SEMINAR REPORT

ON
Web 3.0

AS A PARTIAL REQUIREMENT FOR THE DEGREE

OF

BACHELOR OF COMPUTER APPLICATION

(B.C.A.)

: SUBMITTED BY : : GUIDED BY :
155 - 2870 – Jemin Vasudevbhai Padsala Asst. Prof. Nayna N. Mistry
 INDEX

Sr no. Chapter Page No.

1. What is Web 3.0? 1

2. Key Features & Technologies 4

2.1 Decentralization

2.2 Open Source

2.3 Blockchain

3. Use Cases & Applications 6

4. Potential Benefits 9

5. Potential Challenges 11

6. When will be Web 3.0 released? 12

7. How can you prepare for Web 3.0? 13

8. Conclusion 15
 Web 3.0

1. What is Web 3.0?

Now let’s understand it in some details. So in the past Web 1.0, the Internet was used as a
newspaper in which people used to come on websites just read the content and go away, and
there are no interaction options with another user. This web pages only basic web pages that
contain content.

1
 Web 3.0

The Web 2.0 era began in 2006 and currently this is the present form of Web, which we are using
currently. In this Web 2.0, social media where people can interact, can make own content, can
click on the web pages like just one tap we can buy anything from the e-commerce sites. But this
is not the end!

Our future is Web 3.0 and the future is near. In today’s internet, only two-thirds of large
companies control the internet like Google controls 87% of search controls across the internet.
Facebook’s impressive statistics in 2022.
More than 77% of Internet users, about 3.59 billion people, are active on at least one Meta
platform. Facebook’s annual revenue grew by 2,203% over ten years. Last year, Facebook
earned
$117 billion, which constituted a 36% increase from 2020. But who gave them permission to rule
the internet?
The private data that they use for ads that are convenient according to our searches &
requirement but what about the Internet? In April 2021, Apple launched iOS 14.5 in which apps
are required to ask your permission when they want to track you across apps and websites owned
by other companies. And due to that Facebook lost $10 billion just because of that privacy
feature that is only in iPhones. And these are really huge numbers.
Web 3.0 describes the next evolution of the World Wide Web, the user interface that provides
access to documents, applications and multimedia on the Internet.
Web 3.0 is still being developed, so there isn't a universally accepted definition. Even the proper
spelling isn't nailed down between “Web3” and “Web 3.0”.
What is clear, is that Web 3.0 will place a strong emphasis on decentralized applications and
probably make extensive use of blockchain-based technologies. It will also use machine learning
and AI to empower a more intelligent and adaptive web.

2
 Web 3.0

One of the well-known crypto-currency Ethereum’s co-founder and creator of Polkadot & Kusama,
Gavin Wood had introduced Web 3.0. He said,
“Web3 is really sort of an alternative vision of the web, where the services that we
use are not hosted by a single service provider company, but rather they’re sort of
purely algorithmic things that are, in some sense, hosted by everybody. So it’s
like, it’s very peer to peer, right?... The idea being that all participants sort of
contribute a small slice of the ultimate service.”

3
 Web 3.0

2. Key Features & Technologies

Now it’s time to take a big step towards your own privacy and data. Web 3.0 has many
prominent differences compared to its predecessors, especially due to the fundamental structural
changes.

However, the key features of web3 have distinguished it as a formidable force in the future of the
internet. Here are some of the most notable Key Features of Web3 which establish the
significance of Web3 itself.

D – Decentralization
O – Open Source
B – Blockchain

 Decentralization:

Unlike the first two generations of the web, where governance and applications were largely
centralized, Web 3.0 will deliver applications and services through a distributed approach that
does not depend on a central authority. It means distributing the power that currently only large
companies have to distribute in Peer-to-Peer Network.

 Open Source:
Like Android is Open Source anyone can come and modify it so that it is the demand to make Web
3.0 Open-Source. Web 3.0 is almost entirely open source. In a decentralized web future, Titcomb
said, “open source is the standard again, that aspect of Web3 is very powerful.” And new crypto-
based finance mechanisms hold a promise of fixing the broken open-source funding model.

4
 Web 3.0

 Blockchain:

Blockchain technologies are another notable entry among top Web 3.0 features with the ability of
blockchain to introduce decentralization. As a result, Web 3.0 applications and systems could
provide the assurance of cryptographic security for user data. Most importantly, the assurance of
blockchain and decentralization could help in encouraging communication between software and
browser plugins.

