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Currently, the Internet of Things (IoT) is connected to the virtual world through the Web of Things (WoT), allowing efficient utilization of real-world objects with Internet technologies. The WoT facilitates abstract interaction between applications and connected IoT devices, allowing owners to switch between devices while using multiple ones. To achieve this, virtual assets in WoT devices can be tokenized through smart contracts and transferred using hashed proof as transactions within blockchain networks that support virtual currencies. The goal of Web of Things is to establish connectivity, interoperability, and integration among IoT devices using web standards and protocols, reducing reliance on device manufacturers. This enables easy integration of Web 3.0 cryptocurrency for device management. This study proposes a solution for WoT applications involving different cryptocurrency definitions. Finally, simulation results are presented to demonstrate the tokenization-based ownership transfer in the Web of Things.
After creating a new blockchain transaction, the next step usually is to make miners aware of it by having it propagated through the blockchain’s peer-to-peer network. We study an unintended alternative to peer-to-peer propagation: Exclusive mining. Exclusive mining is a type of collusion between a transaction initiator and a single miner (or mining pool). The initiator sends transactions through a private channel directly to the miner instead of propagating them through the peerto-peer network. Other blockchain users only become aware of these transactions once they have been included in a block by the miner. We identify three possible motivations for engaging in exclusive mining: (i) reducing transaction cost volatility (“confirmation as a service”), (ii) hiding unconfirmed transactions from the network to prevent frontrunning and (iii) camouflaging wealth transfers as transaction costs to evade taxes or launder money. We further outline why exclusive mining is difficult to prevent and introduce metrics which can be used to identify mining pools engaging in exclusive mining activity.