Jan 1, 2024·Proceedings of the ... Annual Hawaii International Conference on System Sciences/Proceedings of the Annual Hawaii International Conference on System Sciences
Christina Kaae, Asger Balle Pedersen, Signe Agerskov, Roman Beck
This paper presents key characteristics of Web3 and how the traditional business model canvas (BMC) requires update to support managers in the Web3 industry. The characteristics of Web3 include Dapps, wallets, interoperability, tokenization, distributed ownership, decentralized communities, creator economy, and token economy. This study investigates how a business model in Web3 is different from the traditional BMC by Osterwalder and Pigneur (2010) based on a Delphi study with a panel of eight experts from the Web3 industry. The contribution of the research outlines a nascent Web3 business model canvas with seven building blocks, which are complemented by two overarching components specific to the nascent Web3 business models: value co-creation and value distribution. Furthermore, the model expands on the blocks of community and customer, tokenomics, and incentive and reward structures.
With the popularity of Non-Fungible Tokens (NFTs), the high value of NFTs makes them a target for phishing scammers, which harms the security and reliability of the Web3 NFT ecosystem. Despite the significance of this issue, there is a lack of systematic research in the area of emerging NFT phishing scams. To address this gap, we are the first to conduct a case retrospective analysis and empirical measurement study of real-world historical NFT phishing scams on Ethereum. We collect and publicly release the first NFT phishing dataset which includes 1,625 NFT phishing accounts and transaction records as of August 2023. We further categorize the existing scams into four phishing patterns and investigate their distinguishable behaviors. Then, we reveal the modus operandi preferences and economic impacts to characterize NFT phishing scams. We find that NFT phishers stole 67,188 NFTs, with a total direct selling profit of${\$}$20.92 million. We also observe that scammers favor certain categories and collections of NFTs, coupled with signs of gang theft. Furthermore, we design a variety of account features for the classification task of NFT phishers based on empirical conclusions. Experimental results on real-world NFT transaction data demonstrate the effectiveness of these features in detecting NFT phishing accounts, and outperform traditional phishing detection methods with 41% average Precision and 44% average Recall.
In recent years, Decentralized Autonomous Organizations (DAOs) have advanced significantly, transforming organizational operations through blockchain technology by replacing traditional hierarchical management with community-driven decision-making via smart contracts. Despite early skepticism and regulatory challenges, DAOs have evolved into various forms, particularly Investment DAOs, which facilitate pooled asset management and democratize investment opportunities across sectors such as Web3 and real estate tokenization. Given this evolution, a comprehensive financial framework is urgently needed to address the specific governance structures of DAOs. Traditional financial metrics like the Current Ratio, Cash Flow Management, and Liquidity Coverage Ratio (LCR) must be adapted to the unique dynamics of decentralized organizations, promoting a deeper understanding of financial health and operational efficiency while ensuring transparency and accountability. As DAOs now manage treasuries exceeding $40 billion, robust financial oversight is essential. Integrating traditional accounting principles with blockchain’s transparency can revolutionize financial reporting, risk management, and governance, enabling stakeholders to make informed decisions and fostering trust and collaboration within the DAO ecosystem. This fusion of accounting methods and technology will not only enhance internal governance but also ensure sustainable growth. In conclusion, the increasing prominence of DAOs within the financial landscape highlights the need for forward-looking financial structures that blend established accounting practices with cutting-edge technological solutions, ensuring their continued success in a rapidly changing environment.
