Ashok Kumar Bagri 03, Aug 2022

Recently,  former Twitter CEO and present Block head Jack Dorsey announced Web 5.0 to the world which would no longer require you to remember multiple usernames and passwords. Now that is something else! 

The internet has evolved and truly come a long way.

The internet was invented in 1989 where Web 1.0 enabled users to read static information, followed by the Web 2.0 where most of the data and traffic is in the hands of a few big tech companies and as we are transforming from Web 2.0 to Web 3.0, there is Web 5.0. So, let’s go straight in the ocean of information available about Web 5.0. 

What Is Web 5.0 & Its Meaning?

Web 5.0 is basically Web 2.0 plus Web 3.0 which will the benefit the users by allowing them to ‘own their identity’ on the internet and ‘control their data’ as well. Being developed by Jack Dorsey’s bitcoin business unit – the block head, Web 5.0 is being built as a decentralized web platform which will provide the developers the ability to create decentralized web applications with verifiable credentials and decentralized web nodes.

What Is Jack Dorsey’s news on Web5.0 ?

 

Jack Dorsey was the cofounder and CEO of Twitter until November 2021. Currently, he is the co-founder and CEO  of payments company Block formerly known as Square. He recently declared his plans to leverage blockchain technology to develop the Web 5.0 which will put owners in charge of their data. Block’s bitcoin business unit, The Block Head is actively working towards developing Web 5.0. Their website says-

“The web democratized the exchange of information, but it’s missing a key layer: identity. We struggle to secure personal data with hundreds of accounts and passwords we can’t remember. On the web today, identity and personal data have become the property of third parties.”

Sounds like a plan!

Let’s dig in further to understanding the features and other details of what Mr. Dorsey has for us!

Defining Features of Web 5.0

One of the main feature of Web 5.0 is that the user gets to control his/her identity

Once the user has his/her digital wallet that stores authorizations, data and identity of that user, and then the user enters his/her sign-in information into a decentralized social media app using this wallet. The user will not have to rebuild his/her profile again because the digital wallet already has the user’s verified identity.

Secondly, the user will be allowed to store his/her data on a decentralized web node(data ownership). This would make moving between apps very easy as the user’s preferences are already stored in the wallet and that data is imparted to different apps the user uses.

For example, his/her specific music preferences will be known by all the music providers he/she uses.

Web 5.0: Potentials and challenges

Potential-The Web 5.0 definitely has a huge potential. It will allow people to own and control their data and identities. It will enable people to connect with each other without middlemen. Searches and suggestions might become personalized according to the user’s demand.  

Challenges- The Web 5.0 is in its initial phase and it remains to be seen where it will go from here. Moreover, the use cases and Web 5.0’s applicability depends upon the businesses and big companies embracing the technology.

Is Web 5.0 going to replace Web 3.0?

It is too early and definitely not the right time to say that Web 5.0 will replace Web 3.0. However, Web 5.0 brings about some amazing changes which are not in Web 3.0 but are in Web 5.0. We are currently in transformation from Web 2.0 to Web 3.0 and Web 5.0 is just an idea which could be sustained in future. 

Web3.0 vs Web5.0 Quick Comparison

Web 3.0 and Web 5.0 both are both variants of World Wide Web, built with keeping blockchain in mind. However, Web 3.0 is not fully decentralized as per Jack Dorsey and most of the experts while Web 5.0 aims to be completely decentralized. Moreover,Web 5.0 will allow computers to respond to emotional cues because of a person’s electric signals in their brain, which isn’t possible with Web 3.0.

The Future of Web 5.0

Web 5.0’s future can’t be predicted but it will be built around bitcoin. Web 5.0 is related to decentralized Identifiers that can work on the bitcoin blockchain itself, and there will be no need to create more networks and solutions. It might change the whole financial system of today by enabling investors to protect their data and control their interactions as well.

Real-world examples demonstrate the utility of Web 5.0?

The digital wallet that stores all information and handles authorization, data, identity for its users securely which will be used for external apps and all.

Enabling the users will be able to control their personal data across various applications and service providers.

Read more:- Cryptocurrencies and Blockchain Technologies are Key Components in Sports Betting

Conclusion

Jack Dorsey’s conviction and idea behind Web 5.0 looks really strong. If Web 5.0 really works in the future, it could the disrupt the internet and add a new dimension to data, business, and everyday lives.