We have barely managed to scrape the surface of the Web 3.0 revolution and Web 5 is already making headlines thanks to the new initiative of Jack Dorsey, former CEO of Twitter. Now, before you ask ‘What about Web 4?’ It’s time to dump her and move on. Read on.
What is Web 5?
You could call Web 5 a combination of Web 2 and Web 3.0 (2 + 3 = 5). Hence the name. Web 3.0 is all about using blockchains, NFTs, decentralization, and other similar technologies. At the same time, Web 2 has peaked in applications, web interfaces, social media and other similar developments.
The idea of Web 5 is to combine blockchain technology with a social media platform. Possibly it should:
- Improve the security of the entire platform and user data.
- Allow users to actually own their data without compromising it to third parties.
Blockchain is already a brilliant technology with fascinating security applications. Now imagine using Bitcoin, the most successful and secure cryptocurrency and blockchain system. That’s what Jack Dorsey’s team, The Block Head (TBH), is working on. The team was formerly known as The Square.
The distributed wallet would act as data security for the user data. For example, if you want to sign in to a new application or create a new account, you could easily use the user data available in your wallet. This approach is somewhat similar to what we have seen in Samsung Pass, Autofill from Google and other similar technologies.
However, Web 5 is meant to be more secure and comprehensive, without having to fill out a form, just the digital keys, lettering and such.
Until now, it has been a hoax to own your data or have full control over your data. Even the best companies have not helped you secure your data. VPNs help you browse the web anonymously and privatize your data. But the data is still used by companies.
By having distributed use, your data is stored on a blockchain. As a result, you never share your app usage with your company, developers or other third-party software. As a result, you have it and you can decide whether you want to share this information block with someone or not.
Taking advantage of advances in data security and retention, Web 5 aims to help users easily share or limit their data. Compatibility between applications and platforms should easily allow users to transfer their data.
For example, if you have a selected music program but it does not contain all the songs. You end up switching to a new app, but now you need to sign in, create a new playlist, and start over.
Web 5 would allow you to transfer your preferences and the entire playlist from one application to another. Of course, this would also require the presence of applications on the Web 5 interface.
One blockchain approach to the web 5
While Web 5’s efforts are admirable, there is a small flaw in the ambitious idea. According to Jack Dorsey, Web 5 is meant to be one blockchain revolution. We currently have many blockchains available and it has replaced Metaverse.
The goal of Web 5 is to use one, dominant blockchain and perhaps avoid all others. This method may work in the long run, but not in the short term. People are still developing and working on their own blockchains. Yuga Labs, NetMarbles and MEMIX have all been working on creating their own blockchains.
When people can create their own blockchain, why would they move to a unique blockchain?
However, Web 5 could work on a similar cross-chain compatibility where each blockchain could be imported or used. This could lead to something big for Web 5.
Listening to Jack Dorsey and his insights for Web 5 does not sound like a new web revolution or update yet. It sounds like a new platform that the team is working on. Web 5 is not going to be as big as Web 3.0 or the next level in web technology. We are working on bridging Web 2 and Web 3 together on a unique platform.
Therefore, it could be as big as Facebook, which dominated the Web 2 space. Web 5 could be the new name for user security, data security and compatibility. Just like today, we have Facebook sign-in capabilities for most apps, games and more, with Web 5 perhaps planning to expand these assets without being a giant that sells user data.
Web 5 could be a major breakthrough and could change the features of Web 3.0. While others are working on VR / AR, NFT and Metaverse episodes, Jack Dorsey and his team are working on a whole new experience.
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