У роботі проаналізовано сучасні загрози безпеці електронної комерції та обґрунтовано актуальність використання Blockchain для їх мінімізації. Розглянуто принципи роботи блокчейну Ethereum, смарт-контракти на мові Solidity і засоби інтеграції блокчейну з веб-застосунками (Node.js, Web3 тощо). Реалізовано прототип онлайн-магазину з підключенням до мережі Ethereum: розроблено смарт-контракти для забезпечення безпечних транзакцій (оплата товарів криптовалютою, реєстрація/логін користувачів). Результати тестування прототипу продемонстрували, що використання блокчейн-технології дозволяє підвищити захищеність онлайн-магазину: забезпечується цілісність і прозорість даних транзакцій, унеможливлюється несанкціоноване коригування інформації про замовлення, зменшується ймовірність шахрайства.
The rapid development of Web3 has generated massive amounts of on-chain data, making it crucial to effectively analyze and understand the complex relationships within blockchain ecosystems. Although standard RAG techniques augment LLMs through external data retrieval, it falls short in capturing the intricate network of relationships in Web3 data. In this paper, this work introduces an innovative method that combines GraphRAG with community detection algorithms to analyze Web3 textual data. By constructing knowledge graphs from Web3-related documents and leveraging community structures, our system can better understand the semantic relationships and contextual connections in Web3 content, delivering higher-precision answers to domain-specific questions. Our experiments on real-world Web3 textual data show that our method achieves superior response accuracy and contextual understanding compared to traditional RAG approaches, especially for complex Web3 concepts and community-driven insights.
Résilience à la collusion dans les mécanismes de places de marché décentralisées Les places de marché décentralisées dans le Web3 cherchent à protéger leurs utilisateurs contre la censure, les biais et les points de défaillance uniques qui peuvent exister dans leurs homologues centralisés. Pourtant, certains mécanismes ont tendance à rester centralisés, par exemple le moteur de recherche permettant de découvrir de nouvelles ressources sur le marché. De telles vulnérabilités ont été exploitées sur des places de marché décentralisées ces dernières années : il est d'autant plus essentiel de fournir des mécanismes de protection. Dans cette thèse, nous proposons des protocoles pour assurer la fiabilité et l'équité des mécanismes des places de marché, notamment par la résilience à la collusion d'acteurs malveillants. Tout d'abord, pour traiter la sélection décentralisée d'un sous-ensemble de participants parmi une population comprenant des acteurs malveillant, nous proposons un protocole basé sur la blockchain pour éviter que les acteurs malveillants n'influencent la sélection à leur avantage. Ensuite, en considérant des ensembles de participants sélectionnés qui travailleront ensemble sur des tâches dans une place de marché décentralisée de ressources cloud, dans un environnement sans accès à des informations fiables ou non confidentielles, nous présentons un mécanisme d'incitation qui punit ou récompense collectivement les participants aux tâches en fonction du résultat de leurs tâches. Nous décrivons et évaluons également la manière d'atteindre un taux de réussite cible des tâches de la place de marché : l'algorithme que nous proposons est capable d'atteindre les objectifs définis et de réduire par 5 à 10 fois le taux d'échec par rapport à un système sans protection. Par ailleurs, nous montrons comment les fournisseurs du moteur de recherche d'une place de marché décentralisée peuvent favoriser un sous-ensemble d'utilisateurs du moteur de recherche. Nous protégeons ces moteurs de recherche avec notre protocole COoL-TEE, qui permet aux utilisateurs honnêtes d'éviter les fournisseurs malveillants de ce moteur de recherche, qui retardent de manière sélective les réponses au profit des utilisateurs qui les soudoient. Les utilisateurs honnêtes collaborent avec des environnements d'exécution de confiance (Trusted Execution Environment, TEE) au sein des machines hôtes des fournisseurs du moteur de recherche, afin de sélectionner des fournisseurs proches, rapides et honnêtes. A partir de simulations d'utilisateurs envoyant des requêtes depuis le monde entier à des fournisseurs géo-distribués hébergés dans des centres de données, nous illustrons comment COoL-TEE réduit l'avantage des utilisateurs malveillants à un niveau proche d'un scénario sans attaques. Enfin, de nombreux protocoles traditionnels et basés sur les TEEs requièrent des mesures temporelles fiables pour leur logique d'exécution, y compris COoL-TEE. Cependant, des attaquants qui contrôlent le système d'exploitation sont capables d'attaquer la perception du temps du TEE et, par conséquent, de manipuler les protocoles utilisant les mesures temporelles fournies. Nous contribuons une implémentation publique du protocole d'état-de-l'art Triad, dont le code source est fermé, et nous menons des attaques sur celui-ci de manière empirique. Sa calibration peut être manipulée pour affecter la vitesse d'horloge perçue par le TEE. En outre, les attaques sur une machine compromise peuvent se propager aux machines honnêtes participant au protocole de temps de confiance de Triad. Nous discutons comment atténuer ces vulnérabilités afin d'améliorer la résilience contre de telles attaques.
