tech) users. For this to happen however, smart contract development will have to overcome certain technical and legal obstacles to bring the code and the user closer. Guided by notions from contract law and consumer protection we highlight the information gap that exists between users, legal bodies and the source code. We present a spectrum of low-code to no-code initiatives that aim at bridging this gap, promising the potential of higher regulatory acceptance. Nevertheless, this highlights the so called "Pitfall of the Trustless Dream", because arguably solutions to the information gap tend to make the system more centralized. In this article, we aim to make a practical contribution of relevance to the wide-spread adoption of smart contracts and their legal acceptance by analyzing the evolving practices that bring the user and the code closer.
Aos Mulahuwaish, Matthew Loucks, Basheer Qolomany, Ala Al‐Fuqaha
Digital cryptocurrencies such as Bitcoin have exploded in recent years in both popularity and value. By their novelty, cryptocurrencies tend to be both volatile and highly speculative. The capricious nature of these coins is helped facilitated by social media networks such as Twitter. However, not everyone's opinion matters equally, with most posts garnering little to no attention. Additionally, the majority of tweets are retweeted from popular posts. We must determine whose opinion matters and the difference between influential and non-influential users. This study separates these two groups and analyzes the differences between them. It uses Hypertext-induced Topic Selection (HITS) algorithm, which segregates the dataset based on influence. Topic modeling is then employed to uncover differences in each group's speech types and what group may best represent the entire community. We found differences in language and interest between these two groups regarding Bitcoin and that the opinion leaders of Twitter are not aligned with the majority of users. There were 2559 opinion leaders (0.72% of users) who accounted for 80% of the authority and the majority (99.28%) users for the remaining 20% out of a total of 355,139 users.
Carlos Alberto Durigan, Fernando José Barbin Laurindo
Cryptocurrency can be understood as a digital asset transacted among participants in the crypto economy. Every cryptocurrency must have an associated Blockchain. Blockchain is a Distributed Ledger Technology (DLT) which supports cryptocurrencies, this may be considered as the most promising disruptive technology in the industry 4.0 context. Decentralized finance (DeFi) is a Blockchain-based financial infrastructure, the term generally refers to an open, permissionless, and highly interoperable protocol stack built on public smart contract platforms, such as the Ethereum Blockchain. It replicates existing financial services in a more open and transparent way. DeFi does not rely on intermediaries and centralized institutions. Instead, it is based on open protocols and decentralized applications (Dapps). Considering that there are many digital coins, stablecoins and central bank digital currencies (CBDCs), these currencies should interact among each other sometime. For this interaction the Information Technology elements play an important whole as enablers and IT strategic alignment. This paper considers the strategic alignment model proposed by Henderson and Venkatraman (1993) and Luftman (1996). This paper seeks to answer two main questions 1) What are the common IT elements in the DeFi? And 2) How the elements connect to the IT strategic alignment in DeFi? Through a Systematic Literature Review (SLR). Results point out that there are many IT elements already mentioned by literature, however there is a lack in the literature about the connection between IT elements and IT strategic alignment in a Decentralized Finance (DeFi) architectural network. After final considerations, limitations and future research agenda are presented. Keywords: IT Strategic alignment, Decentralized Finance (DeFi), Cryptocurrency, Digital Economy.
Rainer Feichtinger, Robin Fritsch, Yann Vonlanthen, Roger Wattenhofer
Decentralized autonomous organizations (DAOs) are a recent innovation in organizational structures, which are already widely used in the blockchain ecosystem. We empirically study the on-chain governance systems of 21 DAOs and open source the live dataset. The DAOs we study are of various size and activity, and govern a wide range of protocols and services, such as decentralized exchanges, lending protocols, infrastructure projects and common goods funding. Our analysis unveils a high concentration of voting rights, a significant hidden monetary costs of on-chain governance systems, as well as a remarkably high amount of pointless governance activity.
