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

market: 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 avatarIONUT

FULL

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

yes it seems much better because it is a new generation of the system much better and more developed than web3 and with web5 it is an addition of the things that were not implemented in web3 and that is why I say that web5 will be much better with the new system and improve the web 3

What are the possible use cases of web5?

hopefully there are no causes in which bad things would happen to web 3 I think it is a much more advanced and improved thing web 5 than web3 otherwise I would not see any connection to bring to life something on the same basis but with a different name

How web5 could influence the crypto market?

let's say yes but at the same time let's say no because the crypto market is influenced by people and the market is fluctuating up or down and I don't think that would cause web5 to differentiate the crypto market a good develop and a new generation would helps make the crypto market much more secure

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 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 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 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 avatarRichie Richard

crypto activist

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

They success of web 3 has inclined the formation of the web 5 skipping the intrusive thoughts of what the web 4 project will bring. They web 5 is a secured investment ecosystem that serves everyone the opportunity to deal with his investment in the best decentralized and caughts across building similar attributes from the web 3 social defined projects. Web 5 will be best.

What are the possible use cases of web5?

It usecase will exceed the available sources that we see today with time and to factor out the use, it will be able to show permissionless investment where a particular person holds his investment and drives it to the direction preferred by on the decentralization.

How web5 could influence the crypto market?

For so long the web 3 has existed barely fuled by BTC but how massive could the web 5 change the market and this will be defined from the threshold of having new investors coming to a very decentralized economy to trade and this influence optimism could drive the web 5 higher.

article avatarDavid Rindanaung

Thinker

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

I think web5 will be a "upgrade" version of web3. Technology must go forward, and be better and better for every upgraded version of it. Apple 13 must got better feature than Apple 10, 11, or even 12, if its not, people never buy a scale up number but have downgrade feature. You know what I mean?

What are the possible use cases of web5?

I believe DApps projects in Web5 will be more secure and faster than web3. I am not a technology guy, but I believe technology itself learn from their previous version, so technology will increase their feature, function, and value continuosly

How web5 could influence the crypto market?

web5 with their upgradable version than the web3, will increase trust to the crypto market. I believe that, so demand of crypto will increasing

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

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