U svojoj osnovi, blockchain tehnologija je decentralizirani sustav čuvanja zapisa koji omogućuje sigurno pohranjivanje podataka kroz složene kriptografske metode. Kroz rad je opisano kako blockchain tehnologija djeluje te što su njeni ključni elementi, uključujući blokove, račune, transakcije, konsenzus algoritme i pametne ugovore. Opisano je kako se blockchain može koristiti za izgradnju sustava za upravljanje digitalnim identitetom. Također opisan je SSI model te njegova važnost u digitalnom identitet. Korisnici mogu pružiti verificirane informacije o sebi bez otkrivanja svih svojih podataka, što pruža visoku razinu sigurnosti i privatnosti. Nadalje, rad se bavi integracijom Web2 i Web3 tehnologija, s posebnim osvrtom na prednosti i mane takve integracije. Web2 se odnosi na trenutno dominantni model interneta, koji se temelji na centraliziranim serverima i gdje su korisnici obično konzumenti sadržaja. S druge strane, Web3 je vizija budućeg interneta koja koristi blockchain tehnologiju za stvaranje decentraliziranih aplikacija. Završni dio rada je posvećen praktičnoj primjeni teorije kroz izgradnju Express aplikacije koja komunicira s pametnim ugovorom na Ethereum mreži. Aplikacija pruža osnovne funkcionalnosti sustava upravljanja digitalnim identitetom, demonstrirajući pritom konkretne koristi i mogućnosti primjene blockchain tehnologije u stvarnom svijetu. Ovaj rad nadamo se pruža čitateljima dublje razumijevanje o mogućnostima i izazovima koje blockchain tehnologija nudi u kontekstu digitalnog identiteta.
Ovaj rad predstavlja koncept i implementaciju decentralizirane web aplikacije za upravljanje aukcijama nezamjenjivih žetona na Ethereumovom block-lancu. Nezamjenjivi žetoni predstavljaju jedinstvene digitalne entitete - umjetnine, glazbene zapise, videozapise, i druge kolekcionarske predmete, čija autentičnost, vlasništvo, i transakcije su transparentno i neizbrisivo zabilježene na block-lancu. Decentralizirani karakter ovakvih platformi koristi block-lanac tehnologiju kao temelj, omogućujući pouzdane, sigurne i transparentne aukcije digitalne imovine. Implementacija ove aplikacije sastoji se od dvije integralne komponente - backend, koji je izgrađen na platformama NodeJS, Express.js i Sequelize ORM, i frontend, koji je kreiran koristeći React i TypeScript. Backend je ključan element za efikasnost ovog sustava, koji "sluša" i obrađuje događaje na Ethereum block-lancu. Kada pametni ugovori na block-lancu bilježe neki događaj, poput kreiranja aukcije, postavljanja ponude ili finaliziranja aukcije, backend sustav ažurira SQL bazu podataka putem Sequelize ORM, omogućujući efikasno upravljanje podacima. S druge strane, frontend je izgrađen koristeći React i TypeScript, omogućava korisnicima interakciju s platformom i pametnim ugovorima na Ethereum block-lancu putem Web3.js knjižnice. Korisnici mogu stvarati NFT-e, pokretati aukcije i postavljati ponude. Ovaj rad pruža sveobuhvatan uvid u izgradnju decentralizirane web aplikacije za trgovinu NFT-ima na blok-lancu Ethereum, pri čemu se koristi niz suvremenih web tehnologija, uz naglasak na integraciju i upotrebu blok-lanca i pametnih ugovora.
Web3Recommend is a decentralized Social Recommender System implementation that enables Web3 Platforms on Android to generate recommendations that balance trust and relevance. Generating recommendations in decentralized networks is a non-trivial problem because these networks lack a global perspective due to the absence of a central authority. Further, decentralized networks are prone to Sybil Attacks in which a single malicious user can generate multiple fake or Sybil identities. Web3Recommend relies on a novel graph-based content recommendation design inspired by GraphJet, a recommendation system used in Twitter enhanced with MeritRank, a decentralized reputation scheme that provides Sybil-resistance to the system. By adding MeritRank's decay parameters to the vanilla Social Recommender Systems' personalized SALSA graph algorithm, we can provide theoretical guarantees against Sybil Attacks in the generated recommendations. Similar to GraphJet, we focus on generating real-time recommendations by only acting on recent interactions in the social network, allowing us to cater temporally contextual recommendations while keeping a tight bound on the memory usage in resource-constrained devices, allowing for a seamless user experience. As a proof-of-concept, we integrate our system with MusicDAO, an open-source Web3 music-sharing platform, to generate personalized, real-time recommendations. Thus, we provide the first Sybil-resistant Social Recommender System, allowing real-time recommendations beyond classic user-based collaborative filtering. The system is also rigorously tested with extensive unit and integration tests. Further, our experiments demonstrate the trust-relevance balance of recommendations against multiple adversarial strategies in a test network generated using data from real music platforms.