We discuss numerous justifications for why crypto-currencies would be highly conducive for the smooth functioning of today's society. We provide several comparisons between cryptocurrencies issued by blockchain projects, crypto, and conventional government issued currencies, cash or fiat. We summarize seven fundamental innovations that would be required for participants to have greater confidence in decentralized finance (DeFi) and to obtain wealth appreciation coupled with better risk management. The conceptual ideas we discuss outline an approach to: 1) Strengthened Security Blueprint; 2) Rebalancing and Trade Execution Suited for Blockchain Nuances 3) Volatility and Variance Adjusted Weight Calculation 4) Accommodating Investor Preferences and Risk Parity Construction; 5) Profit Sharing and Investor Protection; 6) Concentration Risk Indicator and Performance Metrics; 7) Multi-chain expansion and Select Strategic Initiatives including the notion of a Decentralized Autonomous Organization (DAO). Incorporating these concepts into several projects would also facilitate the growth of the overall blockchain eco-system so that this technology can, have wider mainstream adoption and, fulfill its potential in transforming all aspects of human interactions.
Wash trading is a form of market manipulation where the same entity sells an asset to themselves to drive up market prices, launder money under the cover of a legitimate transaction, or claim a tax loss without losing ownership of an asset. Although the practice is illegal with traditional assets, lack of supervision in the non-fungible token market enables criminals to wash trade and scam unsuspecting buyers while operating under regulators radar. AnChain.AI designed an algorithm that flags transactions within an NFT collection history as wash trades when a wallet repurchases a token within 30 days of previously selling it. The algorithm also identifies intermediate transactions within a wash trade cycle. Testing on 7 popular NFT collections reveals that on average, 0.14% of transactions, 0.11% of wallets, and 0.16% of tokens in each collection are involved in wash trading. These wash trades generate an overall total price manipulation, sales, and repurchase profit of \$900K, \$1.1M, and negative \$1.6M respectively. The results draw attention to the prevalent market manipulation taking place and inform unsuspecting buyers which tokens and sellers may be involved in criminal activity.
The Sixth Generation (6G) network is a platform for the fusion of the physical and virtual worlds. It will integrate processing, communication, intelligence, sensing, and storage of things. All devices and their virtual counterparts will become part of the service-provisioning process. In essence, 6G is a purposefully cooperative network that heavily depends on the capabilities of edge and end-devices. Digital Twin (DT) will become an essential part of 6G, not only in terms of providing a virtual representation of the physical elements and their dynamics and functionalities but rather DT will become a catalyst in the realization of the cooperative 6G environment. DT will play a main role in realizing the full potential of the 6G network by utilizing the collected data at the cyber twin and then implementing using the physical twin to ensure optimal levels of accuracy and efficiency. With that said, such a cooperative non-conventional network infrastructure cannot rely on conventional centralized intrusion detection and prevention systems. Zero-trust is a new security framework that aims at protecting distributed data, devices, components and users. This article presents a new framework that integrates the zero-trust architecture in DT-enabled 6G networks. Unlike conventional zero-trust solutions, the proposed framework adapts a decentralized mechanism to ensure the security, privacy and authenticity of both the physical devices and their DT counterparts. Blockchain plays an integral part in the authentication of DTs and the communicated data. Artificial Intelligence (AI) is integrated into all cooperating nodes using meta, generalized and federated learning solutions. The article also discusses current solutions and future outlooks, with challenges and some technology enablers.
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.
Justin Goldston, Tomer Jordi Chaffer, Justyna Osowska, Charles von Goins
In recent years discussions centered around digital inheritance have increased among social media users and across blockchain ecosystems. As a result digital assets such as social media content cryptocurrencies and non-fungible tokens have become increasingly valuable and widespread, leading to the need for clear and secure mechanisms for transferring these assets upon the testators death or incapacitation. This study proposes a framework for digital inheritance using soulbound tokens and the social recovery pallet as a use case in the Polkadot and Kusama blockchain networks. The findings discussed within this study suggest that while soulbound tokens and the social recovery pallet offer a promising solution for creating a digital inheritance plan the findings also raise important considerations for testators digital executors and developers. While further research is needed to fully understand the potential impacts and risks of other technologies such as artificial intelligence and quantum computing this study provides a primer for users to begin planning a digital inheritance strategy and for developers to develop a more intuitive solution.