In this article, we discuss the potential of Web3 in the context of decentralized finance (DeFi). Web3, as the new generation of the internet and new approaches, comes with a decentralized architecture and increased security through the use of blockchain technology. These characteristics make Web3 a suitable environment for DeFi, which is a decentralized financial system based on blockchain technology and smart contracts to provide financial services. DeFi eliminates the need for intermediaries in financial transactions and can provide access to financial services globally, even for those who do not use traditional financial instruments. We address the various aspects of DeFi that are possible through the use of Web3, such as payments, loans, and digital asset exchanges. We also aim to address how Web3 can solve some of the current issues facing DeFi, such as scalability and interoperability. Additionally, we discuss the regulatory perspective, how these new financial systems bring and create new risks, and what the management tools for these risks can be from two perspectives: financial stability and the protection of consumers/investors, and financial education as a proactive element of self-management of increasingly complex new financial concepts. DeFi is one of the most innovative and exciting applications of blockchain technology that can transform and improve the global financial system. However, DeFi is still in its early stages and faces certain challenges, such as scalability and interoperability between different DeFi platforms. Web3 can play a significant role in addressing these challenges by creating a decentralized environment that can facilitate value transfer and interconnectivity between different DeFi platforms. Web3 can also enhance the security and transparency of DeFi platforms by leveraging blockchain technology and smart contracts. The emergence of DeFi also brings new risks and challenges, particularly in terms of regulation and consumer protection. Financial authorities must adopt a proactive approach to regulate these new financial systems and ensure their stability and security, while also promoting financial education and awareness among consumers and investors
Planetary health is an emergent transdisciplinary field, focused on understanding and addressing the interactions of climate change and human health, which offers interventional challenges given its complexity. While various articles have assessed the use of blockchain (web3) technologies in health, little consideration has been given to the potential use of web3 for addressing planetary health. A scoping review to explore the intersection of web3 and planetary health was conducted. Seven databases (Ovid Medline, Global Health, Web of Science, Scopus, Geobase, ACM Digital Library, and IEEE Xplore) were searched for peer-reviewed literature using key terms relating to planetary health and blockchain. Findings were reported narratively. A total of 3245 articles were identified and screened, with 23 articles included in the final review. The health focus of the articles included pandemics and disease outbreaks, the health of vulnerable groups, population health, health financing, research and medicines use, environmental health, and the negative impacts of blockchain mining on human health. All articles included the use of blockchain technology, with others additionally incorporating smart contracts, the Internet of Things, artificial intelligence and machine learning. The application of web3 to planetary health can be broadly categorised across data, financing, identity, medicines and devices, and research. Shared values that emerged include equity, decentralisation, transparency and trust, and managing complexity. Web3 has the potential to facilitate approaches towards planetary health, with the use of tools and applications that are underpinned by shared values. Further research, particularly primary research into blockchain for public goods and planetary health, will allow this hypothesis to be better tested.
Research on the metaverse has experienced significant growth in recent years, driven by advancements in technology, the thriving gaming industry, the expansion of social media and virtual communities, economic prospects, and the captivating vision of a new digital interface that transcends the current internet environment. To uncover research themes within the metaverse, we conducted a comprehensive analysis of research trends in this field using publications from Scopus, a widely recognized and extensively utilized scholarly database. Employing BERTopic, an advanced topic modeling technique, we analyzed 2,181 research articles focused on the metaverse. The exploration of the metaverse had humble beginnings with a single publication in 1995 but saw a substantial increase after 2020, reaching explosive growth with 1,041 publications in 2022. The application of the BERTopic model revealed 12 primary topics, each associated with significant keywords. These main topics encompass education, healthcare, blockchain, conferences, fashion, NFTs, cybersecurity, web3, research, video streaming, tinyML, and industry. Notably, among these subjects, education, healthcare, and blockchain exhibit significant research activity. In light of the global concern over the digital divide, we conducted investigations focusing on case studies involving digitally disadvantaged groups, such as individuals with visual impairments and the elderly. However, it is noteworthy that we identified only five studies addressing this issue, indicating limited research presence in this crucial area.
