Former Twitter CEO Jack Dorsey announced that he will create a new decentralized web platform called Web 5.0. The platform aims to return “ownership of data and identity to individuals.”
You will be the owner of the data, and it cannot be shared with any third-party sites.
Before going into detail, let’s understand Web 1.0, 2.0, and 3.0.
The transition from Web 1.0 to 3.0
Let’s understand in brief what the internet says about 1.0, 2.0, and 3.0.
When the Internet came, it was named Web 1.0 or first generation. It was a big revolution in global digital communication at that time.
It is known as the read-only internet made of static web pages that allow only passive engagement. In short, if you want to get any information, you can only read but won’t be able to share.
There was no logging in, interacting with posts, or viewing analytics. It was said to be a Wikipedia.
The next stage was called Web 2.0, also called read and write internet. The main change was the interactivity of the internet. It meant not only did we get information from the pages, but also the web pages started collecting information from us.
MNCs such as Google and Facebook started collecting data about us to provide us with better content. The companies then bundled up all the data collected and sold it to advertisers.
Web 2.0 is also the age of targeted advertising and lack of privacy. To be honest, we willingly gave up our privacy for cool apps such as Facebook and Twitter.
Web 3.0 is an evolving term that refers to the next generation of the Internet, a “read-write-execute” web with decentralization as its bedrock. Whatever data you create will be owned by you.
It explains the digital world, leveraging blockchain technology, where people can interact with each other without the need for any intermediary. AI and ML will drive Web 3.0 and will be able to interpret information as humans.
In Web 2.0, you were the product while browsing social networks, but in Web 3.0, you will be the owner of the content posted online.
What is Web 5.0?
Web 5.0 will be an extra decentralized web that puts you in control of your data and security. Simply put, Web 5.0 is Web 2.0 plus Web 3.0, which allows users to own their identity on the internet and control their data.
According to a line quoted by Dorsey, “Web 3.0 is not decentralized truly or owned by users, but instead controlled by venture capitalists and limited partners.
One of the most noteworthy advantages of Web 5.0 is that it will be more user-centric and decentralized. It will focus on delivering a better user experience while maintaining privacy.
Understanding the functioning of Web 5.0
Let’s understand Web 5.0 properly with an example.
Andrew creates his digital wallet, which includes his personal information. Andrew is confident that all his information is secured. He can privately surf the web and manage who can access his information publicly.
If Andrew subscribes to a new social media app, with the help of Web 5.0, he will not be required to create a new account but can easily connect his digital wallet to the application.
Andrew can decentralize his identity every time he interacts with the app. In this way, he can transfer his personal details and public presence from one place to another privately.
Hence, in Web 5.0, people can move from one app to another without rebuilding everything from scratch.
Do we need Web 5.0?
Dorsey needs a Web 5.0 because it would solve some of the problems associated with the insufficiently decentralized Web 3.0.
The new web platform will allow individuals to completely own their data, understand how it can be handled, who is using it, and delete it for specific institutions/people. As of today, most of the personal information is used by internet participants to market to you or monetize your data.
Web 5.0 emphasizes that companies will approach you and will uphold your privacy. Thus, you will control how your data will interact on the web.
Key differences between Web 3.0 and Web 5.0
Web 5.0 is vaguely familiar to Web 3.0. Both are state-of-the-art versions of the future generation of the internet that runs on open-source and peer-to-peer networks.
Both platforms aim to get rid of censorship and centralization. The main difference is that Web 3.0 represents a broad ecosystem of builders with existing use cases and innovations. On the other hand, Web 5.0 is a relatively new platform in the conceptual stage.
Understanding each project’s software development process can help you identify the differences since each of the two in-progress web renderings promotes a different view of how decentralization could be accomplished.
- Storage of Wallet
In Web 3.0, a user’s NFT, cryptocurrency, and other digital assets are kept in the wallet. They are protected by a pair of alphanumeric codes named public and private keys that encrypt and decrypt messages respectively.
In Web 5.0, the user’s identity and data are secured for external protection apps and stored in the personal nodal server.
- No Tokens
Web 3.0 technology has become an entry point for cryptocurrency for most people. Token systems use cases are not just limited to trading and investing but also governance tools. The currencies serve as an incentive for participants in a platform such as DAO to act honestly.
On the other hand, such coins will not be used in Web 5.0 as proposed by TBD. Currently, it is doubtful if the project under development plans to adopt a replacement for governance tender.
- Using Web 2.0
Despite its harshly decentralized upbringing, Web5 does not dismiss the centralized platforms of Web 2.0. According to TBD’s presentation deck, Web 5.0 plans to work with Web 2.0 services.
It would allow users to store playlists to their encrypted signature rather than a profile held on the service provider’s servers, allowing them access to popular streaming services like Groove and Tidal.
Even though its technology is still in development, Web 5.0 is a promising platform with a hopeful future that promises to provide internet users the authority to control and govern their data and identity. Once Web 5.0 is implemented, all user data may be stored in a decentralized digital wallet, resulting in a substantially more secure user experience.