Many Blockchain businesses are clamoring toward the idea of decentralized internet and this is due to privacy-related issues. Web3 seems to be the solution to the problem. However, former Twitter CEO Jack Dorsey doesn’t seem to be satisfied with the concept of Web3. He introduced what by his own definition offers better privacy and ownership rights than Web3, he called it Web5. The concept of Web5 came from the combination of Web2 and Web3.
Who Coined the Term Web5?
Jack’s The Block Head (TBH) company is responsible for introducing this concept, which is built on the Bitcoin network. The Web5 platform seeks to bring decentralized application identity and data storage to the table.
The main purpose of the newly proposed Web5 is to bring about a second decentralized web. The target is to put the user in control of his information and identity.
Meanwhile, this is exactly or very close to what Web3 was proposing, but Jack, of course, thinks otherwise.
Web2 to Web3 Transition
Web3 was defined to be the forthcoming version of the internet, proposed to replace Web2, which is mainly centralized and centered on user-generated content. Web3 seeks to give control back to the users over their internet data, rather than enabling major tech businesses to control, sell, and trade user data with little oversight or regulation.
So, it’s safe to say that Web3 is defined as a user’s data being dispersed across networks with no organization claiming ownership or access to the data.
How Is Web3 Different From Web5?
Jack has always publicly criticized Web3, claiming that Web3.0 platforms only will become more centralized.
Of course, upon the introduction of Web5, Many started asking questions about what’s actually different between the newly proposed Web5 idea and the upcoming Web3.
Jack replied to his critics by stating that Web3 isn’t really decentralized. He maintained that internet data and identity aren’t owned by its people or users. In his term, he believes this is what Web5 will achieve, providing users with genuine control over their identity, rather than facilitating a pseudo-decentralized ecosystem where companies still have some control over their users’ personal information.
The former CEO of the software company has explained in a tweet that Web 3 techs only depend on a single point of failure, making reference to Ethereum and Solana. Notably, A single point of failure is defined to be a component that will put the entire system inoperable once it’s tampered with.
He further explained that he’s looking forward to a decentralized system without single points of failure that is modeled after Bitcoin. Also, He believes this will definitely work out well for any who supports Web3 and the idea behind the creation.
Web5 Operation Idea
The group that coined the Web5 TBH lays out emphasis on how it wants people to be able to own their data.
They explained that when users log in to a new decentralized social media platform using their wallet, they will not be needing to establish a profile all over again. Instead, the app will use their decentralized identity, contacts, and relationships and set up an account automatically for them.
Additionally, they can store their content posts using the program on their decentralized web network. In summary, They want users to be able to switch between apps at any time and yet still maintain their social profile by using Web5.
Final Thoughts
Currently, Web5 is under open-source development and at the same time, many tech companies are building on the Web3 concept. Many Web browsers, just like Brave claim to be built on Web3. It’s safe to say that we are still in the era of change from Web2 to Web3.
True Web3 is still a few years away at least, and Web5 is still just an idea, however, while the true decentralization of the internet is still a ways away, it’s important to discuss and envision a brighter future when it comes to user and data privacy and Jack Dorsey’s Web5 is exactly that.
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