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

data: 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 avatarChiamaka Bernard

cryptolord and analyst

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

They Web 5 Innovation came so close even with the presence of the web 3 and the shock was that the web 3 was to ignored admist powering the web 5 project,Thus, the web 5 combined schemes from the web 3 Innovation to make an Appealing and most decentralized environment where by trading could be totally subject to a Single cryptocurrency trader. And with this effect it will bring in more traders to invest in the project. So far, it could be analysed that the web 5 project powdered by BTC will deliver a more decentralized community.

What are the possible use cases of web5?

They possible usecase is to emerge as a system that allows one to Own the full sketch of data and being able to control them without limitations of any kind, this is fair enough to build a bigger decentralized chain.

How web5 could influence the crypto market?

I build this from the relevancy of trust, investors in real Sense prefer an ecosystem which is fully charged by one single user ID and such influence tends to pull together investors with a Common goal towards investing and building a network with better yield options.

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 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 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 avatarAbdulgafar Abidemi Olorede

Crypto enthusiast

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

Web5 is better because of its goals and concerned to be addressed. However, web3 can't be left out or overlooked because it's a reference point.

What are the possible use cases of web5?

Web5 centralized more on what people think and being the ownership of their data and identity. As we can see Web5 introduces self-owned identifiers that enable decentralized identity authentication and routing, verifiable credentials as data formats and models for cryptographic presentation and verification of claims, and decentralized web nodes in which presented more unique than that of web3. Although this could take us a long time before we see the effect of the proposed web5

How web5 could influence the crypto market?

By giving people a sense of ownership and identity. Also web5 will kill all the influences of web3 and gives more potential to the crypto world.

article avatarCYPRIAN OBI

Open to new ideas

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

The concept is great but the controversy around it is undermining web3 and long it has come. Yes we all want a decentralised web system with transparency and that is what web3 was trying to do. I feel Jack Dorsey and Co. should have just backed up web 3 rather than launching web 5

What are the possible use cases of web5?

Identity management Personal data security Data sovereignty Focus on creating enjoyable user experiences while returning ownership of data and identity

How web5 could influence the crypto market?

Web5 relies on bitcoin only as it's foundational infrastructure. So I feel this could affect bitcoin's price positively. Bitcoin also tend to drag other alt coins up whenever there's a positive change in price, so in all I feel it should affect the crypto market positively

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

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