Abstract:Blockchain technology has the potential to revolutionize industries by offering decentralized, transparent, data provenance, auditable, reliable, and trustworthy features. However, cross-chain interoperability is one of the crucial challenges preventing widespread adoption of blockchain applications. Cross-chain interoperability represents the ability for one blockchain network to interact and share data with another blockchain network. Contemporary cross-chain interoperability solutions are centralized and re… Show more
“…Phase 3 is similar to phase 2; however, the software developer chooses to list the distribution for 1.5 ETH, sets listing 1 as a dependency, and pays 0.3 ETH to the processors (trx [15][16]. For the weight estimation, four processors respond with an average of 33 (trx [17][18][19][20][21], and the developer rates three of them back (trx [22][23][24]. After the rating period passes, the fourth processors manually requests to unlock the account (trx 25).…”
Section: ) Add Listingmentioning
confidence: 99%
“…A reputation system is a technique to keep track of the behavior of entities in the blockchain network. For example, the most common reputation system performance measurement lets users rate each other after finalizing a transaction [21].…”
Software licenses are legal agreements of sale and usage among software developers and clients. Such legal agreements are crucial to effectively manage ownership and protect the rights of involved parties. Today's software licensing mechanisms are mostly centralized and do not address the ever-increasing issues and complexities of modern software that may include multiple licenses, open-source distribution, rewarding other contributors of external software libraries, and utilizing royalty payments for monetization. As a result, developers have lost confidence in the existing software licensing models, and many software projects are failing due to lack of funding and royalty payments. This paper addresses such issues and complexities by proposing a novel decentralized software licensing system based on Non-Fungible Tokens (NFTs) and blockchain. The proposed licensing system is applicable to both commercial and open-source software. We use NFTs as digital tokens that encapsulate software code and their artifacts by minting them as unique valuable assets that allow developers to store and manage them on a blockchain ledger. With NFTs, developers can register and license their code, monetize it on NFT marketplaces, and earn royalties from other software projects that use their code. We present system architecture, relevant sequence diagrams, and develop aggregation algorithms for Ethereum smart contracts with ERC-1155 NFTs. Furthermore, we perform functional validation of our system and analyze the cost of its adoption. We also analyze the security of the solution and show how its applicability can be generalized and extended. We have made our smart contract code and related testing scripts publicly available on GitHub.
“…Phase 3 is similar to phase 2; however, the software developer chooses to list the distribution for 1.5 ETH, sets listing 1 as a dependency, and pays 0.3 ETH to the processors (trx [15][16]. For the weight estimation, four processors respond with an average of 33 (trx [17][18][19][20][21], and the developer rates three of them back (trx [22][23][24]. After the rating period passes, the fourth processors manually requests to unlock the account (trx 25).…”
Section: ) Add Listingmentioning
confidence: 99%
“…A reputation system is a technique to keep track of the behavior of entities in the blockchain network. For example, the most common reputation system performance measurement lets users rate each other after finalizing a transaction [21].…”
Software licenses are legal agreements of sale and usage among software developers and clients. Such legal agreements are crucial to effectively manage ownership and protect the rights of involved parties. Today's software licensing mechanisms are mostly centralized and do not address the ever-increasing issues and complexities of modern software that may include multiple licenses, open-source distribution, rewarding other contributors of external software libraries, and utilizing royalty payments for monetization. As a result, developers have lost confidence in the existing software licensing models, and many software projects are failing due to lack of funding and royalty payments. This paper addresses such issues and complexities by proposing a novel decentralized software licensing system based on Non-Fungible Tokens (NFTs) and blockchain. The proposed licensing system is applicable to both commercial and open-source software. We use NFTs as digital tokens that encapsulate software code and their artifacts by minting them as unique valuable assets that allow developers to store and manage them on a blockchain ledger. With NFTs, developers can register and license their code, monetize it on NFT marketplaces, and earn royalties from other software projects that use their code. We present system architecture, relevant sequence diagrams, and develop aggregation algorithms for Ethereum smart contracts with ERC-1155 NFTs. Furthermore, we perform functional validation of our system and analyze the cost of its adoption. We also analyze the security of the solution and show how its applicability can be generalized and extended. We have made our smart contract code and related testing scripts publicly available on GitHub.
“…The emergence of blockchain technology provides new means for solving the problems of data security and third-party trust faced by existing fields [ 28 ]. Once the concept of blockchain is proposed, it has attracted the attention of experts and researchers from all walks of life, and has been applied to finance [ 29 ], Industry 4.0 [ 30 ], electronic medical records [ 31 ] and other fields.…”
“…Risks and disadvantages do not only concern the chance of technology malfunction but also threats to the decentralization concept itself. Similarly, as to how oracles reintroduce the concept of trust and centralization in decentralized ecosystems [65], the issuance of tokens managed by centralized and trusted entities also undermines ecosystem decentralization [66]. Although pegged to the same value, the chance of having an untrusted copy of a trustless token should be considered when evaluating the advantages of interoperability obtained through wrapped tokens [67].…”
Blockchains are traditionally blind to the real world. This implies reliance on third parties called oracles when extrinsic data are needed for smart contracts. Oracle implementation, however, is still controversial and debated due to the reintroduction of trust and a single point of failure. The blindness to the real world also makes blockchains unable to communicate with each other, preventing any form of interoperability. This limitation prevents, for example, liquidity held in Bitcoin from flowing into DeFi applications. An early approach to the interoperability issue is constituted by “wrapped tokens”, representing blockchain native tokens issued on a non-native blockchain. Similar to how oracles reintroduce trust and a single point of failure, the issuance of wrapped tokens involves third parties whose characteristics need to be considered when evaluating the advantages of “crossing-chains”. This paper provides an overview of the available wrapped tokens and the main issuing procedures. Benefits, limitations, and implications for trust are listed and discussed.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.