If you are active to check tech updates on the internet, you are probably familiar with the term web5 which former Twitter CEO Jack Dorsey introduced. Web5 is a combination of web2 and web3 to allow decentralized apps and protocols.
The main vision of the web5 technology is to allow every individual to control their data and restore their data without centralized intervention.Web5 technology could end the era of web monopoly from the largest corporation as it embraces decentralization for everyone. Recently, TBD announced its intention to create Web5 on the Bitcoin network to start a new era in the internet world.
The core working mechanism of this technology can be understood from this presentation doc. While web5 sounds promising and interesting, will it surely bring the changes in the digitalized world?
We have asked 5690 Experty community members questions related to "Web5: What it is? What should we expect? What will the future of the internet look like?". We have received many valuable replies, the best ones (based on Experty community feedback) you can read below.
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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.
Anupam SinghSales 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
Maxime LecoustreSoftware 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.
IONUTFULL
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
Kehinde DavidEngineer | 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.
Chiamaka Bernard
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.
Jeremiah DavidFull stack developer and a block chain specialist.
What do you think about the Web5 concept? Is it better than Web3? In what ways? Please elaborate.
Web 5 isn't far fetched,it is more of a transition of the social web 3 project which makes the web 5 more decentralized and holds trust for Investors to capitalize on the market.
What are the possible use cases of web5?
Web 5 isn't far fetched,it is more of a transition of the social web 3 project which makes the web 5 more decentralized and holds trust for Investors to capitalize on the market.
How web5 could influence the crypto market?
4/4 It will bring much Tokenization on aftermath where by sources will be changed not just by specification. In other words, the influence of the web 5 will serve as a helping and creative investment for willing investors.
Hassan TobaStudent
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
Numan PolattimurPsychologist
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.
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.
Albert A ASEO 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.
This is not a financial advice. Please do your own research and consider the risks of trading cryptocurrencies.