Generative search engines are reshaping information access by replacing traditional ranked lists with synthesized answers and references. In parallel, with the growth of Web3 platforms, incentive-driven creator ecosystems have become an essential part of how enterprises build visibility and community by rewarding creators for contributing to shared narratives. However, the extent to which exposure in generative search engine citations is shaped by external attention markets remains uncertain. In this study, we audit the exposure for 44 Web3 enterprises. First, we show that the creator community around each enterprise is persistent over time. Second, enterprise-specific queries reveal that more popular voices systematically receive greater citation exposure than others. Third, we find that larger follower bases and enterprises with more concentrated creator cores are associated with higher-ranked exposure. Together, these results show that generative search engine citations exhibit exposure bias toward already prominent voices, which risks entrenching incumbents and narrowing viewpoint diversity.
Cryptocurrency is a medium of exchange and digital means of payment generated and stored electronically on a blockchain system, employing cryptographic techniques to verify the transfer of funds and an algorithm in order to control the formation of monetary units. In such systems, transactions are assembled in groups, known as blocks, which are organized in a chronological sequence referred to as blockchain. Blocks are added to the chain by means of a mathematical process that makes it very difficult for an individual user to seize the blockchain, and correspondingly, progresses made in quantum computing serve for the long-term security considering the threats concerning the cryptographic algorithms currently used in blockchain applications. As the cryptocurrency market capitalization approaches $2.95 trillion in early 2026, the arrival of fault tolerant quantum computing threatens the cryptographic foundations of the digital economy. While Shor’s algorithm poses a systemic risk to the elliptic curve primitives securing Web3, existing risk models fail to account for the unique economic asymmetry of blockchain assets: The fixed computational cost of a cryptographic break versus the variable, high stakes financial rewards on-chain. This paper introduces the Quantum Economic Risk Assessment (QERA) framework, which is a quantitative model that ranks blockchain vulnerabilities by the ratio of extractable value to quantum computational cost ([Formula: see text]). Through a component level mapping of the Ethereum and Bitcoin ecosystems, we demonstrate that a rational quantum adversary will not prioritize consensus level attacks which we prove to be economically irrational at a cost of $4.65 trillion but will instead target high value, single key assets. Our findings identify Satoshi era P2PK addresses ([Formula: see text]), single admin DeFi protocols ([Formula: see text]), and pairing-based ZK rollups ([Formula: see text]) as the most urgent targets for post quantum migration. QERA provides protocol designers and institutional stakeholders with a rigorous, adversary aligned roadmap for evidence based cryptographic transitions in the face of emerging quantum threats.
Decentralized Autonomous Organizations (DAOs) face a fundamental decentralization paradox: the characteristics that make them theoretically superior to existing hierarchical structures simultaneously undermine their practical effectiveness. This thesis investigates whether and how this paradox can be addressed through a multi-level analysis that encompasses price stability, market performance, and philanthropic implications. In doing so, this thesis aims to provide critical insights into DAOs, which are considered a new form of digital enterprise that facilitates collective action in managing digital commons. The thesis comprises three interconnected essays, each underpinned by a specific research question.<br><br>The first essay investigates how non-traditional performance indicators impact DAO volatility. Unlike some DAOs, which issue decentralized stablecoins to maintain stable token prices, most DAOs are built on a native token basis, whose value depends entirely on the effectiveness of governance and the protocolâs future adoption. This means their prices are more exposed to speculative trading, making volatility a central concern for these DAOs. Under these circumstances, native DAOs that are not built on a stable mechanism must rely on relevant performance indicators to assess token price stability from an investment perspective. However, non-traditional performance indicators, such as social media and wealth inequality, are not typically included when measuring the riskiness of crypto assets. Based on several econometric models and robustness checks (e.g., MM-type, GMM, and entropy balancing), the findings show that both social media dominance and wealth inequality significantly reduce DAO volatility. Drawing on herding behavior and equity theories, the concepts of digital elites and stability pacts demonstrate that strategic recentralization enhances price stability and enables the development of novel DAO risk assessment frameworks. This essay recognizes the relevance of social media dominance and wealth inequality as non-traditional performance indicators for predicting DAO volatility and can help establish a risk assessment framework that crypto investors can rely on when making informed decisions. <br><br>The second essay examines the impact of ownership concentration and duration on the performance of DAO markets. Using several econometric models and robustness checks (e.g., GLS, GMM, and PSM), the findings reveal a positive and significant impact of ownership concentration and duration across categories on DAO market performance. Furthermore, the findings indicate that the average ownership duration has a significant positive impact, whereas ownership concentration has a significant negative impact on DAO market performance. Drawing on participatory governance and social exchange theories, this essay proposes an optimal governance equilibrium model to enhance and sustain DAO market performance. Overall, this essay offers novel insights into how the token-holdersâ commitment mitigates decentralization's operational inefficiencies.<br><br>The third essay examines the application of DAOs in the charity sector and aims to deepen the understanding of crypto donors' perceptions of this technology. Improving transparency and trust in the charity sector is crucial, as donors increasingly seek new ways to monitor and verify their contributions. Specifically, this essay examines Maxity, the world's first Web3 Social Impact protocol that contributes to the 17 UN SDGs. By adopting a netnography approach and using UMAP, HDBSCAN, and BERTopic â three unsupervised machine learning models â this essay identified four latent dimensions related to DAO-based charitable activities. These findings reveal how donors perceive DAO as an effective channel for contributing to charitable causes, enabling greater transparency, faster donation delivery, cost-effectiveness, and increased trustworthiness. Furthermore, the concept of sociotechnical governance was introduced to theorize how DAO-enabled NFTs reshape institutional trust and refine traditional charity governance paradigms. This essay contributes to the expanding discussion on DAOs as an innovative channel for organizing and responding rapidly to humanitarian crises.
