The rapid evolution of blockchain technology and its offshoots like decentralized finance (DeFi) is redefining the internet's utility, paving the way for an infrastructure not bound by centralized control. This paper addresses the critical juncture at which the United States stands in the face of this global shift towards a web3 paradigm. It highlights the country’s current trajectory towards falling behind in the blockchain and web3 sector, primarily due to the migration of blockchain projects and decentralized autonomous organizations (DAOs) abroad, prompted by regulatory ambiguities and the inconsistent application of U.S. securities laws. Nevertheless, it underscores the U.S.'s unique position to lead the web3 revolution, given its stable legal system, a high number of developers, and a growing need for data sovereignty. The paper examines congressional and executive efforts to embrace web3 growth and argues for the necessity of state-level legislative support to maintain the U.S. as a tech hub. It delves into the challenges DAOs face in legal entity formation, concluding that the unincorporated nonprofit association (UNA) offers the most viable solution to these challenges. It also discusses the limitations of existing UNA statutes and the hesitancy of DAOs to adopt this structure due to the lack of clarity and long-term certainty. In response, Part III of this series proposes the Model Decentralized Unincorporated Nonprofit Association Act (Model DUNAA), designed to integrate into existing business organization codes and to cater specifically to the needs of decentralized organizations. The paper outlines the benefits for states adopting the Model DUNAA, such as fostering innovation, attracting economic growth, and having a hand in shaping consistent legal frameworks. The Model DUNAA is constructed based on principles that ensure minimal deviation from existing laws, avoidance of conflicts of law, technological neutrality, suitability for decentralized organizational structures, and maximal flexibility to accommodate future legal and technological developments. This proposed legal framework aims to provide a stable, clear, and adaptable legal entity option for DAOs, which could solidify the U.S.’s position in the forefront of web3 innovation.
Today, educational data, controlled centrally by educational institutions and administrative units, may be vulnerable to damage caused by natural disasters, political instability, and wars. Simultaneously, challenges arise in accessing this data for educational activities within the framework of exchange programs or lifelong learning. In the literature, there are numerous blockchain-based studies focusing on storing and sharing data in various fields. While several studies exist on blockchain applications for certification, verification, and data sharing in the education sector, a fully decentralized infrastructure has not yet been presented. To address this issue, it is proposed that data control should shift to the hands of students, who are the rightful owners of the data, rather than being solely in the hands of educational institutions. In alignment with the decentralized internet vision, Web3, public blockchain networks are considered the most suitable infrastructure for this purpose. To meet this need, a framework named PublicEduChain has been introduced within the scope of this study. PublicEduChain allows students to store their data in smart contracts created on the public Ethereum network, making it possible to share this information with any educational institution and administrative units. Educational institutions can access student data stored in smart contracts on the public Ethereum network through Learning Management System (LMS) applications and can add data to these contracts. PublicEduChain ensures that data is managed under student ownership within a fully decentralized infrastructure. The practical steps in PublicEduChain, such as creating a smart contract, logging into LMSs with Ethereum IDs, and allowing LMSs to read and write data in the student contract, are explained in detail.
Impact innovation has progressed through three phases: 1.0, 2.0, and 3.0. Impact 1.0 introduced carbon credit trading, while Impact 2.0 added participatory grantmaking, impact measurement, and price competitions. Impact 3.0 incorporates Web3 community tools and impact certificate trading. This paper examines the evolution of these phases, focusing on Impact 3.0’s influence on philanthropic practices. Through an analysis of the literature and case studies, Web3 technologies and impact certificate markets are investigated for how these innovations affect transparency and efficiency in social impact initiatives. The information gathered indicates that Impact 3.0 facilitates decentralized impact verification and creates a marketplace aligning stakeholder interests. Consequently, leveraging the features of Web3 technologies can enable philanthropy to scale significantly and provide insights for impact-focused donors aiming to improve outcomes.