Sayak Saha Roy, Dipanjan Das, Priyanka Bose, Christopher Kruegel · 6 authors
The rapid growth in popularity and hype surrounding digital assets such as art, video, and music in the form of non-fungible tokens (NFTs) has made them a lucrative investment opportunity, with NFT-based sales surpassing $25B in 2021 alone. However, the volatility and general lack of technical understanding of the NFT ecosystem have led to the spread of various scams. The success of an NFT heavily depends on its online virality. As a result, creators use dedicated promotion services to drive engagement to their projects on social media websites, such as Twitter. However, these services are also utilized by scammers to promote fraudulent projects that attempt to steal users' cryptocurrency assets, thus posing a major threat to the ecosystem of NFT sales. In this paper, we conduct a longitudinal study of 439 promotion services (accounts) on Twitter that have collectively promoted 823 unique NFT projects through giveaway competitions over a period of two months. Our findings reveal that more than 36% of these projects were fraudulent, comprising of phishing, rug pull, and pre-mint scams. We also found that a majority of accounts engaging with these promotions (including those for fraudulent NFT projects) are bots that artificially inflate the popularity of the fraudulent NFT collections by increasing their likes, followers, and retweet counts. This manipulation results in significant engagement from real users, who then invest in these scams. We also identify several shortcomings in existing anti-scam measures, such as blocklists, browser protection tools, and domain hosting services, in detecting NFT-based scams. We utilize our findings to develop and open-source a machine learning classifier tool that was able to proactively detect 382 new fraudulent NFT projects on Twitter.
Social metaverse is a shared digital space combining a series of interconnected virtual worlds for users to play, shop, work, and socialize. In parallel with the advances of artificial intelligence (AI) and growing awareness of data privacy concerns, federated learning (FL) is promoted as a paradigm shift towards privacy-preserving AI-empowered social metaverse. However, challenges including privacy-utility tradeoff, learning reliability, and AI model thefts hinder the deployment of FL in real metaverse applications. In this paper, we exploit the pervasive social ties among users/avatars to advance a social-aware hierarchical FL framework, i.e., SocialFL for a better privacy-utility tradeoff in the social metaverse. Then, an aggregator-free robust FL mechanism based on blockchain is devised with a new block structure and an improved consensus protocol featured with on/off-chain collaboration. Furthermore, based on smart contracts and digital watermarks, an automatic federated AI (FedAI) model ownership provenance mechanism is designed to prevent AI model thefts and collusive avatars in social metaverse. Experimental findings validate the feasibility and effectiveness of proposed framework. Finally, we envision promising future research directions in this emerging area.
Not only in our country and Asia, but the agriculture sector is also lagging all over the world while using new technologies and innovations. Farmers are not getting the accurate price and compensation of their products because of several reasons. The intermediate persons or say middlemen are controlling the prices and product delivery on their own. Due to lack of education, technological advancement, market knowledge, post-harvesting processes, and middleman involvement, farmers are always deprived of their actual pay and efforts. The use of blockchain technology can help such farmers to automate the process with high trust. We have presented our case study and analysis for the Indian sugarcane farming with data collected from farmers. The system implementation, testing, and result analysis has been shown based on the case study. The overall purpose of our research is to emphasize and motivate the agricultural products and benefit the farmers with the use of blockchain technology.