O presente artigo investiga a otimização do throughput em redes blockchain baseadas em mecanismos de consenso Proof-of-Stake (PoS) a partir de um estudo comparativo de latência entre diferentes arquiteturas, parâmetros de configuração e arranjos de infraestrutura de rede. Partindo do desafio clássico da engenharia de sistemas distribuídos de conciliar escalabilidade, segurança e descentralização – conhecido popularmente como trilema do blockchain –, analisa-se como decisões de projeto, dentre as quais se incluem o desenho do protocolo de consenso, a duração dos intervalos (slots), o tamanho dos blocos, o número de validadores ativos e a topologia da rede P2P, afetam simultaneamente o volume de transações processadas por unidade de tempo e o tempo de confirmação percebido pelos usuários finais. A metodologia adotada combina revisão sistemática da literatura sobre modelos de desempenho em sistemas distribuídos e blockchains PoS, comparação de estudos empíricos que mensuram throughput e latência em plataformas públicas de referência – particularmente Ethereum pós-Merge, Solana e Polkadot – e análise conceitual dos trade-offs identificados. Os resultados obtidos sugerem que técnicas de otimização orientadas a parâmetros, tais como ajuste fino de tempos de slot e políticas de propagação acelerada de blocos, combinadas a inovações em camada de consenso – dentre as quais se destacam mecanismos híbridos com Proof of History e execução paralela de transações –, podem reduzir significativamente a latência de confirmação sem necessariamente comprometer a segurança criptográfica ou a robustez da rede. Entretanto, emergem limites estruturais associados à variabilidade de condições de rede em escala global, à heterogeneidade de capacidade computacional entre nós validadores e às exigências clássicas de tolerância a falhas bizantinas, os quais impõem fronteiras práticas ao ganho de throughput em ambientes permissionless. Conclui-se que uma abordagem sistêmica, que integre ajuste criterioso de parâmetros, desenho criterioso da infraestrutura de nós e mecanismos de monitoramento e benchmarking contínuos, é fundamental para o amadurecimento da infraestrutura Web3 e para o suporte a aplicações com requisitos estritos de qualidade de serviço, entre as quais se incluem protocolos de finanças descentralizadas, mercados de capitais tokenizados e aplicações sensíveis ao tempo.
This bilingual engineering report presents a practical framework for designing reliable AI agent systems in production environments. It focuses on explicit tool and permission boundaries, memory governance, observability, evaluation, human approval, failure recovery, and auditability. The report connects these concerns with the operational requirements of FinTech real-time systems and Web3 transaction workflows. It introduces the Controlled Action Protocol (CAP-1), a report-defined design proposal that binds an action proposal, policy decision, human approval, and execution record through identifiers, payload hashes, evidence, policy versions, and expiration windows. CAP-1 is not presented as a validated industry standard or a claim of industry-first novelty. The report also includes reference architectures, implementation guidance, risk analysis, and production-readiness checklists derived from the author's engineering practice from 2024 to 2026.本双语工程报告提出了一套面向生产环境的 AI Agent 可靠性工程框架,重点讨论工具与权限边界、记忆治理、可观测性、评估、人工审批、故障恢复和审计能力,并结合 FinTech 实时系统与 Web3 交易工作流的工程要求。报告定义受控行动协议 CAP-1,将行动提案、策略判定、人工授权和执行记录通过标识符、载荷 Hash、证据、策略版本和有效期绑定为可核验链条。CAP-1 被定位为本报告的设计提案,不被表述为已验证的行业标准,也不主张具有“行业首创”地位。报告同时给出参考架构、实施建议、风险分析和生产就绪检查清单,内容来源于作者 2024—2026 年间的工程实践总结。This is an author-directed technical report. Generative AI tools assisted under the author's direction with drafting, translation, language editing, diagram production, and document formatting; Pengpeng Han (Corn Han / 韩朋朋) retains responsibility for the report's factual accuracy, technical claims, source review, and final approval. Repository publication and DOI registration provide persistent identification and citation infrastructure; they do not imply peer review, third-party endorsement, or independent validation of the claims.本报告为由作者指导并负责的技术报告。生成式 AI 工具在作者指导下用于辅助起草、翻译、语言编辑、图表制作和文档排版;韩朋朋(Corn Han)对报告的事实准确性、技术主张、来源审核和最终批准承担责任。存储库发布及 DOI 注册用于提供持久标识和标准引用,不代表同行评审、第三方背书或对报告主张的独立验证。
Este artigo representa uma expansão analítica e quantitativa do Economic Centrifugal Dispersion Model (ECDM), consolidando-o como um framework de "Termodinâmica Criptoeconômica". Enquanto o estudo anterior estabeleceu as bases espaciais e monetárias da força centrífuga econômica, esta continuação aprofunda a modelagem através de equações diferenciais não lineares e introduz o DAO Chaos Index (DCI) para mensurar a instabilidade em governanças descentralizadas.