Anna Chukhnina, Grigorii Melnikov, Anton Pecherkin, Aleksandr V. Sokolov · 5 authors
This demo addresses the challenges of creating influencer marketing campaigns, including difficulties in measuring campaign performance and payment risks. Blockchain technology can provide a solution by offering reliable influencer profile generation, transparent reputation models, and template escrow payments. However, communication and processing of payments across ecosystems remain a challenge for Web3 projects. The paper presents B4B.World, an influencer marketing platform that utilizes cross-chain smart contract calls and supports payments in multiple blockchains. The platform offers reputation-based rewards for influencers and allows advertisers to make campaigns using crypto assets or project-based NFTs. B4B.World is the winner both The Illuminate/22 Hack by Moonbeam and BNB Chain Hackathon 23 in Georgia and utilizes the Axelar platform for cross-chain interaction.
This paper presents a general-purpose approach for the drug supply chain management, by proposing a DLT-based methodology to facilitate and make more efficient the development of such applications. For specific domains, such as drug management and traceability, a system based on Django Python framework, on Ethereum blockchain, and on web3.py library has been developed that can be customized for most real supply chains, automatically generating the specific applications (database schema, smart contracts, apps). A case study about a simple drug traceability system for a producer to hospital wards is described, to show how this approach works.
Η συμμετοχικότητα και η διαμεσικότητα είναι δύο από τα βασικότερα χαρακτηριστικά του διαδικτύου και των ψηφιακών μέσων. Η παρούσα διατριβή διερευνά το ζήτημα της επίτευξης καλλιτεχνικής έκφρασης και συνοχής μέσα από το πρίσμα συμμετοχικής παραγωγής κινηματογράφου. Μπορεί μια πολυφωνική, συμμετοχική, από τη βάση προς την κορυφή, διαδικασία στην παραγωγή κινηματογράφου, να οδηγήσει στη δημιουργία έργων με καλλιτεχνική συνοχή και συγκρότηση; Στα κεφάλαια που ακολουθούν, το ερώτημα αυτό διερευνάται θεωρητικά και πρακτικά. Θεωρητικά προσεγγίζεται μέσα από το πλαίσιο της διαμεσικής αφήγησης, των θεωριών δημιουργικής κυριότητας και της ιστορίας του διαδικτύου, ενώ πρακτικά μέσα από επτά πειράματα βάσης που οδήγησαν σε ένα συμμετοχικό έργο διαμεσικής αφήγησης σχεδιασμένο για τα νέα πρότυπα του Web3. Η διατριβή περιέχει την ιστορία του διαδικτυακού βίντεο και των κυριότερων εξελίξεων και τάσεων που καθόρισαν την σημερινή μορφή και θέση του βίντεο στην καθημερινή επικοινωνία και στα μέσα δικτύωσης. Ταυτόχρονα διερευνά τον τρόπο που η παιγνιοποίηση και η σχέση κινηματογράφου και διαδραστικών μορφών αλληλοδιαμόρφωσαν τον κινηματογράφο και τα ψηφιακά μέσα δημιουργώντας νέες υβριδικές μορφές και νέους τρόπους επικοινωνίας, παραγωγής και διανομής οπτικοακουστικών μέσων. Η έρευνα επιτελέστηκε παράλληλα σε θεωρητικό και πρακτικό επίπεδο μέσα από την μεθοδολογία της Έρευνας μέσω Πρακτικής (Practice Based Research) και οδήγησε στην δημιουργία πολλαπλών πρακτικών οπτικοακουστικών πειραμάτων τα οποία σε συνεχή διάλογο με την θεωρητική μελέτη έδωσαν πρωτοποριακά πλαίσια περιγραφής και παρατήρησης της συμμετοχικής οπτικοακουστικής παραγωγής αλλά και δημιούργησαν πρωτότυπα έργα συνδέοντας την διαμεσική αφήγηση, τον κινηματογράφο, την παιγνιοποίηση, την συμμετοχικότητα και τα νέα μέσα, όπως την εικονική πραγματικότητα και το αποκεντρωμένο διαδίκτυο Web3. Στη μεθοδολογία της Ε.μ.Π, ο ερευνητής-δημιουργός καλείται να αρχίσει από μια τεχνική που κατέχει καλά και να εισάγει ένα νέο ανεξερεύνητο στοιχείο: μια νέα θεωρητική, τεχνική ή δημιουργική πτυχή, που θα οδηγήσει στην προσέγγιση ενός ερευνητικού ερωτήματος που θα παράσχει καινούρια γνώση για την κοινότητα και όχι μόνο για τον δημιουργό. Στην περίπτωσή αυτής της έρευνας, μετά από χρόνια εμπειρίας στον χώρο του κινηματογράφου ως επαγγελματίας σκηνοθέτης, animator και παραγωγός νέων μέσων, ο ερευνητής μελέτησε τις εξελισσόμενες εφαρμογές του διαδικτύου για την παραγωγή και διανομή κινηματογράφου και ιδιαίτερα αυτές που επέτρεπαν τη συμμετοχικότητα και την πολυφωνία στη σκηνοθεσία.
