We have barely managed to scrape the surface of the Web 3.0 revolution, and Web 5 is already a headline thanks to a new initiative by Jack Dorsey, the former CEO of Twitter. Now, before you ask ‘What about Web 4?’ It is time to clear up some misconceptions. Read ahead.
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, decentralisation and other similar technologies. Meanwhile, Web 2 has achieved the pinnacle in Apps, Web Interface, Social Media, and other similar developments.
The idea of Web 5 is to combine blockchain technology with a Social Media Platform. Potentially, it should:
- Enhance the security of the entire platform and user data.
- Enable users to truly 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 decentralised wallet would act like a data safe for the user data. For instance, if you want to sign in to a new app or create a new account, you could easily use the user data available in your wallet. This approach is something similar to what we have seen in Samsung Pass, Google’s Autofill, and other similar technologies.
However, the Web 5 is meant to be more secure and thorough, without requiring any form to fill in, just the digital keys, imprints, and such.
So far, owning your data or having complete control of your data has been a hoax. Even the best companies have failed to help you secure your data. VPNs help you surf the web anonymously and privatise your data. But, the data is still used by companies.
By having a decentralised use, your data is stored on the blockchain. Therefore, you never share your app usage with the company, app developer, or any other third-party software. As a result, you own it, and you can decide whether you want to share that block of information with someone or not.
By leveraging the security and data safekeeping advancements, Web 5 plans on helping users easily share their data or restrict it. The cross-app and cross-platform compatibility should easily allow users to transfer their data.
For example, if you have a preferred music app, but it doesn’t have all the songs. You end up moving to a new app, but now you have to sign in, create new playlists and start from scratch.
Web 5 would enable you to transfer your preferences and the entire playlist from one app to another. Of course, it would also require apps to exist on the Web 5 interface.
One blockchain Approach To Web 5
While Web 5’s endeavours are admirable, there’s a little drawback to the ambitious idea. According to Jack Dorsey, Web 5 is meant to be a single blockchain revolution. Currently, we have multiple blockchains available, and that has divided the Metaverse.
The objective of Web 5 is to use a single, dominant blockchain and perhaps avoid all others. This approach could work in the long run, but not anytime soon. People are still developing and working on their own blockchains. Yuga Labs, NetMarbles, and MEMIX have all worked to create their own blockchains.
When people can create their own blockchain, why would they move to a singular blockchain?
However, Web 5 could work on a similar, cross-chain compatibility where every blockchain could be imported or used. This could lead to something huge for Web 5.
Upon listening to Jack Dorsey and his insights for Web 5, it doesn’t click as a new Web revolution or upgrade just yet. It sounds like a new platform the team is working on. Web 5 doesn’t intend to be as big as Web 3.0 or the next level in Web technology. It is working on bridging Web 2 and Web 3 together in a singular platform.
Therefore, it could be as massive as Facebook, which dominated the Web 2 space. Web 5 could be the new name for user security, data security, and compatibility. Just as today we have a Facebook login option for most Apps, Games and more, perhaps Web 5 is planning on expanding on these assets without being a giant that sells user data.
Web 5 could be a major breakthrough, and it could change the shape of Web 3.0. While others are working on VR/AR, NFT, and Metaverse aspects, Jack Dorsey and his team are working on an entirely new experience.