Web 3.0 Blockchain Final Report2 PDF
Web 3.0 Blockchain Final Report2 PDF
1.INTRODUCTION
Today, practically every program we use is a centralized database, which implies that anybody
with access to the database might tamper with the data and possess our personal
information, including our interests, transactions, browser history, search habits, and other
information. As users of these programs, we have no idea who is receiving or purchasing our
data, and selling our personal information without our knowledge is immoral in and of itself.
The decentralized database used by Web 3.0 and Blockchain ensures complete transparency of
all transactions made through the blockchain. Because each block contains data, a previous
hash, and a hash of a previous block, tampering with the blockchain is virtually impossible.
Web 3.0 and Blockchain do not implement the conventional client-server model. The most
popular idea in modern technology is known as Web 3.0, which is the web or the web service
with a twist in that it doesn't work with the conventional client-server architecture but rather
relies on a decentralized internet powered by blockchain technology. Ithas developed into three
phases, namely Web 1.0, Web 2.0, and Web 3.0, when we talk about it
generally.Blockchain technology facilitates the decentralized transfer of digital currency or
assets from one person to another, negating the need for a specialized centralized database to
keep track of individual transactions. Additionally, every transaction in a block is linked to
another block that provides the block's hashed address.In order to create smart contracts, which
are essentially a set of rules similar to those found in a typical paper contract between two
parties but are entirely digital in nature, Krypt used Solidity as its primary programming
language. Krypt is an application built on the two core technologies of Web 3.0 and Blockchain
with the use of this application,ether may be sent anywhere in the globe with title to no
transaction costs.Consider the case of a Bank XYZ.Acting as an intermediary between two
people who want to transfer money or assets. The Bank XYZ changes them with a fixed
amount of fees that can range from 5% to 10%, and this application emphasizes the reduction
or elimination of intermediaries between people while ensuring complete transparency, and
maximum security provided by Metamask.
2. LITERATURE SURVEY
Despite the fact that crypto currencies are quite popular, block chain technology is not
just used for crypto currencies. Decentralized applications (Dapps) are developed and
deployed often using blockchain technology. Dapps are employed in a variety of fields,
including music, finance, healthcare, gambling, and real estate. There were 3036
decentralized applications (Dapps) in total as of the end of 2021, however only 1820 of
them were actively used. Researchers inferred that the sector is still in its early stages
and has lots of room to develop from these statistics.
Block chain is essentially a network built on trust that completely transparently
decentralizes data storage and transport, allowing everyone in the network to see and
keep track of transactions and data transfers. A block chain is a digital ledger of
transactions that stores every transaction in the form of locks. Each block in the chain is
connected to the one before it, and the preceding block's hash code is passed on to the
one after it, making it nearly difficult to modify the data in the blocks. Once everyone
has been given permission and confirmed, anybody can add a new block to the network,
making it difficult for anyone to alter the contents or hack the block.
According to ground-level research, smart contracts carry out transactions by taking into
account straightforward scenarios like "if," "when," and "then" and acting accordingly.
Smart contracts support applications by supporting features like efficiency and accuracy,
trust and transparency, security, and savings. In 2014, Vitalik Buretin, Anthony di lorio,
Charles Hoskinson, Mihai Alisie, and Amir Chatrit were five of the founders that created
Ethereum. With the aid of the Metamask wallet, the Ethereum blockchain platform
securely identifies and runs application code, also known as smart contracts, over a peer-
to-peer network. Ethereum operates on a decentralized way of data storage.
These literature reviews created an application that uses the blockchain's metamask to
allow ether transfers from one person to another by utilizing the strong qualities of each
technology.
The most touted and popular term in technology is "web 3.0." Web 3.0 is an online or web
service, but with a twist: It uses blockchain technology to function on a decentralized
internetrather than the old client-server model.
3.1.WEB 1.0
Web 1.0 refers to the 1st stage of the world wide web evolution
Static websites were read-only, meaning there was no interaction between users
andthe website throughout the initial generation of web technology.
For the first time, businesses began to use the internet extensively. Around the
1980s,Web 1.0 began to take shape.
Web 1.0 was all about fetching and reading information
In web 1.0 advertisements on websites while surfinf the internet are banned
3.1.WEB 2.0
2004 when the word web 2.0 become famous due to the first web 2.0 conference held
by tim O’Reilly
We 2.0 was the enhanced version of Web 1.0. it contained both read only write only
capabilities, allowing users to alter the information on webpages
Gave the social web a platform, Made blogs Wikipedia , social networking, and video
streaming popular
Web 2.0 is all about reading,writing,creating and interacting with the end user.
Web browser technologies are used in web 2.0 development and it includes AJAX and
javascript framework
3.3.WEB 3.0
Web 3.0 is a component of the internet that is still developing and functioning. It
enables read-write-execute functions and, with the aid of artificial intelligence and
machine learning, is capable of effortlessly interpreting data in the same way that
people do.
It uses Semantic Searching, Knowledge Bases, Artificial Intelligence, Machine
Learning, IOT, and machine to machine communication. Earlier in the Web 1.0 and
Web 2.0, Search engines used to deliver results sites where the Keywords are
present.
