Web5 is a Decentralized Web Platform that returns ownership and control over identity and data to individuals. TBD stresses the importance of being open source – “an open-source model will win in a decentralized, permissionless world,” according to the company.
Web5 is a combination of Web3 and Web2. According to Jack Dorsey, Web 5 is built on the Bitcoin blockchain, it aims to bring decentralized identity and data storage to applications. The platform lets developers focus on creating delightful user experiences while returning ownership of data and identity to individuals. The Block Head is one of the Bitcoin business units at Dorsey’s Block (formerly Square).
Evolution of Web2 to Web3
Tim Berners-Lee, the creator of the World Wide Web, envisioned a world in which computers could analyze all of the information on the Internet. Our daily lives will be handled by machines talking to machines once a “Semantic Web” emerges.
Web3’s main attraction is that it aims to address the current challenges with data privacy. Instead of providing your personal data each time on each platform, you sign up for, you will simply authorize the platforms to use your data. If something changes, like your address or credit card number, you need only change it once on your end, and all sites will be updated.
The Evolution to Web5
Web3 has been a source of contention for Dorsey. Despite marketing efforts to the contrary, he argues that Web3 platforms are typically more centralized than consumers believe. Web5’s mission is to create Bitcoin-based technologies that offer consumers control over their data and allow them to manage all of their online activities.
The Twitter CEO wants a system based on Bitcoin’s decentralized nature that lacks single points of failure. The tech CEO said that Web 3.0 systems are based on a single point of failure.
The business behind Web5 wants people to be able to “own their data.” Consider your digital wallet, which protects your identity, data, and authorizations for external apps and connections.
You do not need to create a profile when you enter into a new decentralized social media platform because you already signed in with your decentralized identity. Because you connected to the app utilizing Web5 technology, all of your connections, relationships, and postings are saved with you. An individual may switch apps whenever they wish, retaining their social persona, thanks to Web5 technology.
Your current connection to the internet is hallmarked by data breaches, phishing scams, and all mannerisms of fraud. Times are changing fast, and as more people learn about the importance of data privacy, a tectonic shift is happening in the tech world where every VC is looking to invest in privacy. To learn more about how to protect your data and privacy follow this link.
Leave your thoughts below and let us know what you think Web5 will accomplish.