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

identity: 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 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 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

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 avatarAmit Patil

nftjag.com | Co-Founder CEO @ WhiteCOde

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

Definitely Web5 is better than Web3. Basically we do not know who owns what on the internet today. Web5 binds the user identity to all the creations, making it an property of the owner.

What are the possible use cases of web5?

The identity gives authenticity to the information and credibility. This shall affect the entire internet with all of the available information.

How web5 could influence the crypto market?

The owners of the information can be easily incentivised with the help of crypto. Making a huge sum of possibilities for the crypto and increasing usability and its value.

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

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