Introduction
In this article, we will see what Web 5.0 is, and how it is an advancement to the current buzzword Web 3.0.
Web 3.0
Before going to web 5.0, I would like to give you a brief about web 3.0, which is the near future of the internet. Web 3.0 is the next iteration or phase in the evolution of the web/internet, and it has the potential to be as disruptive and represent a paradigm shift as Web 2.0 was. Web 3.0 is based on the fundamental ideals of decentralization, openness, and increased consumer usefulness.
Berners-Lee elaborated on several of these essential notions throughout the 1990s, as detailed below:
- "No authorization from a central authority is required to put anything on the web, there is no central controlling node, and hence no single point of failure...and no 'death switch'!" This includes freedom from arbitrary censorship and monitoring."
- Bottom-up design means that "rather than having code produced and managed by a small group of professionals, it was built in full view of everyone, promoting maximum engagement and experimentation."
Applications of Web 3.0
- NFTs
- DAO
- DeFi
- Cryptocurrency
- dApps
- Cross-chain bridges
- GameFi
Web 5.0
Web 5.0 is intended to be a decentralized web platform that allows developers to construct decentralized web apps with verified credentials and decentralized web nodes. This platform's goal is to restore control and ownership of user data.
Despite the fact that Web 5.0 is still in development, there are already obvious hints of what this platform will entail. Web 5.0 is expected to be a blend of Web 2.0 and Web 3.0, with an emphasis on developing a linked web that is not just intelligent, but also empathetic. This entails being able to communicate directly with its users, just as individuals can with one another.
The term is coined and highly supported by Jack Dorsey, Founder of Twitter Inc. He has been one of the imminent criticizers of web 3, he thinks that ownership is a primary concern when it comes to the implementation of Web 3.0.
He claims that people do not control this version of the internet and that ownership is still connected to limited partnerships and venture capitalists. According to him, Web 3.0 is still a centralized program with a different moniker. Dorsey's view that Web 3.0 is still centralized in certain ways has led him to a picture of what Web 5.0 may achieve.
He also created Block, Inc., a financial payments firm, which is working to bring Web 5.0 to reality.
What is TBD?
TBD (The Block Head) is a newly formed platform that is regarded to be Block, Inc.'s bitcoin-focused subsidiary. Web 5.0 will, according to TBD, bring data storage and decentralized identification to apps that users own wholly.
The platform will also enable developers to create exceptional user experiences while ensuring that each user retains ownership of their data and identity. TBD thinks that third parties now possess personal data and identity and that this ownership just moves to new third parties when it comes to Web 3.0.
Key features of Web 5.0
- Control your identity
Being in charge of your own identity is one of the key use cases for Web 5.0. Assume Barkha has a digital wallet that can securely handle her data, authorizations, and identity for external connections and apps. She enters her sign-in information into a non-centralized social networking application using this wallet. She won't have to go through the hassle of creating a profile because this application is linked to her identity. All of the app's postings, connections, and relationships are saved on her decentralized web node. At this point, Sarah can switch applications whenever she likes, in which case her social profile will follow her.
- Own Your Data
Another use of Web 5.0 is data ownership: Rohit enjoys music but is frustrated that his personal information is restricted to a single provider. This approach to personal data storage necessitates him to find the same songs and create the same playlists with each music app he employs. Despite the fact that these applications are now vendor-locked, Web 5.0 allows Rohit to store his data on a decentralized web node, allowing him to give each music app he uses access to his preferences and settings. As a result, his individualized music experience might be extended to every platform he uses.
Advantages of Web 5.0
- The eCommerce sector will be able to adapt to the emotionally charged nature of the internet and generate real-time connections with people.
- With this version of the web, the increase in emotive elements will be more conducive to user creativity.
- Web 5.0 is planned to be a fully decentralized platform that is driven by the blockchain and is based on the structure that Bitcoin already has.
- Users have complete control over their data and identities.
Disadvantages of Web 5.0
- Because the platform is still in its early stages, the final results of Web 5.0 are uncertain.
- Some of the platform's actual benefits are contingent on businesses embracing it.
Web 5.0 as compared to Web 3.0
- Both of these platforms are built with blockchain technology in mind.
- People will be able to interact with one another without the necessity for a middleman.
- Because of the emphasis on machine learning and artificial intelligence, searches and suggestions may be personalized to user demands.
- Web 5.0 will enable computers to respond to emotional cues based on electric signals in a person's brain, which is not achievable with Web 3.0.
- The internet in Web 5.0 is intended to be completely decentralized, which implies that middlemen or governments cannot keep or manage a user's data.
- Web 5.0 will be the only platform that allows consumers to switch from app to app using their digital money.
What are the applications of Web 5.0?
- There are two possible scenarios for how Web 5.0 will alter things in the future.
- Identification management: A digital wallet that handles user identity, data, and authorizations for external apps and connections securely.
- Control over personal data: For example, we may enable any music app access to our settings and preferences, allowing the app to carry our unique music experience across many music applications.
Conclusion
In this article, we discussed and saw, how web 5.0 can revolutionize and change the world of the Internet, and prove a game changer for all internet and data companies, whose business models are majorly based on our data.