Decentralized marketplaces in Web3 aim to protect against censorship, bias, and single points of failure that may exist in their centralized counterparts. Still, some mechanisms tend to remain centralized, for example the search mechanism that enables discovery of new assets in the market. Such vulnerabilities have been exploited in live marketplaces in recent years: it is all the more essential to provide protection mechanisms. In this thesis, we propose protocols to uphold the reliability and fairness of marketplace mechanisms, notably through resilience against colluding malicious actors. First, to address decentralized selection of a subset of participants among a population comprising malicious actors, we contribute a blockchain-based protocol to avoid malicious actors swaying selection to their benefit. Then, considering selected sets of participants that will work together on tasks in a decentralized computing marketplace, in an environment with no access to trustworthy or non-confidential monitoring information, we present an incentive mechanism that collectively punishes or rewards task participants based on the outcome of their tasks. We also describe and evaluate how to meet a target success rate for the marketplace's tasks: our proposed algorithm is able to meet such targets and to reduce the failure rate by 5 to 10 times compared to an unprotected system. Additionally, we show how providers of a marketplace's search mechanism can favor a subset of search consumers, granting them an unfair advantage in accessing information about the most recent state of the market. We protect decentralized marketplaces' search with our protocol COoL-TEE, which enables honest search consumers to avoid malicious search providers, who selectively delay responses to benefit colluding consumers. Honest consumers collaborate with Trusted Execution Environments (TEEs) inside the host providers, in order to select close, fast, and honest providers. Using simulations of consumers sending search requests from around the globe to geo-distributed providers hosted in datacenters, we illustrate how COoL-TEE reduces malicious advantage close to a scenario without attacks. Finally, many TEE and traditional protocols rely on trustworthy time measurements for their execution logic, including COoL-TEE. However, attackers controlling the operating system are capable of attacking the TEE's time perception and, in turn, of manipulating the protocols depending on the timestamps. We contribute a public implementation of the state-of-the-art but closed-source protocol Triad and empirically showcase attacks. Calibration can be manipulated to affect the TEE's perceived clock speed. Furthermore, attacks on a compromised machine could propagate to honest machines participating in Triad's trusted time protocol. We discuss mitigations to these vulnerabilities for higher resilience against such attacks.
