We were still wrapping our heads around Web 3.0, but then came Web 5.0!
Web 5.0 is the new phase of the internet proposed by Jack Dorsey, the former Twitter CEO.
You may have heard about Web5 but I’m sure you want to understand it better.
In this post, I will tell you what Web 5.0 is, its features, and more. Make sure to read to the end.
Post Summary
This is what I will cover:
- What Is Web 5.0?
- The Evolution Of The Internet
- The Pillars Of Web 5.0
- Features Of Web 5.0
- Is Web 5.0 The Next Big Thing?
- Conclusion
Let’s roll!
1. What Is Web 5.0?
Web 5.0 is the new evolution of the internet dubbed the decentralized web platform (DWP).
It aims to enable developers to create decentralized web apps (DWAs) that allow users to have internet identities and complete control of their data.
In addition, these Decentralized Web apps (DWAs) won’t have native tokens as DApps do.
The concept was presented to the crypto community by Jack Dorsey on the 10th of June, 2022.
And it is now being developed on the bitcoin blockchain by TBD, a company owned by Jack Dorsey.
Web 5.0 is associated with Web 2.0 and Web 3.0. Let’s look at the evolution of the internet for a better understanding.
2. The Evolution Of The Internet
(i) Web 1.0 (1989 – 2005)
Web 1.0 is the first generation of the internet referred to as the “read-only” or “static” web.
The reason is that users could not interact with the website; they could only read its content.
(ii) Web 2.0 (2004-to-date)
Web 2.0 came about because the internet needed to be more interactive and engaging.
It is regarded as the social web or the read-and-write web.
Facebook, Google, Twitter, WordPress, and Instagram are all Web 2.0 applications.
On Web 2.0, users had identities. However, the issue with Web2 is “centralization.”
These companies collect users’ data and sell it for targeted advertisements, enriching only themselves and without the users’ consent.
(iii) Web 3.0 (2021-to-date)
The third generation of the web, known as Web 3.0, strongly emphasizes decentralization.
It enables users to not only read and write but also become owners of the internet through cryptocurrencies.
Web 3 keeps users’ identities anonymous.
In addition, it allows users to control their data, thus eliminating the centralization and exploitation of data.
Read More: Web 3.0 Explained: Everything You Need To Know
(iv) Web 5.0 (2022)
Web 5.0 aims to improve upon Web 2.0 and Web 3.0.
As already explained, in Web 2.0 users have an identity that is managed by an authority.
And in Web 3.0, users access decentralized platforms where they are anonymous and own their data.
Web 5.0, on the other hand, will give users identities and allow them to access decentralized platforms where they have total control of their data.
But how will this be achieved, you may ask? Scroll down to the next section and see how.
3. The Pillars Of Web 5.0
Web 5.0 allow developers to create DWAs using these three pillars:
- Decentralized Identifiers (DIDs)
- Verifiable Credentials (VCs)
- Decentralized Web Nodes (DWNs)
– Decentralized Identifiers (DIDs)
According to TBD:
“DIDs are a W3C international standard for identifiers created, owned, and controlled by individuals without reliance on centralized entities.”
To explain it better, take DIDs to be users’ IDs that aren’t controlled by any authority.
These IDs are stored on the blockchain and are accessible to everyone.
For example:
You need to enter your details each time you want to sign up for Facebook, Twitter, or any Web 2.0 application.
However, in Web 5.0, once you create your ID (DID), you can use it to access any DWA (Web 5.0 application) without needing to enter your details afresh.
– Verifiable Credentials (VCs)
It is an in-a-box service that handles user identity verification.
Typically, VCs are an open standard for authenticating digital credentials. See more.
– Decentralized Web Nodes (DWNs)
DWNs are responsible for handling all the data storage and relay in Web 5.0.
Furthermore, DWNs universally identify each user with their DIDs.
And enables anyone (including, organizations and machines) to send, store and receive messages over a DID-based universal network.
In addition, it allows users to optionally encrypt their messages with an individual’s DID keys while sending them over to the network.
These are the pillars of Web 5.0. Continue to the next section!
4. Features Of Web 5.0
They include:
- Wallet
To connect to Web 5.0, users need a wallet to do so. It is called the Identity Wallet.
The Identity Wallet provides a UI that enables users to create DIDs, verify credentials, navigate through DWAs, and so on.
See the anatomy of an “Identity Wallet” in the image below:
- The Bitcoin Blockchain
Users’ identities and data are stored in the bitcoin blockchain network.
Also, DWAs exist exclusively on the bitcoin network as well.
However, DWAs do not have tokens and won’t employ any consensus mechanism, including that of Bitcoin.
- Interoperability
Web 5.0 users have a decentralized identity that is interoperable.
If Alice had an identity wallet, she could sign into any DWA without needing to create a new profile.
Also, anyone can verify her identity or look it up on the blockchain.
Furthermore, there won’t be a central authority to sell her data; instead, she’ll receive tailored content based on her permission.
- No Interdiction
Web5 apps are immune to interdiction.
This implies that no one can ban you from using a DWA, unlike what is common with Web2 apps, like Facebook and the rest.
These are a few of the identifiable features of Web 5.0.
Voila! The next section is the most interesting in this post. Scroll down and continue your reading.
5. Is Web 5.0 The Next Big Thing?
Obviously, yes! Web 5.0 seeks to be an improvement on Web 3.0.
Web 3.0 has received so much criticism for not being truly decentralized as it is presented.
Interestingly, one of the detractors of Web3 is Jack Dorsey.
As of late 2021, he made a tweet, which reads “The venture capitalist and limited partners control Web3”.
This is not far from the reality, as the bulk of Web3 tokens is owned by venture capitalists who invested heavily in the project’s early stages.
They now use these tokens to enrich themselves and manipulate the market to their favor.
What we expect from Web5 are decentralized applications that are secured on the bitcoin network.
Fortunately, since these applications do not have tokens, it means that there are no venture capitalists to hijack them.
This leaves us with a truly decentralized system, just as we anticipated Web3 to be.
In addition, Web 5.0 brings some trust to the blockchain.
This is because a user’s credentials are published on the blockchain and anyone can verify them.
Hopefully, this will bring external use cases to the blockchain.
For instance, a user may no longer need to go through KYC to buy bitcoin with a debit or credit card. Interesting, right?
Nevertheless, despite the advantages of Web 5, some people think it is overly ambitious because we have not even reached Web 4.🤷
Again, Web5 users would not be able to vote on changes for improvement as they can in Web3 with DAO.
I foresee this as a challenge that Web5 may face.
But do you think so? Scroll down and see my conclusion.
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Conclusion
This brings us to the end of today’s article.
We anticipate Web5 to be the next big thing in the blockchain space.
However, it is still very much under development.
Again, we do know that every phase of the internet has its benefits, flaws, and criticisms.
So tell me:
What do you think about Web 5.0?
Do you love its concept or are you not really a fan?
You can share your opinion in the comments section below.
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