In starting any new effort, it is important to identify the goals of the project. Goals are important because they provide a focus for the most desired outcome. They are not necessarily the destination of a project, as there are a number of factors that may limit (or expand) the initial goals.
I am working on developing the standard for the next generation of declarative 3D graphics. The current version is called X3D. At this time that name I am using for this is X3D V4. Final naming is not up to me.