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Brace yourself; we're moving straight to Web5 and skipping Web4 somewhere.
Yes, you heard the truth.
On June 10th, 2022, Jack Dorsey's TBD announces to start their journey to build Web5. According to Dorsey, this blockchain network will play a vital role in the evolution of the Internet.
But why Web5 and not Web4? This network got its name from previous Internet Evolutions, Web2 and Web3. As 2 + 3 = 5, so Web2 + Web3 = Web5.
Today's most critical challenges are data privacy and security, and many businesses are attempting to safeguard against misuse. This is one of Web5's main points of emphasis. Web5 is developed by The Block Head (TBH), which is Dorsey's Bitcoin business unit and was previously known as Square, according to Dorsey.
The Web5 platform allows applications to have decentralized identification and data storage. It will enable developers to focus on offering pleasant user experiences while returning ownership of data and identity to users.
Web5 is founded on the assumption that Web3 plans to use blockchain technology and coin derivatives to establish a decentralized web. However, Web3 is inspired by suitable justifications while employing incorrect tools.
Web5 aspires to employ the same blockchain technology that underpins Bitcoin. This is to avoid double-spending issues and make peer-to-peer bitcoin digital currency a reality. Web5 will also include decentralized IDs (DID), decentralized web nodes (DWN), self-sovereign identity service (SSIS), and a self-sovereign identity metaverse development kit, according to TBD (SSI-SDK).
Web5's technological goal is for these composite components to allow developers to focus solely on providing the best possible user experience because decentralized identity will already be an integral element of Web5, assisting with data storage in applications.
It's entirely built on the Sidetree protocol and ION, which operate without tokens, trusted validators, or other consensus mechanisms.
The first component is the Decentralized Web Node. DWNs are mesh-like datastores that allow a single entity to control several nodes in sync. Decentralized Web Nodes (DWeb Nodes) is the component for storing data and passing on the entities of any particular type, such as people or organizations. It also sends and stores encrypted public messages or data to enable various dApps and protocols.
The second component is the Decentralized Identifier. A DID is a cryptographically generated and registered globally unique permanent identifier that does not require a central registration organization. There are no centralized providers or trusted authorities, unique utility tokens, or subjective consensus; therefore, identifiers are self-generated and self-owned.
The third key component is the Self-Sovereign Identity SDK. Developers may quickly create self-sovereign identity-based applications using the Self-Sovereign Identity SDK toolset.
It's made to work with any identity management system. It comes with a collection of tools and APIs to assist developers in building apps that give users control over their data.
From PWAs to DWAs, we've come a long way.
PWAs are Progressive Web Apps, which you use daily (Pinterest, Uber, Spotify). They're web apps that emulate the user experience of native apps by utilizing modern web technologies. PWAs are intended to be quick, dependable, and entertaining.
Jack Dorsey is building the architecture for DWAs (Decentralized Web Apps) using the aforementioned Web5 components.
Developers would be able to make apps with decentralized identification and data storage capabilities, giving users complete sovereignty over their personal information.
Dorsey tweeted last December:
“You don’t own Web3”.
Users can build their own identity (which will store all their information, data, and authorization for external applications and connections within their personal DWNs) and use it to sign in and switch between numerous dApps while keeping their data safe and secure.
Furthermore, this online platform is designed to support two prominent use cases: users will be able to "own their data" and "manage their identity." These use cases will be enabled via wallets, decentralized web nodes (DWNS), and decentralized web apps (DWAS).
Without the need for a third-party organization, a single user will be able to grant authorization to apps and control their data. Users will no longer need to memorize complicated passwords because they can use their wallets to unlock apps and "carry their data with them" at all times.
According to the official website of TBD, this decentralized online platform will function as a public good in the following way:
Today's financial systems leave people behind. We create strategies for anyone who has access to the internet. We're building it the way the internet was built: as a public good.
It's unclear how this will affect the work of any venture capitalists whom Dorsey considers so apparent. Who will adopt Web5's vision when individuals continue to invest in Web3 despite a market slowdown and increased scams? It's also unclear whether the planned legislation would affect or drive consumers away from Web3.
Despite getting rid of the worst of Web3, Dorsey's Web5 project is still plagued by communication problems. The corporation continues to hide its operations behind technical jargon, which is incompatible with what they claim to be a democratic system.
If most people have no idea what protocol or identification is, how will you get everybody on board? According to the Web5 presentation, their technology is immune to interdiction. They will build a new class of decentralized apps and protocols. The web3 gaming industry will be metamorphosed completely.
Alice's digital wallet safely stores her identity, data, and authorizations for external apps and connections. Alice uses her digital wallet to sign up for a new decentralized social networking platform. Alice does not need to establish a profile because she has already linked her decentralized identity to the app. All the contacts, relationships, and postings she makes using the app are saved on her decentralized web node. Alice can now switch applications anytime while keeping her social profile intact.
Bob dislikes having his personal information tied to a single company. It causes him to re-create his playlists and tracks across many music apps. Fortunately, Bob can store this information in his decentralized web node. He may grant any music app access to his settings and preferences.
So it seems, that the emergence of virtual assistants that can forecast your requirements based on your actions without providing many cues indicates the future Intelligent Web. Web5 applications can comprehend data on a more complicated emotional and logical level. This Web operates in daily life, naturally meshed with what we do, without a thought.
Artificial Intelligence(AI) allows machines to converse with each other in a human-like manner. Still, the technology enabling them to think, reason, and rely on their own is closer than you may imagine.
Web5 will also emphasize the individual, perhaps allowing a website to provide a unique experience for each visitor. It could sense and respond to an individual's emotions and detect subtleties that would allow for more powerful interactions.
Web5 is currently a vision of the not-too-distant future, but only time will tell what this new technology will bring.