What Is Web 5.0 & What Makes It Unique? — QIT

Did you know about Web 5.0, the most recent significant version of the web? A different vision for a decentralized internet is being put out by Twitter co-founder Jack Dorsey, just as we were becoming acquainted with the blockchain technology that forms the foundation of Web3. Are you ready for Web5?

The internet is not what it once was, and it will evolve much more in the coming years. Numerous apps have been developed since the internet’s launch in 1993 to improve the lives of people on a daily basis. The promise of a better user experience made possible by internet technology provided a crucial boost for internet adoption.

Finding a suitable Web 5.0 definition and understanding what it involves is vital as the conversation about the evolution of the internet switches to Web 5.0. The piece that comes next encourages you to consider how the internet changed from Web 1.0 to Web 5.0. You can comprehend the unique characteristics of Web 5.0 as well as the benefits and restrictions related to the new Internet version.

Web 5.0 definition

So that developers can solve the issue of decentralized web application development with verified credentials and decentralized web nodes, Web 5.0 is intended to be a decentralized web platform. This platform’s goal is to take back ownership and management of user data.

The goal of Web5, a decentralized vision of the web that is fully based on the Bitcoin blockchain, is to protect personal data by giving consumers back control over their own digital identities. Practically speaking, it uses the Lightning Network of Bitcoin to build a peer-to-peer network of private servers. The Lightning Network is a protocol that runs off the main blockchain and enables rapid network functionality without the need for tokens, transaction “gas” fees, trusted validators, or additional consensus mechanisms.

Despite the fact that Web 5.0 is still being developed, it is already abundantly evident what this platform will be. The current consensus is that Web 5.0 will combine elements of Web 2.0 and Web 3.0 and will put an emphasis on building an interconnected online that is both intelligent and emotional. This entails having direct communication with its users, just as individuals have direct communication with each other.

When Web 5.0 is complete, it should be completely functional and extremely powerful. This initiative aims to develop emotional relationships between people and computers. The concept also aims to provide consumers with complete control over their identity and data at the same time. The current situation is that user data is held by third parties and that the internet is impersonal when it comes to emotions since it cannot tell how a user is feeling. Web 5.0, on the other hand, ought to be revolutionary in this sense.

A website that maps a person’s feelings is an illustration of a website that may be accessible with Web 5.0. Users who are wearing headphones can interact with the website’s content, which will then interact with their emotions, possibly through any discernible changes in face recognition.

Decentralized Identifiers, verifiable credentials, and decentralized web nodes—which might be desktop or laptop computers with fast internet connections—are the three main components of Web5. They act as the core nodes of the network, handling tasks including data storage, message relaying, executing protocols, and running decentralized apps, or dApps.

Decentralized Identifiers are self-generated and self-owned. They serve as a global digital signature for identity authentication and routing, and they work similarly to a Google account for cross-platform sign-in. They grant access and let users effortlessly connect with decentralized apps, much like a username or digital passport.

Verifiable credentials is a proof or certificate produced by several users that validates a claim or permits interaction. They come in the form of standardized data formats and models secured by cryptography.

Decentralized web nodes are the collection of devices that make up the decentralized Web5 peer-to-peer network. These devices function as personal servers that host data storage, transmit communications, and support decentralized protocols and apps.

History of Web 5.0

You’re a little early if you’re looking for actual use cases for Web 5.0. In response to his criticism of Web 3.0, Jack Dorsey, the former CEO of Twitter, has announced the Web 5.0 initiative in 2022 after sharing his vision of the next web at the crypto and blockchain conference Consensus. By claiming that ownership is still a myth since venture capitalists and limited partnerships will take on a significant piece of the web, Dorsey has highlighted the current constraints in Web 3.0. Web 3.0, in Dorsey’s opinion, would retain centralization in many areas, necessitating the creation of Web 5.0.