In this comprehensive exploration, our paper delves into the intricate implementation of robust authentication and transaction management within the realm of secure voting systems leveraging blockchain technology. Our innovative project stands as a testament to the commitment to privacy and integrity, safeguarding voter interactions through the adept application of advanced cryptographic techniques—all achieved without reliance on a centralized authority. The multifaceted capabilities of blockchain technology are showcased through the seamless facilitation of secure voting processes and the optimization of transaction transfers, collectively contributing to an ecosystem characterized by enhanced security, transparency, and efficiency. Beyond the immediate applications, our study uncovers profound insights into the transformative potential of blockchain within the voting sector, redefining conventional paradigms by introducing unparalleled security measures and transparency to the intricate dynamics of voter interactions. This research not only underscores the feasibility of blockchain in addressing the unique challenges of voting systems but also offers a roadmap for leveraging its capabilities to create a more secure, accountable, and streamlined electoral ecosystem. The paper thus serves as a pioneering contribution, illuminating the path towards a future where blockchain technologies play a pivotal role in shaping the voting landscape. Index Terms: Internet Computer Blockchain (ICP), Blockchain Voting, Decentralized, Rust, Cryptography, SHA-256 algorithm
Two of the most exciting advancements concerning the internet could be web3 and the metaverse.In addition to affecting how we interact with each other and with institutions over the internet, this advancement could also have an impact on how assets are traded, how we invest, and how we borrow.Some key components of web3 are already making some waves, some big and some peculiar, in finance.These components include decentralized autonomous organizations (DAOs) and decentralized finance.
Introduction. Today, the introduction of DeFi and Web3 technologies, which provide users with access to a variety of financial instruments based on a decentralised distributed ledger, is of great importance for business development. These tools include DEX exchanges, DAO projects, participation in liquidity pools, the use of staking and farming of smart contracts, and decentralised lending. In addition, these technologies allow for risk insurance and the use of oracles to predict market trends, as well as interact with new forms of financial services. DeFi and Web3 are not only technological innovations, but also important catalysts for change in finance, transforming outdated financial technologies into open protocols (smart contracts). Methods. To achieve the goal of the article, an analysis of literary sources was carried out, the main characteristics of the components of the DeFi market were determined, directions for their use in the digital business environment in combination with the real sector of the economy were proposed. The methods of analysis, synthesis, system approach and comparative analysis were also used. Results. The article investigated the importance of the development and implementation of DeFi and Web3 technologies, which provide users with access to various financial instruments built on a decentralized distributed ledger system, such as DEX exchanges, DAO projects, ensure participation in liquidity pools, the use of staking and farming of smart contracts and decentralized lending systems, and also allow for risk insurance and the use of oracles to predict market trends and actively interact with new forms of financial services. This applies not only to the field of cryptocurrency exchange, but also includes a wide range of opportunities to participate and invest in various financial instruments built on the principles of decentralization and blockchain technologies. The obtained results testify to the significant potential and prospects of this direction in the financial sphere. It is noted that DeFi and Web3 are not just technological innovations, but also a real catalyst for transformations in finance, transforming outdated technologies of the financial system into open protocols (smart contracts). Despite the fact that DeFi is often viewed as a speculative tool, the article substantiates its economic efficiency, which consists in receiving passive income and saving on commission costs, providing liquidity for highly volatile cryptocurrency assets. Discussion. Further research perspectives in the field of DeFi, Web3 include the study of security and risk issues, the development of transparent legal frameworks, socio-economic impact assessment, technical innovation and environmental impact, which will contribute to the expansion and improvement of these technologies in the financial sector. In particular, the prospects may include exploring opportunities to ensure that DeFi technologies interact with the traditional banking sector and developing mechanisms to increase the degree of implementation and adoption of these innovations in the global financial environment. Keywords: DeFi market, DeFi technology, blockchain, web.3.0, farming, staking, smart contracts
Ildar Begishev, Veronika Denisovich, Timur Sabitov, A. A. Pass · 5 authors
The article is devoted to the analysis of global issues of the existence in law of a completely new object of criminal legal protection — metaverses. The authors consider it necessary to regulate not only the interactive space of the metaverses, but also the relationships that develop within them. A person is able to realize himself inside the digital space. The metaverse has entered social life, economics and law. They attributed metaverse technology to one of the ten technologies that affect the efficiency of business processes. According to analysts, a significant growth of the virtual economy based on digital assets is expected, and by 2027 40 % of companies will use a combination of Web3, cloud augmented reality and digital twins. And of course, this will require from digital law a comprehensive legal regulation of the metaverse technology, which is absent today as a phenomenon. There were complaints from users about the need to protect their rights in the process of using interactive content, in particular: protection of personal data, property, money, physical integrity, the ability to exercise their intellectual rights. However, before outlining the range of crimes that can be committed in completely new conditions, it is necessary to define in the concept of criminal law the need to protect this space, to regulate human activity in it.
