The development of Web3 — a stack of decentralised technologies underpinned by blockchains — isn’t simply a technical or financing challenge, it is also a problem of innovation and entrepreneurial discovery. In this paper we apply the lens of user innovation toolkit theory to the development of Web3. Toolkits are an organizational design solution to an innovation problem with sticky and local information. Our aim is to explore how toolkits theory applies to Web3 innovation, proposing that Web3 innovation is being organized through toolkits (e.g., blockchains, token standards, DAO frameworks) that enable efficient organization of sticky information to facilitate innovation. The contribution of this paper is the first application of toolkits theory to Web3, reframing its development as a problem of entrepreneurship and innovation in the context of distributed information. We provide implications for the role of developers as user innovators, the economic problem of emergent toolkit stacking, and the design of toolkit business models.
Abstract The audiovisual media content (AMC) industry, focused on film and television drama production, is confronted with a broken business model due to the dominance of centralized streaming platforms. The top platforms dominate global distribution but only offer slices of produced and heritage content. In addition, they compete with the AMC industry by producing a majority of content distributed. This leaves fewer gatekeepers deciding on the content to be distributed and less diverse content easily accessible to audiences Consequently, audiences are compelled to engage in pirating movies despite a willingness to pay. Recent blockchain innovations towards the so-called Web3 promise to restore this broken business model by re-establishing direct contact between the producers of films and their audiences. The benefits of networks (peer-to-peer or community based) in combination with Web3 follow the principle of decentralized disintermediation while comprising elements such as FIAT to crypto-payment mechanisms, self-sovereign identity authentication, blockchain oracles, decentralized autonomous organizations (DAO), and so on. A gap exists with regard to methodological designs of Web3 decentralized applications (DApp) and their ecosystems for restoring a viable AMC business model that not only eliminates the need for piracy activities but even the need for platforms. The DApp architecture designs for the film- and media industry ecosystem creation in this paper allow, on the one hand, for a legal compliance check ahead of a costly deployment. On the other hand, the DApp designs of this paper also allow for a tailored blockchain technology stack development. Ultimately, this research is a continuation of an earlier whitepaper to establish a participatory economy in the film industry from peer-to-peer streaming.
Wenrui Zuo, Aravindh Raman, Raúl J. Mondragón, Gareth Tyson
There has been growing interest in the so-called “Web3” movement. This loosely refers to a mix of decentralized technologies, often underpinned by blockchain technologies. Among these, Web3 social media platforms have begun to emerge. These store all social interaction data (e.g., posts) on a public ledger, removing the need for centralized data ownership and management. But this comes at a cost, which some argue is prohibitively expensive. As an exemplar within this growing ecosytem, we explore memo.cash, a microblogging service built on the Bitcoin Cash (BCH) blockchain. We gather data for 24K users, 317K posts, 2.57M user actions, which have facilitated $6.75M worth of transactions. A particularly unique feature is that users must pay BCH tokens for each interaction (e.g., posting, following). We study how this may impact the social makeup of the platform. We therefore study memo.cash as both a social network and a transaction platform.
Web3, based on blockchain technology, is the evolving next generation Internet of value. Massive active applications on Web3, e.g. DeFi and NFT, usually rely on blockchain transactions to achieve value transfer as well as complex and diverse custom logic and intentions. Various risky or illegal behaviors such as financial fraud, hacking, money laundering are currently rampant in the blockchain ecosystem, and it is thus important to understand the intent behind the pseudonymous transactions. To reveal the intent of transactions, much effort has been devoted to extracting some particular transaction semantics through specific expert experiences. However, the limitations of existing methods in terms of effectiveness and generalization make it difficult to extract diverse transaction semantics in the rapidly growing and evolving Web3 ecosystem. In this paper, we propose the Motif-based Transaction Semantics representation method (MoTS), which can capture the transaction semantic information in the real-time transaction data workflow. To the best of our knowledge, MoTS is the first general semantic extraction method in Web3 blockchain ecosystem. Experimental results show that MoTS can effectively distinguish different transaction semantics in real-time, and can be used for various downstream tasks, giving new insights to understand the Web3 blockchain ecosystem. Our codes are available at https://github.com/wuzhy1ng/MoTS.
