China News Official TheBitTimes.com

As Web3 redefines digital interactions, the conventional legal system lags, underlining the need for a new on-chain legal mechanism. Web3 is poised to revolutionize digital interactions, but this innovation is moving faster than the conventional legal system can manage it. Unlike traditional infrastructures that rely on intermediaries, Web3 is powered by blockchain, and most rules are enforced by code. How should people build trust in decentralized, trustless systems without an on -chain legal system? While Web3 offers unprecedented opportunities, it also comes with unique challenges, one of which is Web3 conflict resolution. The legal challenges of Web3 Given the global and decentralized nature of Web3, conflicts could appear in many scenarios: criminal acts like hacks, scams, regulatory disputes and private law disagreements. These disputes can arise from interactions with centralized or decentralized exchanges, malfunctioning smart contracts or governance disagreements within de...

Web3 is struggling to shake off the connotations associated with Play to Earn. What needs to change in order to turn skeptics around? The world of crypto and Web3 is fast-moving, with new trends emerging all the time. However, the industry has a bit of a problem when it comes to public perception. Figures from Pew Research Center suggest that among Americans who have heard about cryptocurrencies, 75% are either not very or not at all confident in their safety and reliability. While there has been no shortage of innovation across this vibrant sector in recent years, some misconceptions have continued to stick. Nonfungible tokens (NFTs) hit headlines worldwide after rare pieces of digital art began changing hands for millions of dollars. This led to a narrative that all NFTs were expensive — but in actual fact, the average revenue per user stands at just $114.80. Away from eye-watering prices for CryptoPunks and Bored Apes, many crypto collectibles are being sold at far more affordable ...