adoption: Web5: What it is? What should we expect? What will the future of the internet look like?

adoption: Web5: What it is? What should we expect? What will the future of the internet look like?

< Show Wisdom Collection: Web5: What it is? What should we expect? What will the future of the internet look like?article avatarJeremy Asprey

Global Head of Marketing

What do you think about the Web5 concept? Is it better than Web3? In what ways? Please elaborate.

Web5 is intended to be the Android for blockchain. Fundamentally, Dorsey’s announcement of Web5 is his statement of dissatisfaction with the slow pace at which blockchain applications (aka Web 3.0 apps) are delivering on the potential benefits of decentralized trust, which is at the heart of the blockchain revolution. Decentralized trust is the unique attribute that differentiates the capabilities/possibilities of blockchain technology from current Web 2.0 internet protocols. The network effect (i.e. the exponential additional value to society and the economy) of decentralised trust will revolutionise business and society. Think of the network effect of content (publishing web pages) that Web 1.0 brought to the world. Think of the network effect of connection (social, E-commerce) that Web 2.0 brought to the world. Now think of the network effect of decentralized trust (global digital ID for users, identification and verification of any unique digitally issued item, anonymous multi-party computation, all independent of a central controlling authority) that Web 3.0 will bring to the world. So, it looks as if Dorsey’s Web5 should be a layer 0 blockchain protocol that has ‘user sovereignty’ (privacy, ID security, immutable and persistent user preferences across all apps) baked-in as its foundational principle. It should also have great security, an equitable consensus mechanism, interoperability, and whatever else is necessary to achieve mass adoption. I said ‘should’ in the last two sentences, because that’s what Dorsey needs to deliver in order to fulfil his Web5 ambition of giving users control of their data and identity. I don’t see how he’ll achieve this atop the Bitcoin blockchain, which was not designed with those objectives in mind. In summary, Dorsey’s TBD team aims to deliver a protocol that enables the user experience we’ve come to expect with Web 2.0, plus the benefits of decentralized trust that nascent Web 3.0 apps have failed to deliver. Web 2.0 + Web 3.0 = Web 5.0 (or Web5).

What are the possible use cases of web5?

The Web5 Decentralized Web Platform will be tooled in such a way that it’ll be easy for developers to deploy decentralized yet unified apps, as Android does for mobile browser-based web apps. It’ll enable user friendly apps that give end users frictionless access to the blockchain’s capabilities while retaining, across all apps, individual sovereign control over their identity and all the data related to their identity. I hope Dorsey (or anyone else) succeeds if it means that I no longer have to: wait days to be onboarded to the services I wish to use; time my transactions perfectly to avoid expensive fees; wait 10 minutes for a transaction to be confirmed; and own a separate wallet and tokens for each app I want to use.

How web5 could influence the crypto market?

If Web5 delivers on its objectives it will accelerate mass adoption of blockchain-based applications (i.e. Web 3.0). The benefit of mass adoption of Web 3.0 is that this will unleash the economic value creation that decentralized trust has the potential to achieve. Mass participation will mean greater usage of crypto tokens, and most likely more speculators and investors in crypto markets. The deeper liquidity this establishes will likely result in less market volatility. Another potential outcome, assuming that Dorsey’s fulfils his intention of delivering Web5 on the Bitcoin blockchain, is that the variety of application-specific tokens will reduce. There will be no need for individual app tokens or governance tokens, because everything will be facilitated through BTC.

article avatarAnupam Singh

Sales Leader | Strategist | Revenue Growth in B2B SaaS | Sales Operations Leadership

What do you think about the Web5 concept? Is it better than Web3? In what ways? Please elaborate.

Any advancement comes with its own pros & cons. Web 3 is all about the the next generation of the internet based on read-write-execute web with decentralisation at the core of it. It consists of- 1. Leveraging on Blockchain technology to provide for interactions without having an intermediary 2. Driven by Ai & ML to give human cognizance Web 5 , instead has the following advantages or pros to it - 1. Building an extra decentralised web that puts one in control of one's own data & identity 2. It's a mashup of web 2 & web 3, meaning users can own their own identity on the internet & control their data The primary cons of a web 5 methodology are- 1. Strenuous task as it requires having a blueprint from both the government & the promoters 2. Efficacy of the same has to be tested in the real word with real use cases 3. Need for a common framework for personal & individual data privacy & protection laws/measures 4. Lack of regulations around the same leading to difficulty in adoption So while web 5 definitely is a killer of web 3, I think web 3 is more relevant & is here to stay considering the stage at which we are in terms of existing rea world use cases & lack of regulations governing the ecosystem.

What are the possible use cases of web5?

The possible use cases of web 5 can be- A personal assistant that can run 1. Blockchain games 2. Decentralised autonomous organizations 3. Decentralised finance 4. Privacy & digital infrastructure 5. Metaverse 6. Creator economy Basically any rea world example where technology becomes inseparable from human interactions. Some real world examples are- 1. An intelligent personal assistant that can suggest on the daily routine for a day 2. A home automation setup that is driven by human emotions, changing the lighting color & outlook basedon the mood of the people in the household

How web5 could influence the crypto market?

Web5 has all the potential to impact the crypto market since it brings about human interactions & puts it at the core of technology to then derive the right sort of experience. Some of the major implications will be on cryptos running on the following use cases, because of the nature of their business which is dependent on corely human interactions- 1. Blockchain games 2. Dao & Dapp coins 3. Metaverse based NFTs & coins 4. AR/ VR based coins & NFTs 5. Virtual world coins like decentralland etc 6. Dark web coins like Monero & XVG Apart from an economic point of view the real impact will be - 1. It will herald a new wave of citizen developers, with people looking to take are of their own data & identity 2. Identity & access management as an industry will go through a sea- change/ revamp 3. Human interactions with technology will increase making technology indispensable 4. AI & ML algorithms will become more & more robust with the kind of data that will be available at every level 5. Regulations on a public & private front around data privacy & control can be regulated in a better way 6. After GDPR it will be the biggest change where the countries of the world have toe come together to create a common framework for usage. Thereby putting us at the helm of technological zenith

article avatarKehinde David

Engineer | A Pianist | Football Fan

What do you think about the Web5 concept? Is it better than Web3? In what ways? Please elaborate.

