UROP Proceedings 2022-23

School of Business and Management Department of Information Systems, Business Statistics and Operations Management 183 On Identifying Web3 Business Opportunities and Challenges Supervisor: LEE, Dongwon / ISOM Student: SHI, Boqing / QSA Course: UROP1000, Summer Smart contract security issues have been a hot topic of debate in the blockchain industry ever since Ethereum was first introduced. Embedded in lines of code and implemented on a blockchain, smart contracts are selfexecuting contracts. While immutability, transparency, and automation are just a few of the advantages that smart contracts provide, if they are not carefully constructed, they can also create new attack surfaces. This report summarizes my investigation into smart contract security issues and my suggestions for how to strengthen security procedures. I delve into typical flaws such as code vulnerabilities, malicious inputs, onchain interactions, and governance problems that have led to many of the biggest smart contract attacks to date. I discuss the optimal techniques for secure smart contract development and assess the current auditing practices. All practitioners in the sector must become knowledgeable about the dangers and mitigations associated with smart contracts as the usage of blockchain technology increases. On Identifying Web3 Business Opportunities and Challenges Supervisor: LEE, Dongwon / ISOM Student: SHI, Qingqing / ECOF Course: UROP1100, Fall Web3 is now a well-deserved hot track. In the first six months of 2022 alone, global encryption projects and companies have completed 1199 rounds of financing, raising $30.3 billion, surpassing last year's achievements. Due to the conservative environment and strict regulations on cryptocurrency, some people believe China has nothing to do with Web3's prosperity, which may not be true. In this report, we will discuss the current situation of Web3 in China and the unique 'Chinese' advantage compared with western countries. The report consists of two parts: 1. China's Web3 ecosystem 2. Comparison between China (BAT) and the US (FAANG)