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."
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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Top comments (18)
Why does everything need a f***ing blockchain? They're slow, resource hungry, and cumbersome.
Sir. Tim Berners-Lee (yes, the guy behind the internet) has been on this for years - check out Solid (first released in 2015) - seems like a way better way forward than any of this web3, and now web5 nonsense
I'm with you, I've work with decentralized systems, blockchain and web3 at work for over 5 years now, and I can tell you than in most cases it makes no sense to use. It just adds a complex and expensive layer. I see the value of the tech, though it does not need to be used for everything...
I doubt it will stick for more than 10-15 years, at least at the level that it's being "used" nowadays. I don't think it's the solution for most stuff... Decentralization yes, blockchain I doubt it...
I'm not agree with all you say. Are blockchains slow? Not every of them. Are blockchains resource hungry? Not every of them. Are blockchains cumbersome? As you guessed, not every one.
There is indeed a lot of cases where web 2 is betters than web 3, but there is a lot of cases where it's not. Taking the storage example. Storing a file online can be expensive. With the Blockchain technology, it's so much less expensive, you can't imagine. You also have a better free tier. Note: everything on the Blockchain is immutable, including files, meaning we can't delete files from the Blockchain, it's a cons.
Another example i could give you is the interoperability. It's easier to use something already existing with the Blockchain than the current web.
Other example, security. It's not that easy to hack a smart contract, but easier to hack a classic website.
I could give you more examples of good use cases of this technology, but that's not my goal. The point is, i totally understand we can't do everything with Blockchain, but this technology is not useless too.
You can read more about what i think of the technology here
Web 3.0: not ready yet?!
Olyno ・ Mar 1 ・ 5 min read
That's not true mate... If you are talking about storing the file data inside the blockchain it's not true, it's way cheaper to store on a regular old server. If you mean using something like IPFS or similar, maybe it's cheaper. Or if you're talking about nfts where you just point to a file on another server then yes it is, but the file is not in the blockchain.
Google drive offers 200GB for 3€ month. Try and store 100GB on a blockchain and then tell me if it's cheaper or not.
I agree, the tech itself is usefull, what's not usefull is thinking it is the solution for every problem. For me the only way to make blockchains worth it is to remove speculation from the equation. Then make it cheap and not as resource intensive, then we might have something usefull and that will not polute the whole planet.
I think I expressed myself wrong about storage. When I was talking about cheaper storage, I was talking about raw file storage, like pdf files, images.... using IPFS or Arewave for example. This is part of the blockchain ecosystem, but it's not exactly blockchain, you're right.
Unfortunately, everything is subject to speculation these days. We can sell tickets for an artist at an exorbitant price.
Concerning ecology, I think it's a bad argument. Many people say that blockchains pollute, but it's not really the case. If we change scale, airplanes pollute more, so do factories, so do nuclear power plants. Even a simple car can probably pollute more than a modern blockchain. Moreover, the energy of the blockchain is recycled from renewable energies, or in other uses.
Correct, most blockchains don't allow much data to be stored inside it, at least in the transactions themselves. Last time I experimenting with this, the bitcoin blockchain only allowed 1kb of data to be stored per transaction, so if you wanted to store a 1mb file in the blockchain you had to do many transactions. Then recompile all of them and reconstruct the image. Of course there are other options and blockchains have evolved quite a bit since I did that.
It's possible, if you don't let the users trade the coin, or even better remove the coins and currencies from the equation xD Decentralized systems should not be backed by a currency, currencies should be backed by decentralized systems.
Id argue that it is, you see we're not in a point where we need to pollute more, we need to pollute less. Creating systems that require excesive amounts of power to run is not good, at least if we keep on the same track and not switch to cheaper ways to validate transactions. There are solutions out there that reduce the computing power by quite a lot, but they're still not implemented for reasons.
I agree that planes, boats, factories, etc... pollute more. But blockchain pollution does not only comes from the energy spent mining, but from the electronics that are needed to mine e.g. graphic cards, cpus, etc...
I don't think I understand what you mean here. Do you mean that blockchain uses renewable energy?
Not every of them, but yes.
The Problems with Web3 and NFTs
Jon Randy ・ Jan 30 ・ 2 min read
Referring me to your article as an answer is not very argumentative, knowing that, as you say yourself, your article is only a simple repost of pre-existing articles or videos. I would have liked to know your subjective point of view about blockchain.
Edit: I would add that after reading some articles you mentionned, it seems clear to me that these are childish arguments. Some of your articles mention the fact that a blockchain is not secure, because anyone can be hacked. It is exactly the same with the current web, knowing that it is even easier to hack them.
Personally, I think that in most cases it's still a solution in search of a problem. I've come across some use cases that do sound interesting and have merit (voting systems being a good one), but all the promising ideas are mostly buried under an avalanche of NFTs and "me too" projects that have blockchains tacked on for no discernible reason other than to ride the hype.
So we are on the same page ahah, thanks for taking the time to give me your perspective on this technology!
Tim Berners-Lee: Screw Web3 — my decentralized web has no blockchain
At TNW 2022, World Wide Web inventor Tim Berners-Lee explained why his plan for a decentralized internet aligns with Web 3.0 but not Web3.
I miss Web 1.0 where you didn't have to "own" your data because no one was collecting it yet.
I think we need more discussion about this topic in the community. Idk how I feel about big corp trying to be the leader of the pack on this movement.
See above - open standards ideas from the guy who basically invented the internet.
And Where is web 4 ???????????
Doesn't fit in to the marketing spin
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