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Community Development and Social Impact
Innovative Approaches in Technology and Social Development
Typical blockchain nodes replicate the execution of requests, which include native transfers and smart contract executions. With the shift of the Web towards Web3, modern blockchains suffer from congestion which prevents them to handle user requests. Recent studies showed that modern blockchains perform poorly or lose requests to realistic Decentralized Application (DApp) workloads, impairing the shift towards Web3.In this paper, we present Smart Redbelly Blockchain (SRBB) which handles realistic DApp workloads. Smart Redbelly Blockchain improves blockchain performance with (1) Transaction Validation and Propagation Reduction, (2) caching optimizations and (3) fast block execution. SRBB outperforms Algorand, Avalanche, Diem, Ethereum, Quorum and Solana when deployed over 5 continents and under the realistic workloads of NASDAQ, Uber and FIFA using the Diablobenchmark suite. Next, we decouple SRBB that improves the peak throughput of SRBB for the NASDAQ workload by 33% and reduces its latency by 20%.
Abstract The multidisciplinary artist duo LoVid have been making art that combines analog and digital media, as well as handmade and code-based methods, for nearly a quarter century. Topics discussed in this interview include image processing, generative art, Web3, and sociality in contemporary media art.
Decentralized finance (DeFi) offers a range of financial instruments and services that leverage the capabilities of web3 technology. Maker protocol, which enables users to obtain loans backed by cryptocurrencies, is one of them. Unlike traditional banks, Maker’s data is transparently recorded on the Ethereum blockchain. In this research paper, we focus on analyzing the lending aspect of Maker from a traditional finance perspective. To achieve this, we create a unique dataset with loan portfolios from the MakerDAO project, making it the first dataset of its kind in the DeFi field. This publicly available dataset contains essential financial characteristics related to borrowing, including balance, loss given default, annual equivalent rate, and probability of default. Additionally, we develop a specialized mathematical model tailored specifically to this project. This model allows us to estimate the probability of default by considering the presence of crypto-collateral and utilizing Brownian motion passage levels. The results of this study provide valuable insights into lending practices in DeFi projects. They also help bridge the gap between traditional finance and blockchain-based financial services.
Pradeep Gupta, Nusrat Nigar, Roma Paswan, Rajat Kumar Singh · 5 authors
The advent of non-fungible tokens (NFTs) has revolutionized the digital landscape, providing creators and brands with unprecedented avenues to engage their communities and explore innovative monetization methods. Beyond their origins in digital art and collectibles, NFTs have catalyzed diverse applications, reshaping the way digital assets are perceived and utilized. One such innovation is the concept of NFT-gated websites, which has gained substantial momentum. These platforms facilitate community engagement by granting exclusive access to content and experiences, all while generating new revenue streams. NFT-gated websites operate by mandating users to connect their crypto wallets and prove ownership of specific NFTs or crypto tokens, thereby creating a unique layer of restricted access. This novel approach empowers creators and brands to nurture exclusive communities and deliver distinct experiences to their audience. In the rapidly evolving Web3 ecosystem, this transformative technology stands poised to redefine digital interactions, enabling creators and brands to thrive in this new era.
The advent of Central Bank Digital Currencies (CBDCs) represents a significant evolution in monetary systems, enhancing transparency, efficiency, and resilience in financial transactions. This research presents a comprehensive CBDC framework that integrates centralized databases with decentralized blockchain technology, aimed at strengthening monetary oversight and tackling challenges such as money laundering and financial irregularities. By employing blockchain’s immutable ledger, the proposed system supports secure and transparent digital transactions, thereby fostering trust and accountability in the financial ecosystem. Furthermore, the framework promotes financial inclusion by offering various transaction methods, such as internet-based payments, smart cards, and offline One-Time Password (OTP) systems. This diverse approach helps users in areas with limited internet access, effectively bridging critical gaps in digital accessibility and ensuring that everyone can participate in the digital economy. Through prototype development and empirical evaluation using tools like Ethereum, Geth, and web3.js, the study explores CBDC’s potential for sustainable economic development, offering insights into practical applications and future scalability.
This opinion paper aims, following a brief overview of the state of affairs of the academic publishing ecosystem, to shed light on a market failure that stems from commercial publishers harnessing that ecosystem for exorbitant profits at the expense of the scientific enterprise and society at large. The paper examines how emerging technologies can help the scientific community grapple with this predicament and reestablish an institutional logic that favors scholarship and world benefit over the economic interests of publishers. Building on Web3 technologies, the paper suggests a two-pronged strategy that relies primarily on blockchain and AI technologies to help restore a fair and equitable power balance and improve the publishing experience. This proposed course of action presents an opportunity to tackle the grand challenge faced by the academic publishing ecosystem while simultaneously asserting the IS community’s proclaimed role as stewards of the digital revolution. It is time for us to harness digital technology to transform our journals from monolithic monarchies to agile democracies.