Non-fungible tokens (NFTs) are digital assets that provide unique ownership and authenticity of digital media such as art, music, and collectibles.NFT Marketplace is a blockchain-based platform that enables the creation, trading, and collecting of NFTs.The platform leverages blockchain technology to ensure the authenticity and ownership of NFTs, providing a secure and transparent way to transact digital assets.In this major project report, we explore the NFT Marketplace and its underlying blockchain technology.We provide an overview of the platform's features, including the ability to tokenize any digital asset, create customizable smart contracts, and sell NFTs with low fees and instant trades.We also discuss the advantages and disadvantages of the platform, including its ease of use, potential for fraud, and scalability challenges.The Non-Fungible Tokens (NFTs) have revolutionized the digital realm, redefining the concept of ownership and trade of unique digital assets.NFTs represent one-of-a-kind tokens, each verifiably and indelibly linked to a specific digital or physical asset, encompassing diverse forms of content, including video, audio, and images.These unique tokens have paved the way for creators to monetize their digital creations while providing collectors with an innovative means to invest, trade, and showcase their multimedia NFT collections.Central to the NFT ecosystem are NFT marketplaces, digital platforms designed to facilitate the creation, sale, and management of NFTs in various multimedia formats.These marketplaces have proliferated, providing creators with the means to mint NFTs, buyers with the opportunity to acquire them, and collectors with platforms to curate and trade their diverse NFT portfolios.We explore the multifaceted world of NFT marketplaces, focusing on their pivotal role in the creation, sale, and management of video, audio, and image NFTs.We analyze the economic implications, including pricing strategies and royalties, while addressing environmental sustainability concerns associated with NFTs.Challenges and opportunities encountered within this dynamic ecosystem are critically examined, including scalability, intellectual property rights, and the emergence of decentralized NFT marketplaces.Through in-depth case studies, we offer insights into the unique features and innovative approaches adopted by leading NFT marketplaces, shedding light on the transformative potential of this digital metaverse.This report serves as a valuable resource for those seeking a comprehensive understanding of NFT marketplaces catering to video, audio, and image NFTs, emphasizing the profound impact these tokens have on the creation, trade, and experience of digital content across various media formats.Navigating this dynamic digital frontier necessitates a nuanced perspective, and our survey aims to provide a holistic view of this rapidly evolving landscape.
The metaverse is a virtual world, consisting of a collective virtual shared space where users can interact with one another through avatars and computer-generated objects. Its goal is to mimic our real world as closely as possible, integrating elements of various trends like AI, immersive reality, advanced connectivity, and Web3. While there is currently no universally accepted definition of the metaverse, the emergence of metaverse technologies across multiple sectors, including animal farming, is rapidly gaining momentum. The potential value of the metaverse, particularly in relation to its capacity for solving complex problems (e.g., climate change and sustainability) in precision food production systems makes it an exciting endeavor. However, it is crucial to consider ethical implications during the development of metaverse technologies for modern animal farming, given the sensitive and controversial nature of animal welfare. Failure to address these ethical considerations could lead to a lack of credibility and insensitivity towards the adoption of metaverse technologies in the animal farming sector. It is therefore important to ensure that the development of metaverse technologies does not prioritize technology over animal welfare, ethics, and socio-economic implications. Additionally, addressing the topic of diversity and equity in the context of animal farming and the metaverse is crucial to avoid perpetuating existing inequalities during the implementation of metaverse technologies. The purpose of this critical review is to stimulate dialogue among stakeholders such as farmers, animal scientists, bioengineers, veterinarians, policymakers, consumers, and business-to-business clients. It aims to help them better understand the potential and power of the metaverse, identify ethical implications and strategic imperatives, and act as a force for its positive evolution.