Purpose: The paper discusses the intersection of financial literacy and digital asset education as an inherent determinant of the emergence of a new wave of self-made millionaires in America. As conventional means to wealth creation become ever more tenuous, especially for Millennials and Gen Z, advances in digital technology, including cryptocurrency, decentralized finance (DeFi), non-fungible tokens (NFTs), and e-business present unparalleled opportunities. The article investigates the key role played by financial literacy in empowering individuals to access these new avenues. Materials and Methods: A mixed-method research design was employed in this study. The paper employs current data published by Pew Research, Chainalysis, Fidelity, and the Global Financial Literacy Excellence Center. The research also employs qualitative interviews and public case profiles of investors and digital entrepreneurs. Findings: The most successful lasting success factor among the new digital millionaires is not inherited wealth or high income, but rather high financial and digital literacy levels. Case studies of individuals who have utilized cryptocurrency investing, digital enterprises, and online learning to attain prosperity prove the trend. Furthermore, this paper presents a comparative review of traditional and digital wealth creation models. Implications to Theory, Practice, and Policy: The study proposes a redefinition of financial literacy to include blockchain, tokenomics, and platform-based earnings. Practically, it summons schools, governments, and financial institutions to incorporate digital financial literacy into education and advisory services. Policy implications are public funding for Web3 education, support for digital entrepreneurship, and the decentralization of access to wealth-building.
The advent of the metaverse has sparked global interest, particularly in their potential to revolutionize various sectors, including education. This study examines the readiness of educational institutions for the transition from Web2 to Web3, focusing on the decentralized nature of the latter. It highlights the importance of analyzing both patents and academic papers to grasp the nuances of technological advancements and their implications for education. Employing a machine learning technique known as class-based TF-IDF (c-TF-IDF), the research analyzes 3317 patent grants and 4694 academic papers from 2015 to 2023. The findings reveal key technology specifications relevant to education in the Web3 era. The study adopts a four-layered approach to discuss these specifications, encompassing adaptive learning, innovative teaching methods, comprehensive evaluation, and a blend of scientific management with personalized service. The insights gained are synthesized into a proposed framework for Web3-enabled education, setting the stage for further exploration and discussion in this burgeoning field. This condensed overview serves to inform stakeholders in the education sector about the current landscape and future directions of Web3 technologies and their educational applications.
Dumitrel Loghin, Shuang Liang, S. Liu, Xiong Liu · 6 authors
Zero-knowledge proofs (ZKP) are becoming a gold standard in scaling blockchains and bringing Web3 to life. At the same time, ZKP for transactions running on the Ethereum Virtual Machine require powerful servers with hundreds of CPU cores. The current zkProver implementation from Polygon is optimized for x86-64 CPUs by vectorizing key operations, such as Merkle tree building with Poseidon hashes over the Goldilocks field, with Advanced Vector Extensions (AVX and AVX512). With these optimizations, a ZKP for a batch of transactions is generated in less than two minutes. With the advent of cloud servers with ARM which are at least 10% cheaper than x86-64 servers and the implementation of ARM Scalable Vector Extension (SVE), we wonder if ARM servers can take over their x86-64 counterparts. Unfortunately, our analysis shows that current ARM CPUs are not a match for their x86-64 competitors. Graviton4 from Amazon Web Services (AWS) and Axion from Google Cloud Platform (GCP) are 1.6X and 1.4X slower compared to the latest AMD EPYC and Intel Xeon servers from AWS with AVX and AVX512, respectively, when building a Merkle tree with over four million leaves. This low performance is due to (1) smaller vector size in these ARM CPUs (128 bits versus 512 bits in AVX512) and (2) lower clock frequency. On the other hand, ARM SVE/SVE2 Instruction Set Architecture (ISA) is at least as powerful as AVX/AVX512 but more flexible. Moreover, we estimate that increasing the vector size to 512 bits will enable higher performance in ARM CPUs compared to their x86-64 counterparts while maintaining their price advantage.
The Intelligent System of Emergent Knowledge (ISEK) establishes a decentralized network where human and artificial intelligence agents collaborate as peers, forming a self-organizing cognitive ecosystem. Built on Web3 infrastructure, ISEK combines three fundamental principles: (1) a decentralized multi-agent architecture resistant to censorship, (2) symbiotic AI-human collaboration with equal participation rights, and (3) resilient self-adaptation through distributed consensus mechanisms. The system implements an innovative coordination protocol featuring a six-phase workflow (Publish, Discover, Recruit, Execute, Settle, Feedback) for dynamic task allocation, supported by robust fault tolerance and a multidimensional reputation system. Economic incentives are governed by the native $ISEK token, facilitating micropayments, governance participation, and reputation tracking, while agent sovereignty is maintained through NFT-based identity management. This synthesis of blockchain technology, artificial intelligence, and incentive engineering creates an infrastructure that actively facilitates emergent intelligence. ISEK represents a paradigm shift from conventional platforms, enabling the organic development of large-scale, decentralized cognitive systems where autonomous agents collectively evolve beyond centralized constraints.