The increased digitalization of society raises concerns regarding data protection and user privacy, and criticism on how the companies handle user data without being transparent and without providing adequate mechanisms for users to control how their own data is being processed or shared. To address this problem and open the way for a secure and efficient society, where the privacy of citizens is paramount, the identity concept and proof of identity mechanisms need to be redesigned from the ground up. In this paper we discuss how the emerging Web3 technologies like distributed ledger technology (DLT), blockchain, smart contracts, decentralized storage systems, and crypto wallets can be leveraged to design and implement a decentralized digital identity system based on decentralized identifiers (DID) and self-sovereign identities (SSI). Such a system puts the users in full control over their own data while also providing a solid backbone for building interoperable systems that are secure, scalable, and efficient. We propose different architectures for the decentralized identity infrastructure and storage layer, and also discuss the mapping of these architectures on cloud platforms. The main goal is to provide an architectural blueprint for a scalable, secure, privacy-preserving and trusted system.
The note explores the evolving landscape of legal process in the digital age, focusing on the use of blockchain technology and NFTs for serving legal notices. It argues that courts are increasingly adapting traditional due process principles, such as those established in Mullane v. Alabama, to accommodate emerging technologies. The analysis highlights the landmark case LCX AG v. 1.274M U.S. Dollar Coin, where a court approved serving process via NFT airdrop, demonstrating how technological innovations can enhance access to justice in digital asset disputes. The author advocates for courts to embrace expansive interpretations of alternative service methods to align with technological progress.
At the beginning of the 21st century, the rapid development of digital technologies occurs, which can be used both for the benefit of the majority of the population and to the detriment. According to the new view of the future of digital democracy, it should use decentralized digital instruments of digital public infrastructure (DPI) to achieve universal progress and development. These tools should be decentralized voting, digital identification, digital money. Each of these categories is mutually associated in real time with other categories. These technologies are also collectively called Web3. The opponent of digital democracy is a dictatorship that can use the same digital tools, but created in another way, through centralization. At the same time, freedom and justice cannot be achieved by usurpation of power through the centralization of new digital instruments. The digital dictatorship, where most citizens are operated to increase the welfare of a small group of people through fear and coercion should not be a goal. The digital dictatorship should be rejected by the current generation.
In an era of rapid technological advancement, decisions about the ownership and governance of emerging technologies like Artificial Intelligence will shape the future of both urban and rural environments in the Global North and South. This article explores how AI can move beyond the noise of algorithms by adopting a technological humanistic approach to enable Social Innovation, focusing on global inequalities and digital justice. Using a fieldwork Action Research methodology, based on the Smart Rural Communities project in Colombia and Mozambique, the study develops a framework for integrating AI with SI. Drawing on insights from the AI4SI International Summer School held in Donostia-San Sebastián in 2024, the article examines the role of decentralized Web3 technologies—such as Blockchain, Decentralized Autonomous Organizations, and Data Cooperatives—in enhancing data sovereignty and fostering inclusive and participatory governance. The results demonstrate how decentralization can empower marginalized communities in the Global South by promoting digital justice and addressing the imbalance of power in digital ecosystems. The conclusion emphasizes the potential for AI and decentralized technologies to bridge the digital divide, offering practical recommendations for scaling these innovations to support equitable, community-driven governance and address systemic inequalities across the Global North and South.
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Innovative Approaches in Technology and Social Development
Jan 1, 2024·Proceedings of the ... Annual Hawaii International Conference on System Sciences/Proceedings of the Annual Hawaii International Conference on System Sciences
Tobias Kölbel, Kai Alexander Binder, Christof Weinhardt
Decentralization in Web3 projects is a polarizing topic, with proponents and critics presenting divergent views on blockchain governance. To navigate these tensions, this study employs an exploratory design science research approach. It utilizes a multiple-case study methodology to develop a framework for tokenized decision making and analyze venture capital investments in Web3 projects. We enable researchers and practitioners to grasp the phenomenon in a structured manner and address a critical sub-field of information systems research, which focuses on power concentration in Web3 ecosystems.