Любов Крестьянполь, Станіслав Новачевський, Микола ХРАНОВСЬКИЙ
Незамінні токени (NFT) представляють одну з найважливіших технологій у просторі Web3. Завдяки NFT цифрові або фізичні активи можна токенізувати, щоб представляти їх власність за допомогою смарт-контрактів і блокчейнів. Перше покоління цієї технології під назвою NFT 1.0 розглядає статичні токени, описані набором метаданих, які неможливо змінити після створення токена. Статичний характер перешкоджає їх широкому розповсюдженню, оскільки вони не підтримують жодної значущої взаємодії з користувачем. З цієї причини була запропонована його еволюція, яка називається NFT 2.0, щоб зробити токени інтерактивними та динамічними та покращити взаємодію з користувачем, відкриваючи можливість використовувати NFT у більшій кількості способів і сценаріїв. Об’єкти культурної спадщини знаходяться під загрозою зникнення або пошкодження через відсутність публічності та фінансові проблеми. Технологічний прогрес може зіграти певну роль у їх збереженні та просуванні. Збереження та поширення культурної спадщини є серйозним викликом, особливо в епоху цифрових технологій. Невзаємозамінні токени (NFT) пропонують багатообіцяюче рішення для управління та автентифікації цифрових активів. Використовуючи технологію блокчейн, NFT можуть допомогти зберегти та сприяти видимості цих важливих культурних артефактів. Це дослідження спрямоване на створення системи захисту культурної спадщини на основі блокчейну. Культурні активи перетворюються на унікальні цифрові елементи за допомогою технології NFT. Смарт-контрактами забезпечена автономна робоча система. Прихильники проекту роблять пожертви, щоб отримати свою частку прав на захист і підтримку обєктів культурної спадщини. Використання NFT у цій сфері ставить важливі питання збереження, оцифрування та популяризації української культури. Метою статті є аналіз технології блокчейн, яка використовується для NFT, розробка унікальної колекції цифрових активів та розміщення її на маркетплейсі.
This research article discusses current and promising issues in the field of cybersecurity, in particular, the analysis of potential threats and risks of Web3 development. Web3 is a new generation of the Internet based on blockchain technology, decentralization, cryptography, and smart contracts. This approach aims to improve security, privacy, and user rights in the virtual environment, but without proper understanding, it can carry the opposite risk. The article begins with an analysis of recent research and issues. The authors discuss potential threats and risks, including possible attacks on decentralization protocols, censorship manipulation, attacks on blockchain protocols, attempts to break the consensus system, and unfair smart contract transactions. The article discusses a number of vulnerabilities and attacks that can harm the new Web 3.0 technology. The article describes new threats to the privacy of users and their digital assets, including the use of anonymization technologies and countermeasures by criminal organizations or government agencies. The article also emphasizes the importance of discussing the legal aspects of Web3 integration, finding an optimal balance between the regulation of the digital space and users' rights to privacy and autonomy. Global challenges require international cooperation and standardization of regulatory rules in this area. The results of the study demonstrate that a conscious approach to analyzing Web3 threats is the key to building a secure future for the Internet. This article contributes to the dissemination of information and knowledge about possible risks, opens up new horizons for scientific research, practical implementation of cybersecurity measures, and political dialogue in the Web3 era.