5
 Web 3.0

3. Use Cases & Applications

Web 3.0 use cases are expected to draw heavily on the web’s emerging, AI-driven ability to
understand users’ intentions and preferences and tailor the content it delivers to them based on
personal data that the users control. Much of the content will be automatically curated and
delivered, saving companies time and money.

With blockchain at its foundation, Web 3.0 will enable new applications and services based on
blockchain technologies in active use today. They include the following:

 NFTs:

Non-fungible tokens (NFTs) are a type of unique cryptographic asset used to create and
authenticate ownership of digital assets. NFTs will be important in how things of value are
created and exchanged on Web 3.0.

 DeFi:
Decentralized finance (DeFi) is an emerging blockchain technology that could be the basis for
Web 3.0’s decentralized financial services. distribute the power that currently only large
companies have to distribute in Peer-to-Peer Network.

6
 Web 3.0

 Cross-chain Bridges:
Blockchains will be numerous in the Web 3.0 world, and enabling a degree of interoperability
across them is the purpose of cross-chain bridges.

 Cryptocurrency:

Cryptocurrencies like Bitcoin are blockchain-based digital currencies that use cryptography to
secure the processes involved in generating monetary units, conducting transactions and
verifying changes of ownership. Crypto will be the Web 3.0 coin of the realm, according to
supporters.

 dApps:
Decentralized applications (dApps) are open-source applications built on decentralized
blockchains. They can be augmented by others, with a record of such changes recorded on the
blockchain’s distributed ledger. There are already dApps for middleware, charitable donations
and social media platforms, among thousands of others.

 Smart Contracts:
A type of dApp, the smart contract is already the basis for emerging blockchain applications and
is expected to play a central role in Web 3.0. Smart contracts execute business logic in response
to

7
 Web 3.0

events. They are program code, not contracts in the legal sense their legal status has yet to be
determined in most jurisdictions but they are more responsive to changing conditions than
traditional contracts. They will be powerful Web 3.0 mechanisms for blockchain users and apps
to interact in trusted ways.

 DAOs:
DAOs could be the organizing entities that provide the structure and governance needed to make
a decentralized approach to Web 3.0 services practical.

8
 Web 3.0

4. Potential Benefits

Web 3.0 advantages and disadvantages are difficult to state confidently because most Web 3.0
components are new or still on the drawing board all of them hyped by supporters who tend to
leave out the disadventures. Nevertheless, here are some of the benefits you can expect from a
decentralized web governed by its users:

 Self-Governing:
Currently all website owners create rules for their users but in Web 3.0 reverse it. All users will
make their own decisions and set the rules too and may be there would be no more censorship.

 Anonymous Single Sign-on:

While visiting different sites We have to Register in it and have to enter the same data again &
again but in Web 3.0 will give us security that why to give your private sensitive data to every
site, every time and they will allow us to do anonymous Sign-in facility. Where we have to
create user once and you can visit any sites, you will be anonymous and that gives us to very
important security.

 Better Search:
Many times, while searching we have to be very particular or while using any voice assistant, we
have to use some particular sentence before commanding. Web 3.0 features want to make it more
natural.
We can search in Web 3.0 as if we are just talking with our Friends. Many studies say that
Metaverse will make it possible because we were having VR glasses, we will be in a different
virtual world. A completely different world, a completely digital world.
This is just not about us All the big organizations & companies focus more and more on so SEO
(Search Engine Optimization) and they pay too much for it. So in the searches their results will
always be at the top. But Web 3.0 this will be resolved every result will be genuine and natural.

 Personalized Browsing Experience:

In current time website interface are the same for everyone but the ads are convenient according
to our recent searches. And now think if you visit any website and it will automatically transfer
according to your preference & convenience. This is possible in Web 3.0.

 Uninterrupted Services:
Nowadays many big services like WhatsApp, Facebook, Amazon’s servers down frequently. Web
3.0 wants to solve this problem completely as it is based on Blockchain & Decentralization due to

9
 Web 3.0

which their services will be distributed. So if their one service is down but the data is distributed
so your service will not be interrupted.

Another expected advantage is that in current Web 2.0 you watch any YouTube video or visit any
sites in it there are too many ads by that ads ad provider & google will earn but you will not get
anything. But Web 3.0 believes that is the user is watching ads and giving time than he should
also be paid. One of the current example is Brave browser in it you can block the ads or you can
continue ads by this you earn token of brave browser and convert it into Cryptocurrency.

