Mike Brock (Lead TBD Block)
At Consensus 2022, Jack Dorsey said that TBD, Block's Bitcoin division, is working on a new internet vision dubbed web5. Thanks to this potentially revolutionary technology, users will be able to take control of their own data rather than handing it over to third parties. According to TBD's mission statement,
"We believe in a decentralized future that returns ownership and control over your finances, data, and identity. Guided by this vision, TBD is building infrastructure that enables everyone to access and participate in the global economy."
Source: Web5 Deck
Reactions to the introduction of the web5 standard
The crypto community has had a lot of fun dissecting what happened to web4, and there have been a lot of funny comments on Crypto Twitter. Snoop Dog even stated that he is currently working on Web6, to which TBD responded, "cool, we got five on it." However, not everyone in the crypto community thinks the statement is a joke. Many proponents of a decentralized internet-based exclusively on Bitcoin exist, which is unsurprising. Victor Zhang, the author of TokenScript and the founder of SmartToken Labs, told CryptoSlate exclusively,
"The "web5" Jack wants to make is nothing new… It is still an application-centric framework. Can be considered as web2.5 😂"
On the other hand, some community members tend to feel that the technology underpinning web3 and web5 can coexist; perhaps the future is web8, with both operating simultaneously? Matt Huang, Paradigm's co-founder, called for a shift away from such disputes, saying,
"The web2, web3, web5 skirmishes are a distraction. Build from first principles and not through analogy… crypto unlocks possibilities that our 2022 minds cannot fully fathom. Embrace that uncertainty and potential toward a better future!"
Web 5.0 - The Symbiotic (Intelligent/Emotional) Web
To put it another way, the Internet of Things (IoT) implies that everything in your life, and I mean everything, may talk to each other about you, in front of your face, behind your back, and without regard for your feelings. With a focus on selling, buying, and persuading you. It was funny to wake up to a robot in the guise of a kitty cat, but Web 5.0 would go much farther. The Intelligent Web foreshadows what is to come with the emergence of smart devices that forecast your requirements based on your patterns without requiring many hints. Symbiotic web algorithms will be able to analyze evidence on a more complicated emotional and cognitive level. This is the Web, which coexists with daily life in a seamless manner, working without thinking and naturally engaging with our actions.
What Exactly Is Web5?
We may not be able to be certain just yet.
After reading Jack Dorsey's tweet and the presentation pack from TBD, a business unit within Block (formerly known as Square), it sounded eerily similar to the approach that the W3C (World Wide Web Consortium) has been working on for some time, as well as the Avast (formerly, Evernym) team's philosophy:
The twin pillars of verifiable credentials and DIDs (decentralized identifiers) are a requirement for a user-controlled, largely privacy-protecting, self-sovereign solution for digital identity.
So, what's the mechanism?
Web5 Wallet is a decentralized online platform that employs decentralized IDs, verifiable credentials, decentralized web nodes (DWNS), and decentralized web apps (DWAS). Finally, the platform aspires to provide consumers with two use cases: "own their data" and "control their identity"
TBD used an example to show how people may utilize Web5 to manage their identities. Consider Alice, who uses a digital wallet to protect her identity, data, and permissions for external apps and connections. Consider a case in when Alice signs into a decentralized social networking program with her Waller.
She no longer must establish a profile on the app because she is connected to it via her decentralized identity. She may also keep track of all her connections, postings, relationships, and other information in her DWNS. DWNS is a private data storage system that allows you to store both public and encrypted data. She has complete control over her identity, as she may switch between apps at any time.
Users controlling their data is the next use case. Consider Bob, a music fan who "hates having all of his personal data locked up with a single provider." This means he'll have to rebuild his playlists in various music applications repeatedly. So, what's the answer? Bob can store his info in his DWNS rather than in several applications. As a result, he may allow any music app access to his preferences and settings. This allows consumers to carry their tailored music experience with them wherever they go while maintaining control over their data.
"WWWW" isn't the only way to describe the internet. Web 1.0, 2.0, 3.0, and subsequent functionalities may be used in digital databases. Using these materials from different times does not make a website outdated. It's just as vital to know what was significant in the past as it is to know what is important now. Before 2001, most websites were static (according to the Web 1.0 idea). They served as "business cards," as well as web (hyper) boards that displayed specialized content. They were frequently inefficient and out of touch. Furthermore, Apps are always talking with one another via the Internet. The paper network has been replaced by the data network.
Web 3.0, meanwhile, is a semantic realm where artificial intelligence and human intelligence coexist. Web 4.0, on the other hand, is a mobile environment where people, as well as physical and interactive things, collaborate to create new values. Finally, web 5.0 is a sensory emotional region that converts the network from an "emotionally deficient" world to one with a rich experience.
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