Thanveer Shaik, Xiaohui Tao, Niall Higgins, Lin Li · 7 authors
The adoption of artificial intelligence (AI) in healthcare is growing rapidly. Remote patient monitoring (RPM) is one of the common healthcare applications that assist doctors to monitor patients with chronic or acute illness at remote locations, elderly people in-home care, and even hospitalized patients. The reliability of manual patient monitoring systems depends on staff time management which is dependent on their workload. Conventional patient monitoring involves invasive approaches which require skin contact to monitor health status. This study aims to do a comprehensive review of RPM systems including adopted advanced technologies, AI impact on RPM, challenges and trends in AI-enabled RPM. This review explores the benefits and challenges of patient-centric RPM architectures enabled with Internet of Things wearable devices and sensors using the cloud, fog, edge, and blockchain technologies. The role of AI in RPM ranges from physical activity classification to chronic disease monitoring and vital signs monitoring in emergency settings. This review results show that AI-enabled RPM architectures have transformed healthcare monitoring applications because of their ability to detect early deterioration in patients' health, personalize individual patient health parameter monitoring using federated learning, and learn human behavior patterns using techniques such as reinforcement learning. This review discusses the challenges and trends to adopt AI to RPM systems and implementation issues. The future directions of AI in RPM applications are analyzed based on the challenges and trends
Blockchain is a revolutionary technology, and its growth started in various industries (such as IT, education, business, banking, and many others) to capitalize on it. Currently, in higher education institutions (HEIs) adoption of blockchain education needs to be improved in the academic programs and curriculums. In addition, HEIs must make many intense changes in the teaching and learning methods to educate learners about blockchain technology and its applications to meet the current industry workforce demand. Due to a lack of academic programs and courses, students nowadays rely on online resources and pay non-academic organizations a high fee. This paper provides a comprehensive survey of blockchain education's current state of the art by reviewing the different academic programs and industry workforce demand. In addition, blockchain application trends which include market growth and demands are discussed. Moreover, the blockchain career scope for different disciplines of students is examined.
Non-Fungible Tokens (NFTs) are non-interchangeable assets, usually digital art, which are stored on the blockchain. Preliminary studies find that female and darker-skinned NFTs are valued less than their male and lighter-skinned counterparts. However, these studies analyze only the CryptoPunks collection. We test the statistical significance of race and gender biases in the prices of CryptoPunks and present the first study of gender bias in the broader NFT market. We find evidence of racial bias but not gender bias. Our work also introduces a dataset of gender-labeled NFT collections to advance the broader study of social equity in this emerging market.
Karolis Zilius, Tasos Spiliotopoulos, Aad van Moorsel
The rise in adoption of cryptoassets has brought many new and inexperienced investors in the cryptocurrency space. These investors can be disproportionally influenced by information they receive online, and particularly from social media. This paper presents a dataset of crypto-related bounty events and the users that participate in them. These events coordinate social media campaigns to create artificial "hype" around a crypto project in order to influence the price of its token. The dataset consists of information about 15.8K cross-media bounty events, 185K participants, 10M forum comments and 82M social media URLs collected from the Bounties(Altcoins) subforum of the BitcoinTalk online forum from May 2014 to December 2022. We describe the data collection and the data processing methods employed and we present a basic characterization of the dataset. Furthermore, we discuss potential research opportunities afforded by the dataset across many disciplines and we highlight potential novel insights into how the cryptocurrency industry operates and how it interacts with its audience.
This paper presents an ongoing analyze of the Active Citizen e-voting system proposed by the Moscow city hall. This research points out that the main objective of the platform is not to enhance the democratic power of the Muscovites, but to strengthen the position of Moscow as a modern city at a world scale and the position of the city hall in the Russian political system.
We present a survey to evaluate crypto-political, crypto-economic, and crypto-governance sentiment in people who are part of a blockchain ecosystem. Based on 3,710 survey responses, we describe their beliefs, attitudes, and modes of participation in crypto and investigate how self-reported political affiliation and blockchain ecosystem affiliation are associated with these. We observed polarization in questions on perceptions of the distribution of economic power, personal attitudes towards crypto, normative beliefs about the distribution of power in governance, and external regulation of blockchain technologies. Differences in political self-identification correlated with opinions on economic fairness, gender equity, decision-making power and how to obtain favorable regulation, while blockchain affiliation correlated with opinions on governance and regulation of crypto and respondents’ semantic conception of crypto and personal goals for their involvement. We also find that a theory-driven constructed political axis is supported by the data and investigate the possibility of other groupings of respondents or beliefs arising from the data.
