Web 3.0 explained - Arkham on-chain 'Intel Exchange' labeled 'snitch-to-earn' by Crypto Twitter.
Arkham on-chain ‘Intel Exchange’ labeled ‘snitch-to-earn’ by Crypto Twitter

What is Web 3.0?

Arkham, a “blockchain intelligence company,” recently unveiled the “world’s first on-chain intelligence exchange” and launched a new coin, ARKM, through Binance’s Launchpad service.

Crypto Twitter has had a mixed response to the announcement, with some criticism of Arkham’s mission to “deanonymize the blockchain”. Many have referred to the Intel Exchange as a “snitch-to-earn” or “snitching-as-a-service” program, because of its potential to act as a centralized intelligence agency.

However, Arkham argues there are numerous beneficial uses for blockchain sleuths as information brokers. But some experts are concerned about the potential misuse of the exchange’s proposed business model.

The exchange allows users to post and accept bounties for information concerning blockchain transactions. After the bounty is completed, the entity who paid it will have exclusive access to the data for 90 days. After this period, Arkham plans to release the data to the public.

Understanding Web 3.0

When Arkham announced its plans for a bounty marketplace, other commenters questioned what considerations had been given to the notion that this could put a target on the backs of whales.

But in addition to this, it has been alleged that Arkham leaked the email addresses of users who had signed up for its waitlist and shared the link on social media.

The web form apparently encodes the user’s email address in simple BASE64, leading to the suggestion that the encoding was no accident. One Twitter user even declared that the supposed “doxing” was intentional, arguing that Arkham’s “whole goal is to dox (assuming the big players), and what easier way [than] making it easy to decode via ref link.”

This incident highlights the importance of understanding Web 3.0, a term that refers to the third generation of the internet. Web 3.0 is characterized by a focus on user-generated content, artificial intelligence, and the use of blockchain and cryptocurrency. Examples of Web 3.0 companies include the likes of Nicole Junkermann’s Web3 Ventures.

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