Doesn't the whole blockchain world with things like Smart Contracts and Ricardian Contracts constitute the web 3.0 as most would envision it?
There no a generally accepted opinion what Web 3.0 is, but our vision is based on the idea of Tim Berners-Lee's Semantic Web. According to him, the web had to be semantic from the beginning. Thus, in fact, this kind of web is v1.0
What exactly does your concept contribute to the existing tools and infrastructures that are being built right now?
So, if we take the PC analogy, I'd say
Blockchain = HDD
Smart contracts = Code, programs
Semantic web (our goal) = Data. Machine-readable information that can be processed automatically.
I understand what you are saying but as I said, the Ricardian Contract from Ian Grigg aims to provide exactly that: semantics. Machine readable computer code that reflects real world events as closely as possible or even perfectly. Your project might help to push that vision further down the long road it has in front of it.