The increase in international trade relations and the opportunities offered by the digital world raise great concern about the number of resources and time invested in dispute resolution. The creation of new markets and digital disruption bring with them an unprecedented kind of disputes, which require agile and accessible mechanisms for their resolution. Web3 brings a new dimension to the business world: the Metaverse overflows all existing boundaries for companies, brands, and social relationships. However, new opportunities for social and economic interaction necessarily bring legal challenges: How to deal with the potential disputes brought about by the synergy between the real world and the digital sphere? What kind of disputes are we facing? What is the most efficient method for their resolution? Is arbitration flexible enough to consolidate itself as the main solution? Considering the challenges brought by Web3, disputes rising both within and as a result of the Metaverse require resolution methods that are up to their challenges. In the absence, at present, of a universal law applicable to digital relations and of a global meta-jurisdiction,arbitration is postulated as a mechanism that could play a central role. However, the arbitration legal community will have to rethink fundamental issues in the face of this paradigmshift.
Web3 is a blockchain-powered web evolution. In many situations, Web3 smart contracts require data from outside their applications (off-chain data) via APIs to function as designed. Existing APIs in Web3 facing the most common and critical risks originate through access control vulnerabilities (i.e., Broken Object Level Authorization, Broken Function Level Authorization, and Broken Authentication). Such vulnerabilities during runtime cannot be spotted during the development and testing phases of a Web3 application that integrates APIs. Continuous monitoring is the key to proactive hunting access control attacks, which are not attainable through manual monitoring. In this paper, we design a real-time automated security monitoring approach named the access behavior learning (ABL) model for early detection and prevention of access control attacks before they could cause any damage. In two steps, the ABL approach predicts an attacker's access behavior in response to environmental behavior. First, it verifies the API providers and oracle by defining authentication schemes using OpenAPI Specification (OAS) standard to identify the API endpoints to endorse authenticity. In addition, it validates the oracle-level authentication security schemes for approving authentication. Second, it scans metadata for the current access record and compares it with the previous access records, such as location, application id, and API key, to form a baseline that determines authentication. Using this baseline, ABL determines legitimate application access based on both factors for identifying its authentication. ABL approach retains API security by designing an efficient correlation to enable complex off-chain computation by predicting API access attacks. The ABL approach is evaluated against different Web3 applications with varying levels of access control vulnerabilities where applied for early attack detection and prevention. Compared to traditional manual detection processes, the ABL approach offers early automated detection and prevention of attacks during runtime, which results in enhanced security measures and reduces the risk of potential threats.
Navin V. Keizer, Onur Ascigil, Michał Król, George Pavlou
The Web has become an integral part of life, and over the past decade, it has become increasingly centralised, leading to a number of challenges such as censorship and control, particularly in search engines. Recently, the paradigm of the decentralised Web (DWeb), or Web3, has emerged, which aims to provide decentralised alternatives to current systems with decentralised control, transparency, and openness. In this paper we introduce Ditto, a decentralised search mechanism for DWeb content, based on similarity search. Ditto uses locality sensitive hashing (LSH) to extract similarity signatures and records from content, which are stored on a decentralised index on top of a distributed hash table (DHT). Ditto uniquely supports numerous underlying content networks and types, and supports various use-cases, including keyword-search. Our evaluation shows that our system is feasible and that our search quality, delay, and overhead are comparable to those currently accepted by users of DWeb and search systems.