The explosive growth of non-fungible tokens (NFTs) on Web3 has created a new frontier for digital art and collectibles, but also an emerging space for fraudulent activities. This study provides an in-depth analysis of NFT rug pulls, which are fraudulent schemes aimed at stealing investors' funds. Using data from 758 rug pulls across 10 NFT marketplaces, we examine the structural and behavioral properties of these schemes, identify the characteristics and motivations of rug-pullers, and classify NFT projects into groups based on creators' association with their accounts. Our findings reveal that repeated rug pulls account for a significant proportion of the rise in NFT-related cryptocurrency crimes, with one NFT collection attempting 37 rug pulls within three months. Additionally, we identify the largest group of creators influencing the majority of rug pulls, and demonstrate the connection between rug-pullers of different NFT projects through the use of the same wallets to store and move money. Our study contributes to the understanding of NFT market risks and provides insights for designing preventative strategies to mitigate future losses.
D. Palanikkumar, G Arun, R Arunadevi, S. Gayathri · 5 authors
Human lives now include a significant amount of social media usage. Social media is used to create communities, strengthen bonds, and stay in touch with distant friends. A single server, which performs all significant processing, serves as the hub of a centralized system. Thus, a centralized server becomes an easy target for hackers. Decentralized social networks can provide a more secure environment where users may exercise more privacy control through distribution of information processing across many machines. This study proposes a system where the Web3 Library is used to implement the decentralized network. This provides a social graph with all devices in the network. The Ethers library provides functionalities to engage the Ethereum framework. This way an OSN (Online Social Network) service based on blockchain is created and its decentralized operations are performed. Due to a decentralized autonomous organization that is designed for user autonomy, users can democratically self-manage the OSN.
This paper presents the development of a web application, which aims to provide a platform for white paper authors to upload and have their documents reviewed by industry experts and scholars. The web app will utilize Ethereum block chain technology to provide security and authenticity to the uploaded white papers, which will be converted into non-fungible tokens to ensure their uniqueness. The authors will have the ability to self-upload their white papers onto a secured IPFS (Inter Planetary File System) database and use ERC721 (Ethereum Request for Comments) protocols to mint them as non-fungible tokens. In addition, the web app will allow white paper authors to receive crowdfunded support from users holding ETH in their web3 wallets. With our unique authentication system utilizing decentralized techniques, the Paper Publication Portal ensures that only verified authors can publish their work, enhancing both the security and credibility of the platform.
Farooq Sunar Mahammad, S. Sai Shreya, H. Beebe Hazeera, P. Sravani · 6 authors
Decentralized Application is majorly used for sharing the most important information of the students' among various users.Blockchain technology is used to address security concerns associated with students' credential sharing.A revolutionary blockchain-based architecture is proposed, and the application is then built as a distributed one (DApp).In order to avoid the counterfeiting of the students' credentials the features of block chain technology are more widely used.This application is used to share the credentials of the student by the college/school directly to student and those data can be used by the companies those who recruit students can directly access students' data by getting the permission from students' without any third-party involvement, this saves time and money.Ethereum framework is used to create an application in which Truffle framework is used to make the developer's life easier by creating smart contracts and has the migration and uses web3.js as it is beginner friendly.Furthermore, the results of the tests are used to analyses both costs and efficiency.
The Internet has revolutionized education and learning, presenting both opportunities and challenges with the continuous evolution of web-based technologies. The earlier version of the web, known as Web 1.0, was primarily a readonly medium, while Web 2.0 allowed for greater interactivity with read/write capabilities. Now, the emerging version of the web, Web 3.0, is considered to be a technologically advanced medium that not only facilitates read/write capabilities but also enables a machines to carry out some of the thinking that was previously expected only of humans. In a relatively short period of time, Web 2.0 and Web 3.0 have introduced new tools and technologies that have greatly facilitated web-based education and learning. This paper will explore the definition, evolution, and characteristics of Web 3.0, as well as discuss potential future technologies, trends, tools, and services that can support online learning, personalization, and knowledge construction powered by the Semantic Web.