The creation of Web 5.0 is a significant focus in articles on “what is Web 5.0,” and most importantly, everyone is interested in finding out who will create it. The creation of Web 5.0 would fall within the purview of the Bitcoin business unit of Block, Inc. In June 2022, Jack Dorsey said that his financial payments business, The Block Head or TBD, will focus on creating web5. Web 5.0 is expected to bring enhanced user control over data storage and decentralized identification. The Web 5.0 project is now under open-source development, and there is still a while to go until the platform is officially released.

Most importantly, TBD’s leader Mike Brock has made several comments on the web5 blockchain’s assumptions. He promised that the TBD web 5.0 platform will include more than simply the value of blockchain technology, setting it apart from existing web 5.0 platforms. However, it would be difficult for the team to reject the notion that the Internet is decentralized.

Evolution of The Web

Internet usage has been widespread among us for a very long time. Before, using the internet only involved browsing different Websites and chatting with friends on Facebook Messenger. Even WhatsApp arrived later, at which point communication between individuals became effortless. WhatsApp offered a superior communication platform and took the role of Skype’s video calls. Then, even the applications began to leverage the internet to provide customers with better enjoyment. YouTube and online gaming both grew over time. This was how the internet progressed to become what it is today.

We will need to have a fundamental understanding of all the different internet versions in order to fully comprehend what Web 5.0 is all about. This guide will walk you through the history of the internet, from its earliest forms to the way it is today and what it could become in the future.

Web 1.0

The Internet’s initial version was released in 1993. Since it was developed to maintain an online storage system for the business sector, it wasn’t much to begin with. They may access their digital materials from anywhere by keeping them in an online library. Companies gradually began to develop their own websites, put things there, and use the internet as a platform for selling their products, publishing publications, and keeping online records. When it originally launched, the internet was a read-only service that was catching on like wildfire all across the world. Setting up their internet presence served as the main purpose for all the big IT companies as we know them now.

Web 2.0

Now that the internet is expanding quickly, IT professionals can see its potential to link people all over the world. Therefore, the second iteration of the internet was more concerned with giving individuals a platform to communicate with one another. By that time, social media platforms like Facebook, Orkut, Twitter, etc. were launched. It was an online tool for reading and writing data in different forms. In order for individuals to be amused and even improve contact with their families, platforms like WhatsApp and Youtube have grown in popularity. There are several programs available to internet users for a variety of functions. Thus, it can be claimed that Web 2.0 served as a stepping stone for computer professionals to develop and produce a significantly more integrated version of the Internet.

Web 3.0

The fact that Web 2.0 did not provide people the power to govern their data was one of its main flaws. Internet companies received all of the data people consumed and disseminated as a result of their activity. The semantic Web, the third generation of the internet, then appeared. It continues to be applied internationally and is concentrated on the decentralization of all Internet apps. Integration, data automation, discovery, and research are the four pillars of Web 3.0. It fosters the globalization and mobility of various aspects of the internet. Additionally, it gives internet users back control over their data because they can decide what information to publish and what not. Furthermore, blockchain, metaverse, SaaS, and others are all reliant on Web 3.0 to provide a strong platform.

Web 5.0

Experts have even begun to work on Web 5.0 as a result of the widespread popularity of Web 3.0. Web 4.0 is a different evolution stage that has also occurred. It just adds to Web 3.0 and offers a secure wireless connection anywhere. Web 5.0, however, is focused on fusing Web 2.0 and Web 3.0 together to create a world with seamless social media connections but with extremely open rules for individuals.

Key Elements of Web 5.0

There are two key characteristics of this platform that are now under focus: the ability to manage your identity and the ability to own all of your data. Web 5.0 should offer a variety of features that will be useful to users after it has been completely designed and deployed. Your identity and data are practically controlled by businesses and other third parties on the present web.

Manage Your Identity

Controlling your own identity is one of the key use cases for Web 5.0. Consider John, who has access to a digital wallet that can securely handle his data, permissions, and identity for connections to the outside world and third-party apps. John enters his sign-in information into a decentralized social networking service using this wallet.

He won’t have to bother with creating a profile as this application has been linked to his identification. His decentralized web node stores all of the postings, connections, and relationships that are established using the app. John has the option to switch applications at this time, in which case his social profile would follow him.