Advantages
1.Decentralization: Unlike Web 2.0, which is dominated by centralized platforms, Web 3.0
relies on decentralized networks. This reduces reliance on single entities, decreasing the risk of
censorship and control by a few major corporations.
2.Enhanced Privacy: Web 3.0 leverages technologies like blockchain to give users more
control over their data. Instead of storing personal information on centralized servers, users can
manage their data more securely and privately.
3.Data Ownership: In Web 3.0, users can have true ownership of their data. Blockchain
technology enables users to control, monetize, and share their data on their terms, rather than
relinquishing it to third-party platforms.
4,Interoperability: Web 3.0 aims to create a more interconnected web where applications
and services can work seamlessly together. This is made possible through standard protocols
and open-source technologies that facilitate data exchange and integration across platforms.
5.Smart Contracts: These self-executing contracts with the terms of the agreement written
directly into code enable automated, transparent, and secure transactions without the need for
intermediaries. They can be used in various applications, from financial transactions to supply
chain management.
6.Increased Security: The decentralized nature of Web 3.0 makes it harder for attackers to
compromise the system. Blockchain’s cryptographic techniques add an extra layer of security,
reducing the risk of data breaches and fraud.
4.INTRODUCTION TO BLOCKCHAIN
Stuart Haber and W. Scott Stornetta, two research scientists, were the first to address the
Blockchain Technology. They aimed to present a computationally effective and practical
solution employing cryptography for time-stamping digital documents so that they could
not be altered or backdated. Satoshi Nakamoto further developed the principle of
distributed blockchains in 2008. The concept was changed by Satoshi Nakamoto so that
further blocks may be added to the Genesis Block without needing to be signed by the
trusted parties.
Genesis Block
Figure.01
1. Immutable:
This implies that regardless matter how many transactions are added to theblockchain,
the ledger can never be modified or altered.
2.Ledger:
This is a continuously expanding file.
3.Perpetual:
After a transaction is added to the blockchain, it may be permanently stored inthe
blockchain ledger.
4.Chronological:
All transactions are kept sequentially.
5.Guaranteed:
Every transaction on the blockchain is securely locked using cutting-edge
cryptographic methods.
NEED
Unchangeable OF Collaboration
Transactions
BLOCKCHAIN
Reliability
Decentralized
Figure.02
Security: A hash code is used to link each new block in a chain to the
precedingones. Several algorithms, including
1. Proof of work
2. Proof of stake
3. Evidence of time passing
4.PBFT, which makes altering the data in the blockchain almost difficult.
Decentralized: Unlike the conventional centralised database, the data are not under the
control of a single entity. The standards and regulations that govern how nodes
exchange blockchain information guarantee that every transaction is verified and
added to the block one by one.
5.SMART CONTRACTS
Nic Szabo, a computer scientist, legal scholar, and well-known cryptographer, originally
used the phrase "Smart Contract" in 1997. Contracts in the physical world and smart
contracts are same. They are entirely digital; in reality, a smart contract is a little
computer program that is recorded inside the blockchain. This is the only distinction.
Smart contracts are self-executing computer programs that use lines of code to represent
the terms of the buyer and seller's agreement. Smart contract transactions are visible,
traceable, and irreplaceable.
6.DECENTRALIZED APPLICATIONS
The word "application," which refers to software, is one that the majority of us are familiar
with. A software application is a piece of software that carries out a certain set of tasks to
achieve a particular purpose. There are currently millions of software programs in use, the
most of which are based on the classic centralized client-server paradigm, meaning that all
the data saved in the database has an owner and is under constant watch.
Figure.03
The most popular and widely used software models nowadays are centralized databases.
This indicates that each user is reliant on a single entity to deliver and receive
information. Insteadof being performed by a single entity, the computation is split up into
several nodes in the decentralized model of data storage. In this model, no node gives
instructions to any other node to carry out any task, and the user can rely on any network
in the network for any computations or operations. As a time-stamped public ledger, a
system may be both distributed and decentralized . Many academics are still testing new
features in the dapp sector, which is continually undergoing evolution.
Objective Setting: Identify the specific goals of implementing Krypt Web 3.0
technology. These might include enhancing transparency, automating processes,
reducing costs, or improving data security.
Scope Definition: Determine the scope of the project, including the applications to be
developed, the business processes to be transformed, and the expected outcomes.
Technical Feasibility: Assess whether existing technology can support the deployment
of Krypt Web 3.0 blockchain solutions. This includes evaluating Ethereum network
capabilities, smart contract functionality, and integration with other systems.
Economic Feasibility: Analyze the cost implications, including development,
deployment, and maintenance expenses, and compare them with potential benefits.
Regulatory Feasibility: Ensure compliance with relevant regulations and industry
standards. This may involve understanding data privacy laws, financial regulations, and
other legal requirements.
Deployment: Launch the blockchain solution on the Ethereum network. This includes
deploying smart contracts, setting up nodes, and ensuring network stability.
Implementation: Roll out the solution to users, providing training and support as
needed. Ensure smooth integration with existing systems and processes.