This study has explored and analyzed a new Web3 social media for innovative development and built a theoretical framework for future counterparts. The researcher took the Taiwan Web3 social media platform, Potato Media, as a case study with the walkthrough method for both data gathering and analyzing. The present study shows that Potato Media has reformed, reconstructed and renewed their out-of-date Web2 online service using blockchain technology and cryptocurrency for governing and promoted user-led marketing actions. At the same time, Potato Media facilitated all users to build a marketing vision based on Web3 discourse in an advanced manner. The study concludes that new innovative social media with Web3 technology could initiate innovative development and marketing for three reasons: First, they could do it to enhance the inclusion of all users and creators and sustain core value of creativity; second, they could do it by creating the cryptocurrency as the governing tool for managing organizations and fulfilling token/ sharing economy; third, they could do it to represent their innovative social media marketing visions. This study finally suggests that all the social media platforms could have Web3 reforming plans for pursuing future business goals.
Mevlüt Uysal, Mutlu Tahsin Üstündağ, Ahmet Çelik, Mustafa TANRIVERDİ · 6 authors
Web3, characterized by its decentralization, user autonomy, and integration of blockchain technologies, introduces a novel ecosystem that is rife with both opportunities and complexities. While these advances are rewriting the conventional norms of digital interaction and data management, they are also ushering in a new set of challenges and learning curves. We introduce the "Web3 Awareness Scale" as a main element through the current study. This carefully designed scale assesses university students' understanding and readiness for the emerging landscape of Web3. Whilst the article provides detailed insights into the technical, real-world applications and challenges of Web3, the inclusion of the scale emphasizes the practical assessment of awareness and readiness among key digital natives - students. As a result of the EFA, 6 items were removed from the scale, and the total explained variance of the two-factor structure consisted of 31. The final version of the scale showed a total explained variation of 64.16%. Specifically, the first factor, Opportunities, accounted for 46.94% of the variance, while the second factor, Risks, accounted for 17.21% of the variance. It is found that the coefficients of all factors indicate a very highly reliable measurement. The interpretation is that both the total scale and each factor have a high level of reliability. The findings from the scale are critical and have the potential to provide invaluable insights. These insights are expected to shape future educational curricula and policy-making, ensuring that the next generation is well-equipped to navigate and exploit the opportunities of Web3.
The emergence of blockchain technology has paved the way for innovative solutions in various domains, particularly in enhancing democratic processes. This research paper presents the design, development, and evaluation of a Web3 blockchain decentralized voting application (DAPP) built using React JS for frontend development and Solidity for smart contract implementation. The objective of this study is to explore the feasibility and effectiveness of employing blockchain technology to create a secure, transparent, and decentralized voting system. The proposed DAPP leverages the immutability and transparency features of blockchain technology to ensure the integrity of the voting process. Smart contracts coded in Solidity are utilized to execute the voting mechanism, ensuring tamper-proof recording and tallying of votes. React JS, a popular JavaScript library for building user interfaces, is employed to develop an intuitive and user-friendly frontend interface, enhancing accessibility and usability for voters. Key aspects addressed in this research include the architecture of the DAPP, the design of smart contracts for voting logic, integration of React JS components for frontend development, and security considerations to prevent vulnerabilities and attacks. Additionally, the paper discusses the implications of decentralized voting systems on democracy, including increased trust, transparency, and participation.
Reputation is a fundamental concept in human social interactions and inter-relationship. Blockchain and Web3 have been rapidly growing, involving multi-millions of users, billions of transactions, and hundreds of millions of addresses onchain (i.e. on-blockchain). Decentralized identity and onchain reputation will play a critical role in defining each individual's persona, and natively supporting onchain entities to build trust in the Web3 space, while preserving user privacy and autonomy. This paper presents a novel reputation ranking method to address the problem. We leverage adaptive weighted Page Rank algorithms to assess and rank the reputation of participants within various public blockchains. We assign reputation scores to onchain entities based on their historical transaction behaviors, taking transaction volume, activeness, and network contributions into account. In addition to describing the theoretical framework of our reputation ranking, this paper provides empirical insights into its implementation on transactional datasets of Ethereum and BNB Chain. The results and findings presented herein offer a foundation for further research and development of onchain reputation systems in public blockchains and its applications in decentralized finance and Web3 ecosystems.