The rise of information technology has led to a surge in interest of investors and businesses in advanced futuristic technologies like Blockchain and Cryptocurrency. Blockchain is the heart of web3 technologies. One of the fields that could be revolutionized using it is crowdfunding. Crowdfunding is the process of supporting a project by obtaining modest contributions from a large number of individuals, usually online. Modern day crowdfunding websites are centralized, prone to cyberattacks, charge high amounts of transaction fees, have print rules & regulations and intellectual property risk. Blockchain has emerged as a technology which promises decentralization of a system along with a highly secured database. Blockchain is a distributed immutable ledger used to record transactions. Our project proposes a model to switch traditional crowdfunding processes on a Blockchain Network called Polygon. Apps made on Polygon use the same frontend as that used in traditional web2 websites but the backend instead of being a centralized database is an open peer-to-peer network. Our proposed work has a promising future and lots of room for development.
<p>The proliferation of novel technologies such as Web3.0, Blockchain, Smart Contracts, and Cryptocurrency has resulted in a burgeoning interest in the concept of Decentralized Finance (DeFi). DeFi represents a transformation in financial instruments that diverges dramatically from traditional financial systems that rely on centralized platforms governed by government entities and various intermediaries. Instead, DeFi is predicated on a protocol that operates on a decentralized infrastructure facilitated by Blockchain, particularly Ethereum. This decentralization permits software developers to create bespoke, high-performance, and secure financial platforms that are universally available to anyone with an internet connection and a computing device. DeFi's intrinsic value is predicated on its ability to empower millions of individuals worldwide who lack access to conventional financial systems (over 1.7 billion people globally are unbanked for various reasons) to control their finances and engage in transactions with anyone. This decentralized framework ensures equal access and unprecedented economic growth while simultaneously addressing concerns such as centralized control, restricted access, inefficiencies, lack of interoperability, and obscurity.</p>
As we are transitioning from the age of information to the age of artificial intelligence, this study aims to explore the potential of blockchain and Holochain technologies as solutions to the data privacy, security, and integrity concerns in medical education, and to provide standpoints of a medical education researcher for their use that also minimize negative impacts regarding planetary health and climate change. While these technologies offer promising solutions, their environmental impact has not been discussed in the literature with regard to medical education. This study offers two key standpoints for medical education researchers, educators, and policy makers to ensure the responsible use of Web3 technologies in this field. Standpoint 1: If the use of blockchain technology is necessary, avoid using proof-of-work blockchains. Standpoint 2: Use Holochain instead of blockchain. A medida que estamos pasando de la era de la información a la era de la inteligencia artificial, este estudio tiene como objetivo explorar el potencial de las tecnologías blockchain y Holochain como soluciones a los problemas de privacidad, seguridad e integridad de los datos en la educación médica, y proporcionar puntos de vista de un investigador de educación médica para su uso que también minimizan los impactos negativos con respecto a la salud planetaria y el cambio climático. Si bien estas tecnologías ofrecen soluciones prometedoras, su impacto ambiental no se ha discutido en la literatura con respecto a la educación médica. Este estudio ofrece dos puntos de vista clave para los investigadores de la educación médica, los educadores y los encargados de formular políticas para garantizar el uso responsable de las tecnologías Web3 en este campo. Punto de vista 1: si es necesario el uso de tecnología blockchain, evite usar blockchains de prueba de trabajo. Punto de vista 2: use Holochain en lugar de blockchain.