The non-fungible token (NFT) is an emergent type of cryptocurrency that has garnered extensive attention since its inception. The uniqueness, indivisibility and humanistic value of NFTs are the key characteristics that distinguish them from traditional tokens. The market capitalization of NFT reached 21.5 billion USD in 2021, almost 200 times of all previous transactions. However, the subsequent rapid decline in NFT market fever in the second quarter of 2022 casts doubts on the ostensible boom in the NFT market. To date, there has been no comprehensive and systematic study of the NFT trade market or of the NFT bubble and hype phenomenon. To fill this gap, we conduct an in-depth investigation of the whole Ethereum ERC721 and ERC1155 NFT ecosystem via graph analysis and apply several metrics to measure the characteristics of NFTs. By collecting data from the whole blockchain, we construct three graphs, namely NFT create graph, NFT transfer graph, and NFT hold graph, to characterize the NFT traders, analyze the characteristics of NFTs, and discover many observations and insights. Moreover, we propose new indicators to quantify the activeness and value of NFT and propose an algorithm that combines indicators and graph analyses to find bubble NFTs. Real-world cases demonstrate that our indicators and approach can be used to discern bubble NFTs effectively.
M. Ramalingam, G. Chemmalar Selvi, Nancy Victor, Rajeswari Chengoden · 11 authors
Blockchain (BC) and Computer Vision (CV) are the two emerging fields with the potential to transform various sectors.The ability of BC can help in offering decentralized and secure data storage, while CV allows machines to learn and understand visual data. This integration of the two technologies holds massive promise for developing innovative applications that can provide solutions to the challenges in various sectors such as supply chain management, healthcare, smart cities, and defense. This review explores a comprehensive analysis of the integration of BC and CV by examining their combination and potential applications. It also provides a detailed analysis of the fundamental concepts of both technologies, highlighting their strengths and limitations. This paper also explores current research efforts that make use of the benefits offered by this combination. The effort includes how BC can be used as an added layer of security in CV systems and also ensure data integrity, enabling decentralized image and video analytics using BC. The challenges and open issues associated with this integration are also identified, and appropriate potential future directions are also proposed.
Urvashi Kishnani, Srinidhi Madabhushi, Sanchari Das
Blockchain's influence extends beyond finance, impacting diverse sectors such as real estate, oil and gas, and education. This extensive reach stems from blockchain's intrinsic ability to reliably manage digital transactions and supply chains. Within the oil and gas sector, the merger of blockchain with supply chain management and data handling is a notable trend. The supply chain encompasses several operations: extraction, transportation, trading, and distribution of resources. Unfortunately, the current supply chain structure misses critical features such as transparency, traceability, flexible trading, and secure data storage - all of which blockchain can provide. Nevertheless, it is essential to investigate blockchain's security and privacy in the oil and gas industry. Such scrutiny enables the smooth, secure, and usable execution of transactions. For this purpose, we reviewed 124 peer-reviewed academic publications, conducting an in-depth analysis of 21 among them. We classified the articles by their relevance to various phases of the supply chain flow: upstream, midstream, downstream, and data management. Despite blockchain's potential to address existing security and privacy voids in the supply chain, there is a significant lack of practical implementation of blockchain integration in oil and gas operations. This deficiency substantially challenges the transition from conventional methods to a blockchain-centric approach.