SNAP (Standar Nasional OPEN API Pembayaran) is an implementation of open banking for encouraging digital transformation in the banking industry. SNAP was submitted by several sub-working groups formed jointly by ASPI and the Bank of Indonesia. In the document Pedoman Tata Kelola (Bank of Indonesia, n.d.), there is already a customer data protection mechanism between the bank, the owner of Open API, and the user of Open API. However, there is no data protection process carried out by consumers so third parties, that use the Open API of the bank, do not need to know the customer's data. Based on the web3 protocol, users can store data and transmit only in encrypted form which can only be opened by calculating the data with a pre-agreed smart contract. Banks can work like a decentralized network on web3, where the process of calculating proof and witness is carried out by the bank. Proof and witness are calculated using a zero-knowledge proof protocol, making it difficult to duplicate. For this reason, we propose a new architecture using smart contracts between banks and customers using the ZK-SNARK method. Therefore, there is no significant performance difference between using ZK-SNARK and without ZK-SNARK in the API call process.
We will discuss Web3 Storage, Sharding and Pruning, Security Risks to Blockchain Ecosystems, Secure transaction ledgers, Blockchains in the Quantum Era, and Storing private keys.
This study explores the concept of decentralization in the context of emerging technologies, specifically Blockchain and Web3. These technologies offer an alternative to traditional centralized models by promoting systems that are more open, secure, and transparent. The study employs a qualitative approach using case studies to understand the practical applications and impacts of decentralization across various industries. Key findings highlight the significant benefits of decentralization, such as enhanced security and transparency, user control over data, and operational efficiency through smart contracts. However, challenges such as scalability, regulatory compliance, and security concerns remain. The study concludes that while there are considerable challenges, the benefits of decentralization make it a promising area for continued exploration and development. With sustained research and technological advancement, broader adoption and deeper integration into everyday life can be achieved, leading to a more decentralized and inclusive digital future.
This paper explores the development, applications, and regulatory issues of Web3.0 as the next generation of internet technology. Web3.0 is based on technologies such as distributed computing, blockchain, artificial intelligence, and smart contracts, and it features decentralization, intelligence, and high security. This paper introduces the development, characteristics, technical architecture, and key technologies of Web3.0, as well as its applications and future development trends in areas such as digital currencies, decentralized finance, supply chain management, and digital identity. However, the decentralized nature of Web3.0 increases regulatory challenges, and the emergence of new businesses like digital currencies and smart contracts also poses challenges to traditional regulatory institutions. Therefore, this paper discusses the regulatory status and challenges of Web3.0 and proposes solutions. The aim of this paper is to provide references and insights for the research and application of Web3.0.
Darcy W E Allen, Chris Berg, Aaron M. Lane, Trent MacDonald · 5 authors
Abstract Blockchains have enabled innovation in distributed economic institutions, such as money (e.g., cryptocurrencies) and markets (e.g., decentralised exchanges), but also innovations in distributed governance, such as decentralised autonomous organisations. These innovations have generated academic interest in studying web3 governance, but as yet there is no general theory of web3 governance. In this paper, we draw on the contrast between a ‘romantic view’ of governance (characterised by consensus through community voting) and the ‘exchange view’ of governance from public choice theory (characterised by an entrepreneurial process of bargaining and exchange of voters under uncertainty). Our analysis is the first to argue that the latter ‘exchange view’ of governance is best to understand the dynamics of governance innovation in web3, providing the foundations for a new general theory of governance in this frontier field. We apply the ‘exchange view’ of governance to three case studies (Curve, Lido and Metagov), exploring how these projects enable pseudonymous, composable and permissionless governance processes to reveal value. Our approach helps illuminate how this emergent polycentric governance process can generate robustness in decentralised systems.