Yixuan Fan, Lei Zhang, Yao Sun, Xinyi Lin · 5 authors
The development of blockchain technology and the emergence of Web3 have given rise to a new paradigm known as Decentralized Autonomous Organizations (DAOs), online communities jointly owned and managed by members working for the same interests. Voting is the primary decision-making method within DAOs aligning with the decentralization philosophy. However, existing DAO voting mechanisms often exhibit a strong tendency toward centralized control, contradicting DAOs’ pursuit of decentralization. In the absence of a decentralization standard, we define the decentralization coefficient as a novel metric to evaluate the overall decentralization performance of DAO voting mechanisms quantitatively by establishing the first stochastic process model for the DAO voting process. By analyzing and simulating four typical voting mechanisms, we uncover that quorum and voting power thresholds, often thought to improve voting performance, may negatively impact decentralization. Additionally, the study analyzes the impact of three main factors, including voting power distribution, participation rate, and voting process, on decentralization. The findings highlight that decentralization is shaped by the interplay between these factors, rather than merely by adopting specific voting rules. This study provides a quantitative benchmark for future research and offers practical guidance for DAO designers, emphasizing the need to prioritize inclusive participation over additional voting conditions.
For most of the last decade, Environmental, Social, and Governance (ESG) principles and the world of Bitcoin and Web3 have existed on opposite sides of the corporate conversation. ESG represented the rise of responsible capitalism — a commitment to sustainability, stakeholder accountability, and ethical governance that traditional institutions were being pressured to adopt. Bitcoin and Web3, meanwhile, were seen by many critics as antithetical to those ideals: energy-hungry, unregulated, ungoverned, and speculative. That characterisation is now rapidly becoming outdated.
Este artigo explora a transposição analógica e matemática da Equação de Rayleigh, originalmente concebida no domínio da física acústica e teoria de sinais, para a modelagem de fenômenos complexos em ambientes Web3 e infraestruturas de blockchain. A pesquisa fundamenta-se na premissa de que a distribuição de Rayleigh, ao descrever a magnitude de vetores compostos por componentes gaussianas independentes, oferece um arcabouço robusto para analisar a volatilidade de criptoativos, a latência de propagação de rede, e a resiliência de sistemas de consenso. Através de uma abordagem interdisciplinar que integra econofísica, teoria de sinais e auditoria algorítmica, o estudo discute como a variabilidade estocástica impacta a segurança e a eficiência de protocolos descentralizados. São analisadas as conexões entre a distribuição de Rayleigh e a Lei de Benford na detecção de fraudes em tokenomics, além de contrastar o Efeito Cantillon com o Efeito Nakamoto na distribuição de riqueza digital. Por fim, propõe-se o Modelo de Resiliência Estocástica ECDM (Environment, Consensus, Distribution, Magnitude) como uma ferramenta preditiva para a governança e auditoria de ecossistemas blockchain.<br>
O estudo analisa o cenário de investimento no ecossistema de startups Web3 entre os anos de 2024 e 2025, identificando um processo de maturação e consolidação setorial. Observa-se a transição de um modelo de financiamento especulativo para uma abordagem estratégica, com foco em infraestrutura crítica e modelos de negócio sustentáveis. Embora os dados apontem uma redução quantitativa no volume de transações — exemplificada pela queda de 34% no primeiro trimestre de 2025 em comparação ao período anterior —, constata-se um aumento no valor médio por investimento. Conclui-se que o mercado atravessa uma fase de ajuste pós-volatilidade, na qual a sofisticação dos investidores prioriza a robustez tecnológica e a viabilidade comercial de longo prazo em detrimento do volume de operações.<br>
This paper develops a principles-based issuer-side accounting framework for token issuance, promotional airdrops, governance tokens, utility tokens and Web3 loyalty programmes. It argues that tokens should be classified according to the economic substance of the rights and obligations created by the issuer, rather than by their technological form. The framework is anchored in IAS 32, IFRS 9, IFRS 15, IAS 37, the IFRS Conceptual Framework, U.S. GAAP analogues and Brazilian CPC literature. It is intended to support technical analysis by preparers, auditors, academics, regulators and accounting standard-setters.
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