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

blockchain: 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 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 avatarHassan Toba

Student

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

Web5 comparing to web3. Web5 we be more unique understandable and predictable than web3 many users will be able to even more achieve than web3.. I will even like to be part of web5 programme because I know it will be first come first serve when first launch and as time goes on it will be more clarify and understandable..

What are the possible use cases of web5?

Web5 it will be alot more more easier, understandable, clarify and more accessible... The features will be more unique and clear.. Web5 is going to be the future meterverse as it is going like this.. The reason for web5 is because the focus on web3 as it was predicted to be it didn't meet it target that's why web5 is been predicted by Jack Dorsey... And it knows if the proposal was granted and web5 is launch it will be the best of the best.

How web5 could influence the crypto market?

Web5 Will influence the crypto currency market in many ways 1.The introduction of web5 will make the crypto currency market more accessible 2.web5 will even make the crypto currency market more clarify than before 3.The introduction of web5 will influence and make impact in the crypto currency in price. 4.web5 will be the future of blockchain and great influencer of crypto currency

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 avatarOkikiola Solomon

Student, crypto analyst and content writer

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

Web5 is a good concept. It is a better version of Web3. Web 3 is not actually decentralized it is an actual reincarnation of Web2 which gained momentum with the goal of tokenize everything and connect asset to Blockchain but Web5 according to TBD. is built on Bitcoin for the purpose of fully decentralized Web platform.

What are the possible use cases of web5?

The Web5 is an extra decentralized platform that is built on Bitcoin only for user to own their data and have control over thier identity. Which will be supported by Decentralized Web nodes (DWNS) and Decentralized Web app (DWAS).

How web5 could influence the crypto market?

As it stands now i can't actually say what it hold, but one thing is certain according to Mike Brock product lead at TBD who clarified that there are no token to Invest in with the Web5. At the same time, since Bitcoin has an increased acceptance and the Web5 is built on it I guess it should be enough to influence the crypto market positively.

article avatarTaiwo Micheal

I'm Taiwo Micheal. I'm from Okeho, a town in Oyo State, Nigeria. I'm energetic, trustworthy and reliable.

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

When Bitcoin was first launched, many people thought it was the best, but as time went by, we realized that the issue of scalability needed to be solved. To me, I think web5 concept will be good, because it allow people to have ownership over their data and work. Yes, it's better than web3. In web3, there's still problem of blockchain trilemma which I believe web5 will solve.

What are the possible use cases of web5?

Web3 gave more uses cases to people than web2, where people don't have control over their contents because it's a centralized system. Web5 will have even more uses cases than web3 because it's believed that it will solve many problems associated with web3. One of the use cases is that, people will have control over their data.

How web5 could influence the crypto market?

The creation of web5 will influence the crypto market in many ways. People will have better interaction with the market. Also, the system will be made more decentralized, thus giving people more authority over their assets.

article avatarKrishna Yoganarasimha

A seasoned strategy professional with multitude of skills.

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

Web5 is a new web platform that promises to make the web faster, safer, and more accessible for all. It aims to do this by creating a new ecosystem that connects users with each other and with data providers in a more transparent way. So far, Web5 has been successful in building up a community of testers and developers, and the team is currently working on finalizing the technical specifications for the platform. The goal is for Web5 to become a global standard for the internet surpassing Web3, empowering users everywhere to access the information and services they need without restriction. Web5 is definitely an ambitious project, and there is no telling exactly what the future of the internet will look like. However, given its potential to address some of the biggest issues facing the web today, it's worth keeping an eye on!

What are the possible use cases of web5?

Web5 is a new platform that enables developers to build decentralized applications (DApps) and smart contracts. DApps are applications that run on a blockchain, and smart contracts are self-executing contracts that allow two or more parties to exchange assets or services without the need for a third party. There are many possible use cases for Web5, including but not limited to: 1. Online gambling 2. Decentralized marketplaces 3. Autonomous organizations 4. Voting systems 5. Secure identity management systems

How web5 could influence the crypto market?

Web5 is a new technology that is poised to have a significant impact on the crypto market. Web5 is a platform that allows users to access and use digital assets in a more secure and efficient way. It also allows for the transfer and trading of digital assets without the need for intermediaries. Web5 has the potential to revolutionize the way we use digital assets, and its impact on the crypto market is still unfolding. While it's too early to say for certain, it seems likely that web5 will play a big role in furthering the growth of the crypto market. In short, it looks like web5 is poised to have a big impact on the overall landscape of the crypto market, and there's no telling what will happen next!

article avatarJansugi Goguadze

Driver

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

As a rule, updates are always good, but there are still shortcomings. Web 5? Where is Web 4? It's a big leap and ambitious. I think it will not be easy and fast to do all this.

What are the possible use cases of web5?

This is news and surprise to me. It will also be a surprise to others. It is not easy for ordinary people to perceive it, it is more about those who innovate and can write a program.

How web5 could influence the crypto market?

It will probably simplify the software, speed and most importantly be perceptible alone. I think if .or justified it will help blockchains work and help them solve various problems.

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

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