Penelitian ini menganalisis implementasi kerja sama antara Western Australia Web3 (WAWEB3) dan Bali Blockchain Center (BBC) sebagai bagian dari pelaksanaan program Sister City Denpasar–Perth. Fokus penelitian ini adalah pada program-program yang mendukung pertukaran pengetahuan dan pengembangan teknologi digital melalui konferensi, promosi bersama, serta penguatan ekosistem Web3. Metode yang digunakan adalah kualitatif deskriptif dengan teknik pengumpulan data berupa wawancara dan dokumentasi. Hasil penelitian menunjukkan bahwa sejumlah program telah terealisasi, seperti Bali Blockchain Summit 2024 dan Black Swan Summit 2025, yang berhasil mendorong literasi digital serta kerja sama antar komunitas teknologi. Namun, masih terdapat poin kerja sama yang belum terlaksana secara optimal, khususnya dalam hal promosi kewirausahaan digital. Penelitian ini menyimpulkan bahwa kerja sama ini merupakan bentuk pelaksanaan konkret dari sister city yang berbasis inovasi dan teknologi digital.
This conceptual paper contributes to the nascent Web3 marketing stream via offering a novel typology of Non-Fungible Tokens (NFTs) as blockchain-enabled digital offerings. Grounded in a customer-centric approach to marketing strategy, our 2 × 2 typology suggests that NFTs vary in terms of the value on offer (i.e. value-in-use/value-in-exchange) and the strategic focus pursued by firms/creators (i.e. transactional/relational). Four main types of NFTs thus emerge: 1. Validation certificates; 2. Digital replicas; 3. Immersion enablers; and, 4. Digital upgrades. For each NFT type, we discuss their distinctive features, the opportunities they offer and their shortcomings, before detailing their strategic implications. Our typology offers researchers and practitioners who want to engage with the Web3 space a solid grounding for understanding the implications of deploying different types of NFTs from a strategic marketing perspective.
Open access
2 source records
Service and Product Innovation
Blockchain Technology Applications and Security
Consumer Behavior in Brand Consumption and Identification
Software-defined networking (SDN) enhances network management by centralizing control, but its reliance on a single controller introduces vulnerabilities such as distributed denial-of-service (DDoS) attacks and unauthorized access. Traditional SDN architectures lack authentication mechanisms for verifying network compliment, allowing malicious switches to disrupt operations. To mitigate these risks, blockchain technology provided a decentralized and tamper-proof authentication mechanism by recording the registration status of network devices using smart contracts. By integrating blockchain with the SDN controller (RYU) via Web3, switches are authenticated based on their Datapath Identifier (DPID), enabling secure enforcement of OpenFlow policies. This approach ensures that only registered switches can forward traffic, effectively isolating unauthorized devices and reducing the impact of DDoS attacks. The prototype implementation demonstrates improved security and trust in SDN environments. We combined blockchain’s immutability with SDN’s dynamic programmability.
This study investigates the integration of the Portuguese Citizen’s Card authentication with Hyperledger Fabric blockchain technology, addressing the challenge of bridging traditional government-issued digital identities with blockchain-based systems, particularly focusing on reducing barriers to Web3 adoption for users unfamiliar with decentralized technologies. The proposed solution leverages the Autenticação.gov Software Development Kit (SDK), developed by the Portuguese Agency for Administrative Modernization (AMA) to create a secure bridge between the Citizen’s Card authentication system and Hyperledger Fabric's permissioned blockchain framework. The study examines how this approach can facilitate the development of transparent, tamper-proof authentication systems suitable for critical applications such as e-voting and digital government services, and also feasible for on-premises systems. The findings suggest that integrating existing digital identity systems with blockchain technology can promote wider acceptance of decentralized solutions while maintaining security, privacy, and accessibility standards required for public sector applications.