Firstly I would love to brief on what the invention of Web3 looks like. Web3 is a decentralized technology and at the same time permission less, with a native payment that uses cryptocurrency for making online transaction instead of relying on the outdated infrastructures. Decentralization nature of Web3 puts power in the hands of individuals rather than corporations. With the evolution of Web5 (combination of Web2 and Web3) which is more decentralized because users will have control over their Identity and data unlike Web3 which is mainly decentralized for fetching data and making transactions Web5 made it possible for users to have control with the flowing unique features built on Blockchain technology (Bitcoin) Decentralized Identifiers DIDS Decentralized Web Nodes DWNS Decentralized Web Apps (DWAS) With these I think Web5 has shown a better concept than Web3

What are the possible use cases of web5?

Like I said Web5 allows data sovereignty and full control over ones data. Using a music app for example. Once you create a playlist on app A, it will be automatically added to your remote decentralized web node (DWN). Therefore making it possible for another app B to play your playlist. Guess you don't have to worry about the stress of getting a new playlist on another app or a new phone.. users account is permanent and can only be deactivated by the user

How web5 could influence the crypto market?

Since Web5 is built on Bitcoin Blockchain if it get successfully established I guess it could eliminate the need for any other cryptocurrency other than Bitcoin. This however can bring about slow rate of adoption of cryptocurrency.

article avatarRick Spindler

Investor

What do you think about the Web5 concept? Is it better than Web3? In what ways? Please elaborate.

Web5 is Jacks idea. Good for him. It’s new marketing for a yet to be developed Web3. But Web3 IS coming. Decentralization of the storage of files on the internet and the new protocols that we will use to access those files. Fewer broken links to files. Less risk of centralized servers going offline and preventing you from file access. NFT representations of ownership, scaling of blockchains with Zero Knowledge Proof layers, but mostly, a faster internet. Watch the Ethereum space closely as this is the place where much of the work to bring about Web3/5 to reality is occurring.

What are the possible use cases of web5?

Fast, decentralized file storage and access, digitized proof of ownership, fast digital communication. Financial privacy as well as digitized records privacy.

How web5 could influence the crypto market?

Since most crypto, at root, are the payments for the use of protocols, their price will increase as a function of the adoption and use of the individual protocols. As Ethereum is adopted and widely used, the price of Ethereum will increase as a function of its scarcity versus demand. All crypto prices will increase and decrease via a supply and demand model. Shill your protocol. It will help increase your price.

article avatarChukwuemeka Ugwa

Blogger and Cryptocurrency savy

What do you think about the Web5 concept? Is it better than Web3? In what ways? Please elaborate.

The web5 is a way higher version of the web3. It is classified as the intelligent and Emotional web. Now referred as Symbiotic Web. It allows for an advance interpretation of occurrences both emotionally and intellectually. This simply brings about interaction between the human brain and machine. The web3 is just a Read, Write and Execute Web. It ensures to deliver data driven and web Interaction through machine-based processing. It's primary essence is to build a knowledge base, connected and accessible websites The concept of web5 over web3 is coming from a view point that the web3 is not significantly enough to make the decentralized Web. He believes web5 should prioritize the identity of user while engaging the web. Thank you

What are the possible use cases of web5?

This is a web that majors on keeping the entire personal data secured in the web. The identity of user in the web is prioritize by not allowing leaks or access of third parties indiscreet access. It is propagating decentralization of the web where identity and data storage application are certain.

How web5 could influence the crypto market?

Anytime, the term decentralization is mentioned vis-a-vis it's application to any project, it is known that it brings some level of security, transparency and democratic process to the system. This in all brings about confidence and a trustless process. More likely, there would be more adoption on web5 usage as it would parade its major use cases of Identity, data storage void of third parties interference as well as decentralization of use.

article avatarRoviee Dean

Crypto lover, NFT Enthusiast

What do you think about the Web5 concept? Is it better than Web3? In what ways? Please elaborate.

Web5 will obviously be an advancement on web3 as described by Jack Dorsey. It will birth several improvement and application on the current use of the web space. Everything that Web5 promises will be beneficial hence it's an exceptional idea all round. However, on whether or not it will be better than Web3 remains to be observed. In my opinion, Web3 is still in it's developmental stage. There's still a lot to uncover. I believe we should explore Web3 extensively expand on the development of usecases for the meantime. The future of the web space is really bright and I am sure we will be seeing lots of huge developments that were once considered as impossible.

What are the possible use cases of web5?

Web5 offers a plethora of possible uses as highlighted by Jack Dorsey. From security of data and the web space to propriety. From identification of the individual web user to mass adoption of the metaverse. Developers will be able to express themselves a lot more.

How web5 could influence the crypto market?

Web5 will influence the crypto market in a lot of positive ways. For example, 1. Creators will be protected by advanced copyright entitlement; 2 Web space users will have more security from hacks and information theft since every web user will be identifiable; 3.!Loads of new projects will spread and will in turn increase the market capitalization of the crypto industry 4. Web5 will aid mass adoption of cryptocurrency and this will affect the entire crypto market positively due to the influx of new money from new users.

This is not a financial advice. Please do your own research and consider the risks of trading cryptocurrencies.

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