Many businesses seeking new capabilities that blockchains may offer are deterred from fully embracing the technology due to fears of the classic "vendor lock-in" and platform-capture into one specific blockchain. From an asset-centric perspective, most business applications seek certain desirable functional guarantees with regard to the state of the tokenized asset on the blockchain. These new capabilities must be accessible through standardized service interfaces. The emerging tokenized asset networks based on decentralized ledger technology must integrate seamlessly into existing financial IT systems through similar standard interfaces. As such, if blockchains are to be a foundational technology in the future Web3 Internet of Value, then several classes and types of standardized APIs must be specified, published, and widely deployed by the nascent tokenized asset industry. These standard APIs must provide business applications with a single uniform interface to the many and varied blockchains today, thereby reducing business IT costs and preventing platform-capture.
Ігри завжди були важливою частиною людської культури. Вони дають нам можливість розважатися, вчитися та спілкуватися з іншими. Останнім часом в галузі геймінгу набуває популярності новий тренд: веб-ігри з використанням технології Web3 [1, 2]. Основною метою цієї роботи було проаналізувати засоби розробки та створити модель Web3.0 гри на блокчейні Solana.
Feeling gaps in funding and organising the process of building capital asset for wellbeing of common people is a major concern for any developing country. On the other hand common people can be convinced to deploy a small part of their investible surplus for creating physical assets with fragmented ownership. They can also be sensitised about the power and multifaceted benefits of Web3 and blockchain technology platforms for creating digital twins by tokenisation of values of physical assets. Intangible assets, like songs and music, artworks, right to use any asset can also be tokenised for creating digital twins to ensure appropriate earnings of their creators. People can also conduct profitable businesses around around several such assets. This paper has examined and validated with examples all these propositions. Before that the evolutionary processes from information economy of Web1 era to present Web 3 era of distributed ownership, creating digital twins of assets from different domains for shared funding and fragmented ownership have also briefly been narrated. The author has proposed Blockchain based tokenisation as a service (BTaas) for transforming capital asset creation as a revolution for and by common people. Word of cautions have been raised to strictly regulate ownership and applications of quantum computing so that the power of blockchain is not defeated.
Статья посвящена рассмотрению сущности и содержания технологий Web3 и метавселенных в контексте общей компьютерной лингводидактики и обучению РКИ. Данная работа также содержит основные сведения, характеризующие общие тенденции в развитии интернет-технологий в данной парадигме. В статье рассматривается роль виртуального обучения (v-learning) и его основные характеристики применительно к реализации коммуникативного подхода к обучению языку в условиях дистанционного образовательного процесса. Описываются возможности метавселенных для создания виртуальных интерактивных образовательных пространств и языковых сред. Рассмотрены основные особенности метавселенных на примере проекта Spatial, позволяющего создавать интерактивные виртуальные пространства. Тезисы данной статьи иллюстрированы примером демонстрационного проекта виртуального образовательного пространства на платформе Spatial.io. The article is devoted to consideration of the essence and content of Web3 technologies and metaverses in the context of general computer assisted language learning and teaching Russian as a foreign language. This work also contains basic information characterizing general trends in the development of Internet technologies in Web3 paradigm. The article examines the role of virtual learning (v-learning) and its main characteristics in relation to the implementation of a communicative approach to language learning in the context of the distance educational process. The possibilities of metaverses for creating virtual interactive educational spaces and language environments are described. The main features of metaverses are considered using the example of the Spatial project, which allows you to create interactive virtual spaces. The theses of this article are illustrated by an example of a demonstration project of a virtual educational space on the Spatial.io platform.