<p>The first cryptocurrency was invested in 2008/09, but the Blockchain-Web3 concept is still in its infancy, and the cyber risk is constantly changing. Our cybersecurity should also be adapting to these changes to ensure security of personal data and continuation of business for organisations. This review paper starts with a comparison of existing cybersecurity standards and regulations from the National Institute of Standards and Technology (NIST) and the International Organization for Standardization (ISO) - ISO27001, followed by a discussion on more specific and recent standards and regulations, such as the Markets in Crypto-Assets Regulation (MiCA), Committee on Payments and Market Infrastructures and the International Organisation of Securities Commissions (CPMI-IOSCO), and more general cryptography and post-quantum cryptography, in the context of cybersecurity. These topics are followed up by a review of recent technical reports on cyber risk/security and a discussion on cloud security questions. Comparison of Blockchain cyber risk is also performed on the recent EU standards on cyber security, including European Cybersecurity Certification Scheme (EUCS) – cloud, and additional US standards – The National Vulnerability Database (NVD) Common Vulnerability Scoring System (CVSS). The study includes a review of Blockchain endpoint security, and new technologies e.g., IoT. The research methodology applied is a review and case study analysing secondary data on cybersecurity. The research significance is the integration of knowledge from the United States (US), the European Union (EU), the United Kingdom (UK), and international standards and frameworks on cybersecurity that can be alighted to new Blockchain projects. The results show that cybersecurity standards are not designed in close cooperation between the two major western blocks - US and EU. In addition, while the US is still leading in this area, the security standards for cryptocurrencies, internet-of-things, and blockchain technologies have not evolved as fast as the technologies have. The key finding from this study is that although the crypto market has grown into a multi-trillion industry, the crypto market has also lost over 70% since its peak, causing significant financial loss for individuals and cooperation’s. Despite this significant impact to individuals and society, cybersecurity standards and financial governance regulations are still in their infancy.</p>
An official transcript is a document that is produced by the registrar's office and that provides a complete representation of a student's academic record. Yet, an official transcript does not record any of the student's extracurricular activities despite the fact that such activities can shape the student's personal and professional development. It is usually the student's responsibility to keep a running log to document the attended events and the participated activities, their dates and locations, and the number of participants in such activities. These activities, not only improve the student's communications level, expand the learned skills, and develop the pursued interests, but also open the door to present an in-depth path of the student's professional and personal growth. However, students in general, have hard time documenting and providing proof of all of their extracurricular activities during their educational years. This project addresses and solves this problem and present an innovative, reliable, secure, and even portable (possibly across educational institutions) solution. Our solution encompasses a decentralized Web3 App (dApp), Ethereum smart contract and blockchain, and Metamask crypto wallet. The dApp registers the students' activities using tokens applied to smart contracts that are saved/inserted on the Ethereum blockchain. The student can then use the combination of Etherscan block explorer and the crypto wallet's public address, to provide a detailed and certified extracurricular transcript or log of the extracurricular activities participated in or attended. The extracurricular transcript could be requested by a recruiter or an employee of the human resources department as a part of the hiring process or a promotion.
In mid-2021, the term “Web3” suddenly exploded into the public consciousness. As people scrambled to figure out what it was—cryptocurrencies? blockchain? nonfungible tokens?—venture capital firms were pouring money into new startups, totaling over US $30 billion before the year was out.
A digital transformation is being undergone by the music industry, with key drivers of change such as streaming services and blockchain technology emerging. The potential of web3 and blockchain technology to disrupt the traditional music industry business model and create new opportunities for artists and creators is examined in this study. A case study of a web3-based music player and marketplace that allows audio content to be shared and monetized in the form of non-fungible tokens (NFTs) is presented. The potential of NFTs to revolutionize the way music is distributed, consumed, and valued is explored through analysis of the platform’s features and user feedback. The findings suggest that artists can be empowered and given greater control over their creative works, while also providing consumers with a more immersive and personalized listening experience through web3 and blockchain technology. The growing body of research on the intersection of music and blockchain is contributed to by this study, and has implications for the future of the music industry.