Monitoring: Continuously monitor the blockchain network and smart contracts for
performance, security, and compliance. Use monitoring tools and dashboards to track
transactions, node health, and network activity.
Maintenance: Perform regular maintenance tasks, including updating smart contracts,
managing node upgrades, and addressing any issues or vulnerabilities that arise.
Scaling: Plan and implement strategies for scaling the blockchain solution to handle
increased transaction volumes or additional use cases. Consider options like layer 2
solutions or network upgrades.
Innovation: Stay informed about advancements in blockchain technology and Web 3.0.
Explore new features, tools, and approaches that can enhance the solution and drive
further business value.
8.1.Components:
2. Application Layer
Smart Contracts: Self-executing contracts with the terms directly written into code.
Decentralized Applications (dApps): Applications running on the blockchain.
Nodes: Computers running the Ethereum client software, maintaining the blockchain.
Consensus Mechanism: Protocol (like Proof of Stake or Proof of Work) ensuring all nodes
agree on the state of the blockchain.
Private Blockchain (if applicable): A restricted network for enterprise-specific use cases.
4. Data Storage
On-Chain Storage: Data stored directly on the blockchain, such as transaction records and
smart contract states.
Off-Chain Storage: Data stored outside the blockchain, such as files and large datasets,
often referenced by smart contracts.
5. Integration Layer
APIs: Interfaces for integrating blockchain functionality with existing systems and third-
party services.
Interoperability: Protocols and tools for interaction with other blockchain networks and
systems.
6. Security Layer
Monitoring Tools: Systems for tracking blockchain performance, node health, and
transaction activity.
Maintenance Services: On-going support and updates for the blockchain network and smart
contracts.
Figure 04
1. Enhanced Security
4. Cost Savings
User Sovereignty: Web 3.0 technology allows users to control their own data and digital
identities, reducing reliance on centralized entities that collect and manage personal
information.
Selective Disclosure: Users can selectively share data or information with parties,
enhancing privacy and reducing the risk of data misuse.
Global Reach: Blockchain technology facilitates access to financial services and digital
applications for individuals in regions with limited access to traditional banking and
services.
Decentralized Applications: Web 3.0 enables the creation of decentralized applications
(dApps) that can operate without central control, fostering innovation and inclusivity.
Consistency: The distributed ledger ensures that all participants have access to the same
version of the data, reducing discrepancies and data manipulation.
Fault Tolerance: The decentralized nature of blockchain networks enhances fault
tolerance and reliability, as the system continues to operate even if some nodes fail.
8. Enhanced Interoperability
10. APPLICATIONS
1. Decentralized Finance (DeFi): Platforms for lending, borrowing, and trading without
intermediaries. Examples include decentralized exchanges and yield farming.
2. Non-Fungible Tokens (NFTs): Digital collectibles, art, and music can be tokenized,
allowing for ownership and provenance verification on the blockchain.
3. Decentralized Autonomous Organizations (DAOs): Community-governed organizations
that operate through smart contracts, allowing members to vote on proposals and decisions.
4. Supply Chain Management: Transparent tracking of goods from production to delivery,
enhancing trust and accountability in supply chains.
5. Identity Verification: Self-sovereign identity solutions that allow individuals to control
their personal data and share it securely.
6. Gaming: Play-to-earn models and in-game asset ownership through blockchain, allowing
players to trade or sell their assets.
7. Social Networks: Decentralized platforms where users control their data and content, often
rewarding participation with tokens.
8. Healthcare: Secure sharing of patient data and medical records, improving privacy and
interoperability among healthcare providers.
9. Energy Trading: Peer-to-peer energy trading platforms that enable individuals to buy and
sell excess energy generated from renewable sources.
10. Real Estate: Tokenization of property, allowing fractional ownership and simplifying
transactions through smart contracts.
11. Crowdfunding: Blockchain-based platforms for raising funds, providing more transparency
and accessibility for investors.
12. Education: Credential verification and decentralized learning platforms that allow learners
to earn and showcase their achievements securely.
11.CONCLUSION
Although WEB 3.0 still evolving and under development we all can witness the caliber the
smartness and power of it through its applications. Krypt is a ether transfer application in order
to avoid the intermediate charges that would be applied on them. For example consider the
banking application where an individual transfers money or any kind of asset to another
individual through bank as broker media which applies some kind of additional charges on your
personal transactions which would be treated as non-transparent data in therecords. Therefore to
tackle this problem krypt comes with a decentralized solution where each transaction is secured
in the blockchain in transparent manner and with the help of smart contracts. Web 3.0 and
blockchain provides an immense level of security to transactions as each block of blockchain is
connected to its previous block hash code, if any one wants to fiddle with the transaction data
then he must change the entire hash code of the block, suppose there are 10000000 transactions
stored on a network, it would take minimum of 7 to 9 minutes to change one single block in that
sense it would take 171.11 years just to change 1 network which makes it impossible. These
kind of decentralized applications are are called dapps some of the applications charges very
minimal amount of transaction fees, Decentralized applications are smart enough to keep the
transactions tansparent and secure and can overcome the brokerage charges in all sectors in
future.
12.REFERENCES
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