Tao Huang, Renchao Xie, Yuzheng Ren, F. Richard Yu · 10 authors
In recent years, the Industrial Internet and Industry 4.0 came into being. With the development of modern industrial intelligent manufacturing technology, digital twins, Web3 and many other digital entity applications are also proposed. These applications apply architectures such as distributed learning, resource sharing, and arithmetic trading, which make high demands on identity authentication, asset authentication, resource addressing, and service location. Therefore, an efficient, secure, and trustworthy Industrial Internet identity resolution system is needed. However, most of the traditional identity resolution systems follow DNS architecture or tree structure, which has the risk of a single point of failure and DDoS attack. And they cannot guarantee the security and privacy of digital identity, personal assets, and device information. So we consider a decentralized approach for identity management, identity authentication, and asset verification. In this paper, we propose a distributed trusted active identity resolution system based on the inter-planetary file system (IPFS) and non-fungible token (NFT), which can provide distributed identity resolution services. And we have designed the system architecture, identity service process, load balancing strategy and smart contract service. In addition, we use Jmeter to verify the performance of the system, and the results show that the system has good high concurrent performance and robustness.
There are several centralized organizations with a stranglehold over substantial portions of the internet's sector that act unilaterally to decide what is and is not permitted.Web3, which supports decentralization and is created, run, and owned by its users, provides a solution to this conundrum.Web3 gives people, not institutions, control over their own destinies.NFT (Non-Fungible Token) heralds a new age of digital collection for fans and buyers.Therefore, it is a novel way to assist singers, sports, and artists without the need for middlemen.NFT is a novel way for makers, musicians, and artists to share and make money from their work.Because digital items were so simple to copy and exploit fraudulently, there were many problems and challenges related to their selling.Our goal is to offer customers a decentralized platform where they may advertise or purchase these NFTs from the vendor without worrying that any central authorities would ignore their business dealings.
Blockchain technology promises a disruptive enhancement in trust establishment among supply chain actors. In particular, transparency and traceability can significantly get improved by a blockchain based data exchange platform which provides an immutable source of truth driven by a multi-stakeholder consensus. This also helps authenticate the provenance of products which is an added value that can be monetized by the supply chain participants. Nonetheless, due to the transparent nature of the blockchain, privacy and confidentiality are still a major concern for industries. In this paper, we present zk-BeSC, a blockchain enabled supply chain scheme based on zero-knowledge proofs of polynomials. The scheme allows transactions between supply chain participants in a privacy preserving fashion. It also offers tamper-resistance and replication due to the intrinsic nature of the blockchain. ZK-BeSC is fully implemented using an ethereum testnet and a web3 application. The scheme performs efficient proofs and has reduced gas consumption during verification.
Non-fungible tokens (NFTs) are becoming increasingly popular in Play-to-Earn (P2E) Web3 applications as a means of incentivizing user engagement. In Web3, users with NFTs ownership are entitled to monetize them. However, due to lack of objective NFT valuation, which makes NFT value determination challenging, P2E applications ecosystems have experienced inflation. In this paper, we propose a method that enables NFT inflation value management in P2E applications. Our method leverages the contribution-rewards model proposed by Curve Finance and the automated market maker (AMM) of decentralized exchanges. In decentralized systems, P2E Web3 applications inclusive, not all participants contribute in good faith. Therefore, rewards are provided to incentivize contribution. Our mechanism proves that burning NFTs, indicating the permanent removal of NFTs, contributes to managing inflation by reducing the number of NFTs in circulation. As a reward for this contribution, our method mints a compensation (CP) token as an ERC-20 token, which can be exchanged for NFTs once enough tokens have been accumulated. To further increase the value of the CP token, we suggest using governance tokens and CP tokens to create liquidity pools for AMM. The value of the governance token is determined by the market, and the CP token derives its value from the governance token in AMM. The CP token can determine its worth based on the market value of the governance token. Additionally, since CP tokens are used for exchanging NFTs, the value of the NFT is ultimately determined by the value of the CP token. To further illustrate our concept, we show how to adjust burning rewards based on factors such as the probability of upgrading NFTs' rarity or the current swap ratio of governance and CP tokens in AMM.
Kunpeng Ren, Jefferson F.B. Van Buskirk, Zheng Yong Ang, S. Hou · 8 authors
In this paper, we propose the Blockchain Benchmark Standardized Format (BBSF), a framework for standardized, transparent, and fair benchmarks for blockchains. BBSF enables users and developers to compare blockchain platforms using metrics derived from realistic workloads. We outline the challenges in developing a blockchain benchmark with this degree of breadth and flexibility. We contrast the results using our approach with prior benchmark implementations and show why BBSF generates results that are more verifiable than prior published benchmarking data. We present an implementation of our framework, called Blockbench v3, which is a benchmarking system focusing on Web3 applications and workloads, primarily to be used by layer-1 blockchains. Blockbench v3 serves as a test case for our framework’s effectiveness as part of ongoing work in the characterization of blockchain performance.