The primary innovation we pioneer -- focused on blockchain information security -- is called the Safe-House. The Safe-House is badly needed since there are many ongoing hacks and security concerns in the DeFi space right now. The Safe-House is a piece of engineering sophistication that utilizes existing blockchain principles to bring about greater security when customer assets are moved around. The Safe-House logic is easily implemented as smart contracts on any decentralized system. The amount of funds at risk from both internal and external parties -- and hence the maximum one time loss -- is guaranteed to stay within the specified limits based on cryptographic fundamentals. To improve the safety of the Safe-House even further, we adapt the one time password (OPT) concept to operate using blockchain technology. Well suited to blockchain cryptographic nuances, our secondary advancement can be termed the one time next time password (OTNTP) mechanism. The OTNTP is designed to complement the Safe-House making it even more safe. We provide a detailed threat assessment model -- discussing the risks faced by DeFi protocols and the specific risks that apply to blockchain fund management -- and give technical arguments regarding how these threats can be overcome in a robust manner. We discuss how the Safe-House can participate with other external yield generation protocols in a secure way. We provide reasons for why the Safe-House increases safety without sacrificing the efficiency of operation. We start with a high level intuitive description of the landscape, the corresponding problems and our solutions. We then supplement this overview with detailed discussions including the corresponding mathematical formulations and pointers for technological implementation. This approach ensures that the article is accessible to a broad audience.
Jan 1, 2023·2nd International Workshop on Decentralized Governance Design at the 35th International Conference on Advanced Information Systems Engineering 2023
In this article, we develop an interdisciplinary analysis of MEV which desires to merge the gap that exists between technical and legal research supporting policymakers in their regulatory decisions concerning blockchains, DeFi and associated risks. Consequently, this article is intended for both technical and legal audiences, and while we abstain from a detailed legal analysis, we aim to open a policy discussion regarding decentralized governance design at the block building layer as the place where MEV occurs. Maximal Extractable Value or MEV has been one of the major concerns in blockchain designs as it creates a centralizing force which ultimately affects user transactions. In this article, we dive into the technicality behind MEV, where we explain the concept behind the novel Proposal Builder Separation design as an effort by Flashbots to increase decentralization through modularity. We underline potential vulnerability factors under the PBS design, which open space for MEV extracting adversarial strategies by inside participants. We discuss the shift of trust from validators to builders in PoS blockchains such as Ethereum, acknowledging the impact that the later ones may have on users' transactions (in terms of front running) and censorship resistance (in terms of transaction inclusion). We recognize that under PBS, centralized (dominant) entities such as builders could potentially harm users by extracting MEV via front running strategies. Finally, we suggest adequate design and policy measures which could potentially mitigate these negative effects while protecting blockchain users.
Metaverse, the core of the next-generation Internet, is a computer-generated holographic digital environment that simultaneously combines spatio-temporal, immersive, real-time, sustainable, interoperable, and data-sensitive characteristics. It cleverly blends the virtual and real worlds, allowing users to create, communicate, and transact in virtual form. With the rapid development of emerging technologies including augmented reality, virtual reality and blockchain, the metaverse system is becoming more and more sophisticated and widely used in various fields such as social, tourism, industry and economy. However, the high level of interaction with the real world also means a huge risk of privacy leakage both for individuals and enterprises, which has hindered the wide deployment of metaverse. Then, it is inevitable to apply privacy computing techniques in the framework of metaverse, which is a current research hotspot. In this paper, we conduct comprehensive research on the necessity, taxonomy and challenges when privacy computing meets metaverse. Specifically, we first introduce the underlying technologies and various applications of metaverse, on which we analyze the challenges of data usage in metaverse, especially data privacy. Next, we review and summarize state-of-the-art solutions based on federated learning, differential privacy, homomorphic encryption, and zero-knowledge proofs for different privacy problems in metaverse. Finally, we show the current security and privacy challenges in the development of metaverse and provide open directions for building a well-established privacy-preserving metaverse system. For easy access and reference, we integrate the related publications and their codes into a GitHub repository: https://github.com/6lyc/Awesome-Privacy-Computing-in-Metaverse.git.