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

app: 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 avatarMaxime Lecoustre

Software engineer

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

I first think it's a very useful project because it would merge one of most important concept of decentralization (high level of privacy, ownability on user datas) with major softwares companies needed (to store and use user data to provide him better experience) I'm currently working on similar concept on lower level , with NFT allowing owner to manage datas (allowing dapps to read/write/delete datas stored as {key: value}. I'm seeing there are lots of issuable things. Whereas I don't understand why it's called web5 because it's fully buildable on existing Blockchains... Naming is just marketing thinking

What are the possible use cases of web5?

To make unique identification/authentification process by storing it into owner's wallet. This will make user able to log into lots of apps without being tracked on browser or device or external centralized service. Owner would also be able to manage cross apps data and access params for each one.

How web5 could influence the crypto market?

Web5 project is very good useful idea, and might increase lot Blockchain usability level. It might increase also crypto market but there might be also darkest thing : Despite this marketing branding, web5 definition doesn't sound as very innovative concept, it might just implement use case we already could fix.

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 avatarNuman Polattimur

Psychologist

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

Web5 is something all the developers have been waiting for. It enables decentralized apps to have big impacts in the virtual world. This is going to be big and game-changing.

What are the possible use cases of web5?

The first component is Decentralized Web Node. It enables an entity to operate multiple nodes that sync to the same state across one another. Web5’s DWN will be used to locate data linked to a given DID (Decentralized Identifier)

How web5 could influence the crypto market?

It definitely will. As we know how smart contracts and Dapps made a huge impact this will also bring something outstanding to the system. We will see.

article avatarAlbert A A

SEO Expert

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

If there is freedom of speech without revealing our identity, it will be the future of decentralizing mediums on the internet. But at the same time, it should also control hate speech and terrorism without any central authority. It should be decentralized for everyone. I think the "Web5" will solve this. Current decentralized social apps calling it Web3 are not reached their potential nor attracted more users on the internet. But "Web5" should start educating the user before beginning the basement.

What are the possible use cases of web5?

Followings can be use cases of Web5: Microblogging (alternative to Twitter or similar apps), Video Creation and Posting Platform (Alternative to YouTube), Online Messaging App (Alternative to WhatsApp, Telegram, etc), Decentralized Web hosting with WordPress CMS, Decentralized Domain Names that can resolve on a normal network, Decentralized Browser that will never track user information, etc. etc.

How web5 could influence the crypto market?

Crypto is the future of the financial system on the internet. Hence, decentralized cryptocurrencies can help Web5 better than FIAT currencies. If Web5 wants to be decentralized, it should stay in the Crypto only.

article avatarAbin k Joseph

Hard working

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

Web5 is a innovative project ,yes it better than web3,in web5 internet is more interactive and more personalized and it modified internet more better

What are the possible use cases of web5?

It new evaluation of web in help to develop decentralised app and protocols that make better interface and assembly to the internet to users

How web5 could influence the crypto market?

Web 5 helps crypto market by making things more easier and friendly like ,easily find the account , fund , nfts , market update and wallets

article avatarAdewole Ola

I'm an Insurance Executive, Online Trader and a Rabbit Farmer

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

Web5 will be a banger obviously. You can imagine the Upgarde between web1 to web2 and then Web3 not to talk of even web4 and now Web5 like WTF!

What are the possible use cases of web5?

I really don't actually but I felt Web5 will be more of virtual in actual reality. Like the features will look so real, enticing and damn convincing

How web5 could influence the crypto market?

Web5 will make the Crypto market more safer, easier and less volatile. It will also avail average tech finesse the opportunity to own their own App

article avatarJason McLaughlin

INVESTER

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

I am not sure about the web 5 concept as this is the first time I've ever heard of it but it does sound really good and really futuristic time will tell

What are the possible use cases of web5?

I guess the possible use cases of web 5 would be the development of different apps by individuals and privacy owned by individuals from developing different apps and protocols

How web5 could influence the crypto market?

Not sure how web 5 p.m. Florence to crypto Market but I'm sure it could in a big way knowing that it's involved with decentralised protocols decentralized Finance Etc

article avatarIsaac Reiss

Aspirational Whale

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

In theory, this keeps our data in our control. This is a big step in the direction for all freedom seekers and libertarians. Love the concept! Is Dorsey the person we want leading this up?

What are the possible use cases of web5?

Conceptually, having our data decentralized takes OUR data out of the hands of the tech titans and giants. Think Amazon, Google and Fscebook.

How web5 could influence the crypto market?

This is in alignment with Crypto's founding principles and the De Fi sector space. I would guess that the apps built for this network would further the blockchain and thereby all encrypted data and coins.

article avatarAleksander D.

Entrepreneur, crypto investor, programmer

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

It's hard to judge WEB5 right now because Dorsey has published only a very basic ideas, there are not too much details of it's exact realisation. The main idea of the project is that WEB5 should be as something much more decentralized than everything that exists now, as follows from the info available. But sorry, now there are many of different, well developed crypto platforms, each of those is enough decentralized, and those allows developers can build really decentralized Apps, or tokens those could be used as a fully decentralized money, and so on. Maybe we already are decentralized enough with Web3 and Dorsey just wants to discover a 'bike' once again, doesn't he? And other point, if all existing dezentralized Apps would be written on one single platform DWP instead of many different, that means DWP would be as a such center, a one single roof for all, i.e. that means a centralization in a certain measure, despite he has declared otherwise.

What are the possible use cases of web5?

For now i don't see any additional use cases more than we could have with Web3. We are decentralized enough already. But we have a very few of info about Web5 so far. So i prefer to postpone the final judgement until Dorsey will say more.

How web5 could influence the crypto market?

The same, this is unknown for now because of lack of Web5 details. This project DWP is on a stage of a concept idea only, so now it's even unknown if it will be realised somewhen or not. It's too early to say about influence on the market

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

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