10
 Web 3.0

5. Potential Challenges
Now you’re wondering if Web 3.0 is this much better than why it didn’t come into the market
until now. But Web 3.0 has some serious potential disadvantages that enterprise leaders need to
know about. They include the following:

 Ownership Concern:
Jack Dorsey, former CEO of Twitter who had shown some of his concerns about Web 3.0 that the
any one website cannot be owned by too many owners. It cannot be decentralized. It must have
any one centralized owner or there can be some problems. And some of them are...

 Security and Regulation Issues:

If the internet will be decentralized than the regulation issue will come for sure and due to that
Cybercrime will not be controlled easily. And by hacking Securities, Blockchains &
Cryptocurrency exchanges will be the big threat.

 Complexity:
To provide all of this services & managing Decentralized networks it will be a challenge for
Creators.

 Technical Requirements:
Technology selection could be another challenge for companies trying to develop Web 3.0 apps,
tools for Blockchain, NFTs, Cryptocurrency & dApps are often resource-intensive and require
expensive hardware.

11
 Web 3.0

6. When will be Web 3.0 released?

Much of Web 3.0 is already here, as blockchain and its applications are increasingly becoming a
reality. Still, it took over 10 years to transition from Web 1.0 to Web 2.0, and most observers
expect it to take just as long, if not longer, to fully implement and reshape the web into Web 3.0.

Some of the web. 3.0 trends that have been on expert radars for a few years are bearing fruit.
Tokenization of web assets is already happening. Gartner predicts that 25% of will have
decentralized apps by 2024 but will wrap them inside centralized applications. Social media
companies, notably Meta, are beginning to offer metaverse content created by users. Major
brands including Starbucks and the NBA have started offering NFTs.

Separate semantic websites have been around for years in search engine optimization that
websites use to structure information so that search engines like Google can scan and summarize
their pages more accurately. Semantic webs are often geared to specific categories or functions,
such as products or employee skills, to help narrow the task of cataloging words.

Web 2.0 heavyweights, including Google, Meta and Microsoft, recently added blockchain
features to some of their products and labelled them “Web 3.0,” to capitalize on the Web 3.0
hype.

Nevertheless, predictions about the arrival of Web 3.0 are notoriously unreliable. Some optimists
expected it to be here 15 years ago. Given that its core technologies are still emerging and just
becoming practical, Web 3.0 is probably at least a decade away.

12
 Web 3.0

7. How can you prepare for Web 3.0?

The best way to get ready for Web 3.0 is first to acquire a basic understanding of its core
technologies, and then to gain experience working with long-standing web development
languages such as JavaScript, but also Rust, a newer language that is becoming popular for web
3.0 projects. Also, it is important to get familiar with the top blockchain platforms, including
Ethereum, Hyperledger Fabric and IBM Blockchain. Front-end development, such as user
experience and dApps design, is expected to be among the important Web 3.0 skills.

In addition, Web 3.0 tools for developing most of the key components are available and growing
in popularity. For example, Alchemy, Chainstack and OpenZeppelin help developers build
blockchain dApps, Cryptocurrency wallets and NFTs, while tools like Chainlink and Fluree are
geared to integration and data management. Others, including Casper, Ethernal and Solidity,
focus on smart contract development.

13
 Web 3.0

The heavy lifting that is so clearly needed to construct something as huge as Web 3.0 could turn
out to be a community effort spread across millions of contributors. If everyone does their part,
the future of the internet could finally look more like the symbiosis between people and the
global digital “brain” of collective knowledge that visionaries like Nelson and Berners-Lee had
in mind.

14
 Web 3.0

8. Conclusion

Web 3.0 is the next evolution of the Internet, often referred to as the “Semantic Web.” It aims to
provide a more intelligent and personalized web experience by utilizing machine learning,
artificial intelligence, and blockchain technology.

In Web 3.0, information will be organized and interconnected in a way that allows machines to
understand and interpret the meaning of data, rather than just presenting it as unstructured text.
This will lead to more efficient and accurate search results, personalized recommendations, and
enhanced security.

Moreover, Web 3.0 is expected to revolutionize the way we interact with technology and each
other. It will enable new types of decentralized applications that can operate without central
authorities and provide greater control and ownership of personal data.

Overall, Web 3.0 is an exciting and transformative concept that has the potential to reshape the
internet as we know it, providing a more intelligent, secure, and decentralized experience for
users.

 References:

 https://en.wikipedia.org/wiki/Web3

 https://coinmarketcap.com/alexandria/article/what-is-web-3-0

 https://www.investopedia.com/web-20-web-30-5208698

 https://openai.com/product/dall-e-2

 https://www.wpwebify.com/blog/how-to-prepare-yourself-for-internet-web-3-0/

Thank You !

15