Nikos Papatheodorou, George Hatzivasilis, Nikos Papadakis
Self-sovereign identity (SSI) is an emerging model for digital identity management that empowers individuals to control their credentials without reliance on centralized authorities. This work presents YouGovern, a blockchain-based SSI system deployed on Binance Smart Chain (BSC) and compliant with W3C Decentralized Identifier (DID) standards. The architecture includes smart contracts for access control, decentralized storage using the Inter Planetary File System (IPFS), and long-term persistence via Web3.Storage. YouGovern enables users to register, share, and revoke identities while preserving privacy and auditability. The system supports role-based permissions, verifiable claims, and cryptographic key rotation. Performance was evaluated using Ganache and Hardhat under controlled stress tests, measuring transaction latency, throughput, and gas efficiency. Results indicate an average DID registration latency of 0.94 s and a peak throughput of 12.5 transactions per second. Compared to existing SSI systems like Sovrin and uPort, YouGovern offers improved revocation handling, lower operational costs, and seamless integration with decentralized storage. The system is designed for portability and real-world deployment in academic, municipal, or governmental settings.
Zhaoyang Xie, Haibin Zhang, Sisi Duan, Chao Liu · 11 authors
A key management service (KMS) is vital to modern mission-critical systems. At the core of KMS are the key generation process and the key refresh process. In this paper, we design and implement a purely asynchronous system for completely distributed KMS supporting traditional applications such as threshold cryptosystems and multiparty computation (MPC) as well as emerging blockchains and Web3 applications. In this system, we have built a number of new asynchronous distributed key generation (ADKG) protocols and their corresponding asynchronous distributed key refresh (ADKR) protocols. We have demonstrated that our ADKG and ADKR protocols in the standard model outperform existing ones of the same kind, while our protocols in the random oracle model (ROM) are more efficient than other protocols with small and medium-sized networks.
Web3 technology echoes the paradigm of a secure, transparent, and privacy-preserving decentralized internet. Unfortunately, this digital transformation has opened up new opportunities for cybercriminals, for example online gambling bookies can utilize the Blockchain Domain Name System (BDNS) running on Web3 as a way to avoid tracking and blocking. This analysis aims to map the potential threats from misuse of BDNS technology through a two-dimensional scenario matrix approach using two main types of variables: (1) Native Web3 integration into popular browsers, and (2) Level of BDNS adoption by online gambling sites. The four scenarios produced will describe various levels of risk that require different mitigation strategies, in certain combination conditions will create the highest threat conditions where the conventional domain name blocking system is no longer effective in blocking online gambling sites. The results of this study are expected to identify weak signals from the evolution of online gambling threats, as well as become a basis for government agencies or policy makers in preparing anticipatory steps in dealing with the dynamics of digital threats in the Web3 era.
