A Novel Blockchain Based Information Management Framework for Web 3.0
- URL: http://arxiv.org/abs/2401.14420v1
- Date: Tue, 23 Jan 2024 12:34:02 GMT
- Title: A Novel Blockchain Based Information Management Framework for Web 3.0
- Authors: Md Arif Hassan, Cong T. Nguyen, Chi-Hieu Nguyen, Dinh Thai Hoang, Diep N. Nguyen, Eryk Dutkiewicz,
- Abstract summary: We propose a novel blockchain-based information management framework, namely Smart-based Web.
We develop an effective consensus mechanism based on Proof-of-Stake to reward the user's information contribution.
The findings confirm our theoretical analysis and demonstrate that our proposed consensus mechanism can incentivize the nodes and users to contribute more information.
- Score: 30.15143659169484
- License: http://arxiv.org/licenses/nonexclusive-distrib/1.0/
- Abstract: Web 3.0 is the third generation of the World Wide Web (WWW), concentrating on the critical concepts of decentralization, availability, and increasing client usability. Although Web 3.0 is undoubtedly an essential component of the future Internet, it currently faces critical challenges, including decentralized data collection and management. To overcome these challenges, blockchain has emerged as one of the core technologies for the future development of Web 3.0. In this paper, we propose a novel blockchain-based information management framework, namely Smart Blockchain-based Web, to manage information in Web 3.0 effectively, enhance the security and privacy of users data, bring additional profits, and incentivize users to contribute information to the websites. Particularly, SBW utilizes blockchain technology and smart contracts to manage the decentralized data collection process for Web 3.0 effectively. Moreover, in this framework, we develop an effective consensus mechanism based on Proof-of-Stake to reward the user's information contribution and conduct game theoretical analysis to analyze the users behavior in the considered system. Additionally, we conduct simulations to assess the performance of SBW and investigate the impact of critical parameters on information contribution. The findings confirm our theoretical analysis and demonstrate that our proposed consensus mechanism can incentivize the nodes and users to contribute more information to our systems.
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