Blockchain startups are vying for a piece of the decentralized internet pie on Web3. Meanwhile, Jack Dorsey, the previous owner of the massive social media platform Twitter, is taking Web3 to the next stage by establishing Web5, a blend of Web3 and Web2.
While web3 is a notion for a new version of the Worldwide Web based on blockchain technology that includes decentralization and a token-based economy.
Web3 is a decentralized network that opposes big tech domination by putting control and data at the disposal of internet users, instead of huge tech corporations. In a nutshell, Web3 means that user data is dispersed across networks and that no single organization owns it.
Also read, Web5! Are We done with Web3?
Web 5.0, on the other hand, is a web platform that is even more decentralized. Web 5 provides consumers with a complete, decentralized web experience.
This provides consumers complete control over their ID and personal information. Something that Web 3 still doesn’t have.
Web5 is based on the Bitcoin blockchain and was created by The Block Head (TBH), one of Dorsey’s Bitcoin business groups (formerly Square).
The platform intends to provide applications with decentralized identity and data storage. It allows developers to concentrate on designing great user experiences while offering greater control over users’ data and identities.
A Quick look at web3 and web5
While Web3 is still just a concept that could take a little time to reproduce, the currently advanced web5 objective is to generate tools on Bitcoin that will enable users to govern not only their data but also their entire internet experience.
Jack Dorsey, the former CEO of Twitter, has been an outspoken critic of Web3. Notwithstanding marketing initiatives to the contrary, he feels that Web 3.0 platforms are more centralized in terms of what people think.
The Twitter CEO desires a system that is decentralized and free of single points of failure, similar to Bitcoin. He feels it would be more suited to the Web 3.0 advocates’ ideas.
The new Web5 web platform is designed to give people control over their data. It also intends to give them more control over their identity, which, according to Dorsey, is today held by third parties. Wallets, decentralized web nodes (DWNS), and decentralized web apps will all be enabled by the Web5 platform (DWAS).
The firm has shown how Web5 would work in the past. For instance, consider Alice, who has a digital wallet that protects her identity, data, and authorizations for other apps and connections. Alice signs in to a new decentralized social media app on a platform like Web5 using her wallet.
Alice doesn’t need to register a new profile because she’s already connected to the app using her Web5 decentralized identity.
Her decentralized web node stores all of her connections, relationships, and posts made through the app.
Furthermore, Web5 empowers Alice by allowing her to switch apps at any time without fear of losing her social identity or data.
Lastly, while web3 allows users to control their data, web5 allows users to control both their data and their identity.
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