Depuis plus d'une décennie, les technologies blockchain et les cryptoactifs sont au cœur d'un changement de paradigme général. En rendant à l'utilisateur la propriété et le contrôle de ses actifs, de ses données et de la valeur qu'il crée dans l'univers numérique et en lui permettant d'en disposer comme il le souhaite en toute autonomie, « la crypto » nous fait basculer en quelques années vers le nouveau référentiel du Web3. Un référentiel dont la première brique, le bitcoin, a immédiatement posé les jalons de nouvelles modalités d'échange nativement numériques. Dans le présent article, nous peindrons le paysage de l'industrie française et européenne des cryptoactifs et dresserons le portrait de ses parties prenantes privées et publiques, ainsi que les travaux déjà accomplis afin d'appréhender et s'approprier cette innovation. Nous montrerons ainsi que si la France et l'Europe ont très tôt engagé le chantier réglementaire autour de ces nouvelles monnaies numériques, beaucoup reste à faire pour lever les freins à leur développement. Nous présenterons ensuite les trois formes de monnaies numériques – les cryptomonnaies, les stablecoins et les monnaies numériques de banque centrale – qui s'inscrivent chacune dans la transformation profonde en cours de l'économie et de la finance mondiales. Classification JEL : D02, O33.
Ian Seddon, Eric I. Rosenberg, S.K. Steven Houston
PURPOSE OF REVIEW: To summarize recent technological advancements in medical and surgical education and explore what the future of medicine might be as it relates to blockchain technology, the metaverse, and web3. RECENT FINDINGS: Through the use of digitally assisted ophthalmic surgery and high dynamic range 3D cameras, it is now possible to record and live stream 3D video content. Although the 'metaverse' is still in its early stages, there are a variety of proto-metaverse technologies that exist to facilitate user interactions that can mimic the real world through the use of shared digital environments and 3D spatial audio. Advanced blockchain technologies can allow for further development of interoperable virtual worlds where a user has an on-chain identity, credentials, data, assets, and much more that they can carry across platforms seamlessly. SUMMARY: As remote real-time communication becomes an integral part of human interaction, 3D live streaming has the potential to revolutionize ophthalmic education by removing traditional geographic and physical constraints of in-person surgical viewing. The incorporation of metaverse and web3 technologies has created new outlets for knowledge sharing that may improve how we operate, teach, learn, and transfer knowledge.
Reza Aria, Norm Archer, Moein Khanlari, Bharat Shah
This paper summarizes the work of many different authors, industries, and countries by introducing important and influential factors that will help in the development, successful adoption, and sustainable use of the Web3/metaverse and its applications. We introduce a few important factors derived from the current state-of-the-art literature, including four essential elements including (1) appropriate decentralization, (2) good user experience, (3) appropriate translation and synchronization to the real world, and (4) a viable economy, which are required for appropriate implementation of a metaverse and its applications. The future of Web3 is all about decentralization, and blockchain can play a significant part in the development of the Metaverse. This paper also sheds light on some of the most relevant open issues and challenges currently facing the Web3/metaverse and its applications, with the hope that this discourse will help to encourage the development of appropriate solutions.
The fervor for Non-Fungible Tokens (NFTs) attracted countless creators, leading to a Big Bang of digital assets driven by latent or explicit forms of inspiration, as in many creative processes. This work exploits Vision Transformers and graph-based modeling to delve into visual inspiration phenomena between NFTs over the years, i.e., the visual influence that can be detected whenever an NFT appears to be visually close to another that was published earlier in the market. Our goals include unveiling the main structural traits that shape visual inspiration networks, exploring the interrelation between visual inspiration and asset performances, investigating crypto influence on inspiration processes, and explaining the inspiration relationships among NFTs. Our findings unveil how the pervasiveness of inspiration led to a temporary saturation of the visual feature space, the impact of the dichotomy between inspiring and inspired NFTs on their financial performance, and an intrinsic self-regulatory mechanism between markets and inspiration waves. Our work can serve as a starting point for gaining a broader view of the evolution of Web3.