RIPHAH INTERNATIONAL

UNIVERSITY
Department of Computing (BSCS)
Submitted by
M Zunair Khan
SAP ID : 8644

Subject: Blockchain Technology

Instructor: Sir Mudasser Rehman
Assignment 2
Question: What do web 2.0 web 3.0 mean? Which one is better? (web3
benefits, Misconception etc)

Answer: Web 2.0:

Web 2.0 are websites and applications that make use of user-generated content for
end-users. Web 2.0 is characterized by greater user interactivity and collaboration,
more pervasive network connectivity and enhanced communication channels. Web
2.0 encouraged collaboration and interaction among users in P2P transactions,
thereby setting the stage for e-commerce and social media platforms.
Apart from the favorable implications of interoperability, interactivity, and
usability, web 2.0 also fosters interoperability across various services. Another
important highlight about Web 2.0 in the Web 2.0 and Web 3.0 differences would
refer to web browser technologies. AJAX and JavaScript have emerged as
formidable instruments for the creation of web 2.0 websites.

Web 3.0:

Web 3.0 is a Semantic Web. This means that rather than just searching for content
based on keywords or numbers, we can use AI to understand the semantics (i.e.
meaning) of the content on the web. This would allow machines to understand and
interpret information like humans (instead of like machines). The main purpose of
the Semantic Web is to enable users to find, share and combine information more
easily.

Benefits of web 3.0:

1. Ownership of Data. You will be able to pick what information you want to
share with businesses and advertising agencies, and you will be able to profit
from it.
 2. Fewer intermediaries. There will be few, if any, central governments that
receive a portion of the profits generated by electronic transactions.

3. Transparency. All stakeholders will be aware of the value and commerce

with which they are linked at all times.

4. Efficient information access and connecting. The semantic web will aid
in the betterment of internet data connection.

5. Web-surfing experience that is tailored to you. Websites will be better

equipped to detect our preferences, resulting in a more customized internet
browsing experience.

6. Services that are not disrupted. Data will be saved on distributed nodes in
Web3.

7. Improved Marketing. Sellers would be able to better grasp the buying

wants if they used AI-powered Web3.

Misconception of web 3.0:

 Users will need a VR helmet to access the metaverse. ...

 Metaverse is owned by Facebook? ...
 The metaverse is a new technology. ...
 Web 3.0 is itself a myth. ...
 Web 3.0 will be the only way to connect to the Internet. ...
 The metaverse is mainly for gaming and has no real-world utilities.
Q no 2: Explain the Comparative Analysis Block Chain Consensus
Algorithms.

Answer: Proof of work is a competition between miners to solve cryptographic

puzzles and validate transaction in order to earn block rewards. Proof of stake
implements randomly chosen validators to make sure the transaction is reliable,
compensating them in return with crypto. Each choice has unique advantages and
disadvantages.

Proof of work requires a significant amount of energy to verify transactions. Since

the computers on the network must spend a lot of energy and operate a lot, the
block chain is less environmentally friendly than other systems.

Proof of Stake (PoS) Consensus Algorithm:

The PoS consensus algorithm was created in 2011 as an alternative to PoW.

Although PoS and PoW have similar objectives, they present some fundamental
differences and features, especially during the validation of new blocks on the
block chain network. The Proof of Stake (PoS) consensus algorithm differs with
the PoW mining consensus with a mechanism where blocks are validated based on
the stake of the network participants

Proof-of-Activity (PoA) Consensus Algorithm :

Since PoA can be considered as the combination of proof of stack (PoS) and proof
of work (PoW), PoA modifies the solution for PoS. If any miner wants to commit
some transactions in a block as to mine a new block, then if that miner wants to
commit that mined block into the database, and then most of every node sign the
block for validation
Proof-of-Elapsed Time Consensus Algorithm :

(PoET) PoET algorithm suggests some common steps to select the miner that
which would mine a new block. Each miner that had mined the prior block had
waited for random time quantum to do so. Any miner which is proposing any new
block to mine should wait for the random moment of time, and it will be easy to
determine whether any miner which is proposed for the new block to mine has
waited for some time or not by making a determination that a miner has utilized a
special CPU instruction set

Practical Byzantine Fault Tolerance (PBFT) :

PBFT algorithm concerns when one or more node in any network becomes faulty
and behave maliciously that result in improper communication among all nodes
connected to that network. Such things result in a delay in functioning, whereas
time is a very serious concern as we already are working in an asynchronous
system where if at least one fault occurs, then it would be impossible to solve the
consensus problem. It will also generate discrimination in responses of various
nodes. PBFT works for the permissioned model.