If you are a dedicated follower of Crypto Twitter, there are chances that you have heard of the term “Web5”. It began when Jack Dorsey, the former CEO of Twitter, tweeted about this new platform on June 10. Web5 will be a mixture of Web3 and Web 2.0 that will be built on the Bitcoin Blockchain.
Still not clear? Worry not; let’s learn about this concept in this blog and how it will function.
Before we jump on to Web5, first, let’s get a quick overview of Web2.0 and Web3.
What is Web2.0 – The social web?
Web2.0 doesn’t specifically relate to any internet technology advancements. It just refers to a change in the way people rely on the internet in the twenty-first century. In this present era, the extent of information exchange and connection among individuals has increased. This version allowed users to engage in the experience actively instead of merely consuming the content.
Advantages and disadvantages of Web2.0
Technical advancements have made it possible for people to communicate their ideas and opinions with others, which has sparked the creation of fresh ways of networking, organizing, and interacting with others and encouraged a higher degree of collaboration.
However, the internet has several disadvantages as it acts like an open forum. As a result of the growth of social media, there has been a surge in online crimes such as identity theft, cyberbullying, and online stalking. People are also at risk of spreading false information, may it be through social media or some open-source information-sharing sites.
What is Web3 – The semantic web?
The Web3, or the Semantic Web, began in 2010 and signaled the future of the web. By enabling computers to examine data similarly to humans, Artificial Intelligence (AI) and Machine Learning (ML) enable the intelligent creation and distribution of helpful information tailored to a user’s needs.
There are a few differences between Web2.0 and Web 3, but one thing that is common between them is decentralization. The developers of Web3 rarely build or deploy apps that use a single server or keep the data in a single database.
Web3 apps, on the other hand, are constructed on blockchains, decentralized networks of several P2P nodes, or a combination of the two. As a result, these applications are referred to as Decentralized Apps (DApps), and the Web3 community uses that name often.
Coming to the major center of attraction of this blog, i.e., Web5.
What is Web5 – The emotional web?
In simple words, Web5 is a merger of Web2.0 and Web3 to build authorized Decentralized Apps (DApps) and protocols.
The core vision of Web5 is to let every user have control over their data and restore them without any centralized arbitration. Web5 has the potential to put an end to the web monopoly from the most prominent organizations as it allows acceptance of decentralization for all. TBD, the Bitcoin arm at Jack Dorsey’s Block, recently declared its desire to develop Web5 on the Bitcoin network to usher in a new age for the internet.
GOAL – The main goal of Web5 is to build a unique collection of tools based on Bitcoin that would alter the current financial system. By doing this, investors and people would be able to own and secure their data and control all of their interactions.
PILLARS OF WEB5 – The founding pillars of Web5 include:
- Self-owned identifiers that allow decentralized identity authentication and routing.
- Verifiable credentials as data formats and frameworks for cryptographic presentation and claim verification.
- Decentralized web nodes (data storage and message relay nodes).
Curtain thoughts: Will Web5 replace Web3?
It is too soon to consider Web5 as a replacement for Web 3.0. It could be a while before we start to notice the actual consequences of what Web5 is trying to do. This is still only a notion and a proposal at this point, but it has the capacity to disrupt many of the practices we previously thought were “normal,” like centralized blockchain networks.
However, things are evolving. There are numerous factors that have harmed the trust of the bitcoin market, including the growth of initiatives that initially advertised decentralized solutions but ultimately turned out to be centralized platforms with single points of failure.
We are currently in the process of shifting from Web2.0 to Web3. However, we might not witness a transition from Web3 to Web5 for some time. Another possibility is that Web2.0 will break into Web3 and Web5, giving developers, businesses, and people more opportunities to choose which form of the internet would function best.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn’t represent any investment advice or WazirX’s official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.