The healthcare sector increasingly explores Distributed Ledger Technology (DLT) and Health Web 3.0 Decentralized Applications (DApps) as promising solutions for patient-centric data management, data sovereignty, and privacy-preserving systems. Despite significant research at the intersection of blockchain and healthcare, current efforts predominantly address isolated technical challenges—focusing narrowly on specific mechanisms such as confidentiality, privacy, or individual smart contract vulnerabilities. Even cybersecurity assessments typically examine discrete attack vectors rather than comprehensive threat landscapes. This fragmented approach limits our ability to build trustworthy systems and delays real-world adoption, as stakeholders lack frameworks to holistically evaluate security posture. This study addresses this gap by conducting a comprehensive threat modeling analysis of Health Web 3.0 DApps, taking into account the complex and interconnected security challenges inherent in blockchain-based healthcare systems. We employ a multi-framework approach integrating LINDDUN threat modeling methodology, OWASP Top 10 Smart Contract Vulnerabilities catalog, and Threat Dragon analytical tool to systematically identify, categorize, and evaluate security risks across the entire application stack. Our analysis maps threats spanning smart contract design flaws, cross-chain interaction vulnerabilities, decentralized identity management weaknesses, unauthorized data access risks, and denial-of-service attack vectors. The primary contribution of this work is demonstrating the critical importance and practical value of holistic threat modeling in blockchain healthcare systems. Our findings reveal interdependencies between seemingly isolated vulnerabilities and show how comprehensive security assessment enhances data privacy protection, smart contract integrity, and overall application resilience. This research provides stakeholders with a systematic methodology for deriving trust in blockchain healthcare solutions, advancing both regulatory compliance and user confidence in decentralized medical data management systems.
G. Ramesh, Kiran Raj K M, Anagha Ankolekar, Gautam Kamath · 5 authors
Social media has significantly altered the way we interact and connect. However, with unprecedented connectivity and information availability, significant challenges arise concerning data privacy, ethics, and transparency. The paper explores the intersection of data ethics and privacy within social media, particularly unclear privacy policies, biased algorithms, and the spread of misinformation. This paper not only explores these challenges but also examines emerging solutions such as Self-Sovereign Identity (SSI) and regulatory measures like GDPR. It emphasizes the need for clear consent, openness, and accountability from platform providers to protect user data and ensure fairness. The paper also explores how emerging technologies like SelfSovereign Identity (SSI) and Web3 can give users more control over their data, helping to reduce misuse. In addition, it discusses ethical challenges related to algorithmic decision-making and misinformation, proposing ways to detect and prevent harm. Lastly, the paper calls for a rethink of “Tech Ethics>” that is more focused on social welfare and redressing inequalities. Using a thorough and analytical approach, this paper aims to create a culture of privacy that encourages participation and supports stronger regulations to address data ethics issues in today's fastevolving digital landscape.
Ensuring software quality in the Web3 ecosystem presents unique challenges due to its decentralized architecture and evolving technical landscape. While international standards such as the SQuaRE (Systems and software Quality Requirements and Evaluation) framework offer structured approaches for quality assurance, they are often perceived as overly theoretical and not directly applicable to blockchain-based applications. This study aims to translate these standards into actionable practices suitable for Web3 environments, thereby supporting compliance and fostering stakeholder trust. Using the Design Science Research methodology, complemented by Lean Startup principles, a practical quality assurance guide was co-developed through collaboration between VOH.CoLAB researchers and the Exeedme project team and inspired by the practical experience in gaming and digital assets trading blockchain-based platforms. The resulting guide includes a structured framework comprising eight testing domains, 16 sub-domains and 108 targeted tests, with the domains addressing critical features of blockchain software, including, functional suitability, integration, security, performance, usability, portability, recoverability and resilience. This work contributes to the operationalization of international quality standards in decentralized technology, promoting more resilient and trustworthy blockchain applications.
In blockchain networks, so-called "full nodes" serve data to and relay transactions from clients through an RPC interface. This serving layer enables integration of "Web3" data, stored on blockchains, with "Web2" mobile or web applications that cannot directly participate as peers in a blockchain network. In practice, the serving layer is dominated by a small number of centralized services ("node providers") that offer permissioned access to RPC endpoints. Clients register with these providers because they offer reliable and convenient access to blockchain data: operating a full node themselves requires significant computational and storage resources, and public (permissionless) RPC nodes lack financial incentives to serve large numbers of clients with consistent performance. Permissioned access to an otherwise permissionless blockchain network raises concerns regarding the privacy, integrity, and availability of data access. To address this, we propose a Permissionless Accountable RPC Protocol (PARP). It enables clients and full nodes to interact pseudonymously while keeping both parties accountable. PARP leverages "light client" schemes for essential data integrity checks, combined with fraud proofs, to keep full nodes honest and accountable. It integrates payment channels to facilitate micro-payments, holding clients accountable for the resources they consume and providing an economic incentive for full nodes to serve. Our prototype implementation for Ethereum demonstrates the feasibility of PARP, and we quantify its overhead compared to the base RPC protocol.