The purpose of this project is to develop Crypto Market, an innovative online shopping site thataccepts Ethereum payments using Web3 technologies. The approach included using ReactJS for front-enddevelopment, integrating WalletConnect and MetaMask for secure purchases, and using the PostgreSQLdatabase with the Django Rest framework for efficient data management. The goal was to create an easyto-learn interface that would appeal to a wide range of users. The main results of the project were thesuccessful integration of WalletConnect and MetaMask, which allow users to securely transfer Ethereumfrom their personal wallets to the site’s pool wallet with minimal transaction fees. The integration ofCoinGecko has increased transparency for customers by showing them the real-time dollar equivalent ofthe Ethereum price on product pages. Additionally, the existence of a membership system enabled userregistration and facilitated store opening requests, providing access to a dedicated panel for productmanagement for approved vendors. Important results from this research show that Web3 technologies offera secure shopping experience using Ethereum. WalletConnect and MetaMask integration provided areliable environment for transactions, minimizing the risk of failed or incorrect payments. The successfuladoption of cryptocurrency as a payment method in the context of online shopping highlights the potentialof decentralized finance in traditional e-commerce applications. In summary, the Crypto Market projectdemonstrates the advantages and feasibility of incorporating cryptocurrency payments into online shoppingsites. With this research, it has been revealed that cryptocurrencies should be more involved in commercialtransactions and that they are a system that can be easily integrated.
This project integrates Web 3.0, web development, and mobile game development to create aplay-to-earn (P2E) mobile game with a web component. The objective of this project is to seamlesslycombine a mobile game with a website and a distinctive token ecosystem to provide players with anenjoyable experience. For the purposes of creating mobile games, websites, and smart contracts,respectively, the Unity Game Engine and the "Next.js' framework, Solidity, are employed. The projectmakes use of Web3 Modal, the MetaMask extension, Microsoft Azure PlayFab for player management,and Web3 Modal for a seamless interface with blockchain networks. The main outcomes of the projectinclude successful implementations like a mobile game with simple gameplay that players can quicklyunderstand and a website with an interface that will allow you to withdraw crypto tokens securely usingsmart contracts. By offering real benefits like personalized crypto tokens, the idea increases playerparticipation. The primary conclusion to be drawn from this project is that combining gaming withblockchain integration results in a unique and engaging experience for gamers. In conclusion, our studyshows that integrating several technologies to improve user experiences in the gaming and blockchain areasis both feasible and potentially rewarding.
Web3, decentralized web, is one of the buzz words brought up in the field of IT business as well as IT technology. Data ownership is supposed to be democratized by Web3, which means data is kept at its owner and the availability of the data is controlled and managed by the owner in the world of Web3. One of the mechanisms providing democratization of data ownership is InterPlanetary File System (IPFS) which leaves data as well as its meta data at its owner and only pointers to data are distributed over the network for data sharing. This paper discusses network layer support for IPFS to improve its performance. In particular, we propose to use Information Centric Networking as the network layer of IPFS to speed up data search in IPFS.
Eleunthia Wong Ellinger, Tobias Mini, Robert Wayne Gregory, Alexander Dietz
The global adoption and diffusion of cryptocurrencies and blockchain technologies has given rise to a new form of organizing referred to as decentralized autonomous organizations (DAO). Many DAOs sit at the intersection between decentralized blockchain technologies and finance, so-called decentralized finance (DeFi). This teaching case focuses on one of the most prominent and established DeFi DAOs, MakerDAO, a community-driven initiative that leverages blockchain technology to create a stablecoin pegged to the US Dollar as a basis for decentralized financial services such as lending and yield generation. The case describes the delicate balancing act between centralization and decentralization in the evolution of MakerDAO. It can be used in graduate business programs to achieve the following learning objectives: (1) Understand the concept of decentralized autonomous organization (DAO) as a new form of organizing in which communities leverage blockchain technologies and community-based principles to work jointly on a common goal, (2) Be able to assess the benefits and risks of novel decentralized finance (DeFi) models, such as MakerDAO, which offer alternative financial tools and resources that are not controlled by traditional financial institutions, (3) Evaluate the potential and pathway for disruptive innovation in the era of blockchain, cryptocurrencies, and Web3, where decentralized applications (dapps) on blockchain networks enable decentralized and trustless transactions and interactions.