Own Your Data

The current system requires users to provide their personal information and create an account, permanently locking their data in vendor-locked silos. If a user wants recommendations for a new TV show or album, they would then authorize their preferred streaming service to access their settings and preferences. A user’s data is kept on their personal server, or decentralized web node, in this manner. The user has the option to cancel access at any time, but they can continue to use these services until they decide to do so.

Pros and Cons of Web 5.0

Web 5.0 is still in its early stages, but there are already some obvious benefits and drawbacks that you should be aware of.

The following are some of the main advantages of this platform:

• The eCommerce industry will be able to adjust to the emotional nature of the internet and engage people in real-time conversations;
• With this version of the web, there will be more emotional components, which will encourage users’ inventiveness;
• Web 5.0 is planned to be a completely decentralized platform that runs on the Bitcoin architecture and is powered by the blockchain;
• With complete control, users may maintain the privacy of their data and identities.

Although using this platform has numerous advantages, there are also some possible drawbacks, which include the following:

• The outcomes of Web 5.0 are not yet known because the platform is still in its early stages;
• Businesses’ use of this platform is necessary for it to provide some concrete advantages.

How Do Web3 and Web5 Differ From Each Other?

You’re not mistaken if this seems vaguely familiar to Web3. They are both cutting-edge versions of the future generation of the internet that runs on open-source, peer-to-peer networks and have the same objective of getting rid of both censorship and centralized authorities.

Josh Drake, chief operating officer at Dfinity Foundation, a non-profit organization creating a public blockchain known as Internet Computer Protocol, said: “The development of Web5 does not imply the failure of Web3; They are just two approaches with a similar goal of decentralizing the internet.” “The main difference is that Web3 represents a diverse ecosystem of builders with a wide range of existing use cases and innovations, whereas Web5 is a relatively new platform, currently in its conceptual stage.”

Studying each project’s development can help you identify the differences since each of the two in-progress web renderings promotes a different view of how decentralization should be accomplished.

Wallet Storage

A user’s cryptocurrency, NFTs, and other digital assets are stored in Web3 wallets. These are protected by a pair of alphanumeric codes called public and private keys that, respectively, encrypt and decrypt messages. Instead, Web5 wallets protect a user’s identity, data, and permissions for external apps and connections, all of which are stored securely on the user’s own nodal server.

No Smart Contracts, No Blockchains

In Web3, the two defining technologies at its core—public blockchains and smart contracts—are used to power dApps. This technique automates transactions by self-executing algorithms that seal a deal between two parties by recording it on the blockchain, building blocks one at a time.

Web5, on the other hand, returns to the fundamentals, relying instead on a peer-to-peer network connected by decentralized nodes — the essential structures of Web5 — that run a new fleet of dApps that, aside from their Bitcoins base layer, function independently of blockchains.

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No Tokens

For most people, cryptocurrency has been the entry point to Web3 technology. Token systems have uses beyond trading and investing, such as governance tools. These currencies serve as an incentive for participants in a platform’s decentralized autonomous organization, or DAO, to act honestly.

Such coins will not be used on the decentralized internet proposed by TBD. It is unclear if the project is now under development intends to adopt a substitute for governance or transactional tender.

Operating With Web 2.0

Web5 doesn’t totally write off the centralized platforms of Web 2.0 despite its rudely decentralized upbringing. Web5 intends to work with Web 2.0 services, according to TBD’s presentation deck. This would allow users to save playlists to their encrypted signature rather than a profile kept on the service provider’s own servers, giving them access to streaming services like Groove and Tidal that are currently in widespread usage.

Conclusion

Web 5.0 is a promising platform and the future of Web 5.0 promises to provide internet users the power to own and manage their data and identity, despite the fact that its technology is still under development. All user data may be able to be kept in a decentralized digital wallet once Web 5.0 is in place, creating a significantly more secure user interface. Jack Dorsey and the TBD website will be updated regularly to reflect any new Web 5.0 developments.