Adrian Victor VEVERA, Andreea Cătălina CRĂCIUN, Mihail Dumitrache, Ionut SANDU · 6 authors
The Domain Name System (DNS) remains a foundational component of the Internet infrastructure, which is frequently exploited by cybercriminals through increasingly diverse and sophisticated attack vectors.This paper explores the evolving cybersecurity challenges faced by domain name systems (DNSs) and their decentralized counterparts in the Web3 ecosystem, particularly the Ethereum Name Service (ENS), as such, it surveys both the established and novel attack patterns.Furthermore, it explores the implications of decentralized naming systems like the ENS, which introduced novel cybersecurity challenges within the Web3 environments and it highlights the future risks and possible research directions related to the transition to decentralized web services.This study provides a comparative analysis of the cyberattacks targeting the DNS and the ENS, highlighting the evolving threat landscape for each of the two ecosystems.By examining the architectural differences between the DNS and ENS, their common attack vectors, and their security mechanisms, it underscores both the distinct vulnerabilities inherent to each ecosystem and the overlapping risks they share.
Non-fungible tokens (NFTs) are a technology most often linked to art and collectibles, yet their potential and possibilities extend far beyond these domains. A sizeable group of scholars believes that NFTs represent the future of web3, largely due to their ability to certify and preserve uniqueness and non-fungibility in an online environment where almost everything can typically be copied without limit. Given the current scope of the NFT market and its potential for growth, these tokens should be contemplated and regulated within forthcoming web3 legislation. One particularly important area where NFTs intersect with the legal framework is contract law. There has already been some progress in this field, and this paper focuses on developments from the Croatian perspective. The concept of tokenization, frequently associated with nonfungible tokens, is reminiscent of an older phenomenon: the negotiable instrument, which is effectively a document embodying certain individual right, that can be transferred from one individual to another. My argument is that NFTs qualify as negotiable instruments (Cro. vrijednosni papiri) because their characteristics align with the legal requirements for such instruments. Moreover, I argue that NFTs can be seamlessly incorporated into the existing legal system under the current definition of negotiable instruments.
web3 wallets are key to managing user identity on blockchain. The main purpose of a web3 wallet application is to manage the private key for the user and provide an interface to interact with the blockchain. The key management scheme ( KMS ) used by the wallet to store and recover the private key can be either custodial, where the keys are permissioned and in custody of the wallet provider or noncustodial where the keys are in custody of the user. The existing non-custodial key management schemes tend to offset the burden of storing and recovering the key entirely on the user by asking them to remember seed-phrases. This creates onboarding hassles for the user and introduces the risk that the user may lose their assets if they forget or lose their seedphrase/private key. In this paper, we propose a novel method of backing up user keys using a non-custodial key management technique that allows users to save and recover a backup of their private key using any independent sign-in method such as google-oAuth or other 3P oAuth.
The recent EU regulation on Markets in Crypto Assets Regulation (MiCA) represents significant progress in establishing a multi-jurisdiction framework for crypto-assets that will enable the greater participation of consumers in the digital assets industry. One type of token recognized by MiCA is the asset-referenced token, where the value-bearing physical asset being referenced by the token is external to the token. We discuss several design considerations for the on-chain and off- chain metadata for the asset-referenced token that represents physical real-world assets. The EU Data Spaces provides an interesting data management framework for the off-chain metadata underpinning the MiCA asset-referenced tokens, including asset definition schemas, asset profiles, digitized asset records, and tokenized asset records. The Web3 decentralized registries for assets-related metadata should be a promising application of the data spaces framework in the EU.