While you may be still struggling to comprehend Web 3, Former Twitter executive Web 5 was, in fact, conceptualized by Jack Dorsey. The concept of “Web 5: The Decentralized Web Platform” was introduced by Jack Dorsey on Twitter and in person at the Web 3 festival as a new cryptocurrency project.
At CoinDesk’s Consensus Festival at Austin, Texas, The Block Head or TBD, the Bitcoin-focused subsidiary of Dorsey’s Block (formerly SQ), unveiled its new vision for a decentralized internet layer on Friday. Former Twitter CEO Jack Dorsey termed the new platform Web 5, a combination of Web3 and Web 2.0, based on the Bitcoin blockchain.
“Building an extra autonomous web that puts you in charge of your data and identity,” is the stated goal of The BlockHead, the Bitcoin business company of former Twitter CEO Jack Dorsey.
Web 3 Web 5 is officially launched by Jack Dorsey: Web 5 enables developers to concentrate on building enjoyable customer experiences whilst restoring the data value and the Identities of people.
Further Information Related To Web 5
While Web 5’s monetary layer will be constructed based on Bitcoin, the other technologies supporting Web 5 are derived from diverse encryption and computer science disciplines. In a statement released with CoinDesk, TBD said: Individuality and private details have come to become the owner of other parties.
Individual applications benefit from decentralized identification and storage provided by Web 5. It enables developers to focus on developing attractive user experiences while leaving control of data and Identification to users.
Although TBD’s new project was unveiled on Friday, there is no set timeline for its release since it is still under open source development. Similar to Web 3, Web 5 will enable direct user-to-user communication. This, in theory, means no threat from state censorship or centralized service outages, among other purported advantages.
Decentralized identities will be provided as part of Web 5, so that users may migrate from program to program with ease. Retiring “access control of data and identity to people” has been the objective of former Twitter CEO Jack Dorsey. He recently announced his proposal for a new autonomous online platform termed Web 5.0. Are there any significant differences between web 3.0 and web 2.0?
Difference Between Web 1.0, Web 2.0, and the Current Web 3.0?
When it came to digital communications, Web 1.0 was the first generation. It is common to refer to the Internet as a “read-only” one since it only permitted passive engagement via the use of static web pages.
The “read and write” Internet would be the next phase in establishing the web. It was possible for users and administrators to interact which gave birth to the social media we know today. This is the web that we presently use.
Defined as “read-write-execute,” Web 3.0 alludes to the next version of the Network based on independence and a “read-write-execute” approach. With blockchain technology, individuals may connect with one another with no need for a middleman in a digital world. Artificial Intelligence (AI) and machine learning will be the driving forces behind Web 3.0, enabling computers to understand data in the same way people do.
What Do You Understand by the Term “Web 5.0”?
TBH’s Bitcoin business unit, Online 5, wants to develop an additional decentralized web that gives you in charge of your personal information and identity, according to the project’s website.
The TBH explains on its website that the internet has “democratized information interchange, but it lacks a vital layer: identification. With so many accounts and passwords to remember, it’s hard to keep our personal information secure. Individuals’ online identities and private details are increasingly regarded as the property of other parties.
Users will have the capacity to ‘manage their identity on the Internet and protect their personal data when Web 2.0 and Web 3.0 are integrated into Web 5.0, according to this description.
Both Web 3.0 and Web 5.0 envision an Internet that is free of censorship, both from governments and from big tech, and that is also free of significant outages. When asked about the distinctions between Web 5.0 and Web 3.0 on Twitter, Dorsey defended Web 3.0 by claiming that it is not genuinely distributed or owned by its users, but rather is under the hands of numerous “investment firms and limited partners”.
What Are The Potential Applications of Web 5.0?
The TBT website presents two examples of how Web 5.0 will affect the world.
According to its contents, Alice has a digital wallet in which her identification, information, and authorizations for third-party apps and connections are all safely stored. To access a new decentralized social networking platform, Alice logs in with the help of her money.
This means that Alice doesn’t have to establish a profile, and all of the connections she makes using this app are saved in her decentralized web node, so she doesn’t have to worry about losing them. Previously, Alice couldn’t move between applications without losing her social profile, but now she can.
Bob, a music aficionado, is an example of a customer who dislikes having his personal information tied to a single vendor since it requires him to repeat his playlists and songs again across numerous music applications.
Thanks to Bob’s decentralized web node, we can escape this maze of vendor-locked silos. “Bob can now access his own settings and preferences on whatever music app he wants, no matter where he is,” the article continues.
Description of Web 5 Technology
The Web 5 platform will allow individuals to “control their data” and “manage their identity.” Each of these use cases will be met by the usage of wallets as well as distributed web nodes and autonomous web applications (DWAs) (DWAS).
An explanation of the notion of ‘controlling one’s data,’ as pushed by Web 5. Individuals should be allowed to “manage their data,” according to Twitter’s newest platform, “Web 5”. Alice, for example, has a digital wallet that securely manages her identification and information, as well as authorizations for the numerous apps and connections she maintains. She is not alone.
Alice uses her money to sign on to a new decentralized social networking site. All connections created via the app are saved in Alice’s decentralized web node, so she doesn’t have to create a profile there either. Web 5 enables Alice to move between programs without destroying her social profile.
How Does the New Web 5 Environment Vary From the Conventional Web2 Ecology?
Compared to normal Web2 applications, the new Web 5 environment leverages progressive web apps, which depend on minimal cached user information to transport data directly to central servers. There are no central servers in Web 5 as it employs decentralized web nodes instead of a single server.