Promoting the sustainability of blockchain in web 3.0 and the metaverse through diversified incentive mechanism design

• Main Authors: Doe, Daniel Mawunyo, Li, Jing, Dusit, Niyato, Gao, Zhen, Li, Jun, Han, Zhu
• Other Authors: School of Computer Science and Engineering
• Format: Article
• Language: English
• Published: 2024
• Subjects: Computer and Information Science; Metaverse; Blockchain
• Online Access: https://hdl.handle.net/10356/173646
• Institution: Nanyang Technological University

This article explores the role of blockchains in the development of Web 3.0 and the Metaverse. The success of these technologies is dependent on the utilization of decentralized systems like blockchains, which can store and validate data on identities and reputations and facilitate the exchange of virtual assets. Full nodes, which store the entire blockchain state and validate all transactions, are essential for the decentralization and reliability of the network. However, operating a full node is resource-intensive and can be expensive. To tackle this challenge, we propose an incentive mechanism that utilizes contract-theoretic methods to economically motivate users to support the sustainability and growth of the blockchain network. Our contract design addresses the problem of information asymmetry (e.g., users' revenue-generating capabilities and efforts) between users and the blockchain network. Additionally, we recommend providing diverse incentives based on the user's revenue-generating capabilities and efforts to assist the blockchain network in funding incentives. Our experimental results demonstrate that our proposed mechanism increases the blockchain network's utility by 48.48\%-54.52\% and reduces the users' cost by 38.46\%-62.5\% compared with the state-of-the-art implementations such as Celo, Vipnode, and Pocket Network.