Web5: What Is It, Evolution of Web, Advantages and Disadvantages, Applications
Have you considered how Web3 is decentralized if several dApps rely on cloud services or ledgers indirectly accessing your data?
Do you feel that owing to the omnipresence of Web2 and advanced requirements, Web3 will be challenging to adopt?
If yes, you are not wrong, as Web 3.0 aims to be decentralized but has limitations. Its infrastructure relies on third-party cloud and such networks, which have a bit of centralization and give data control to intermediaries.
Besides, it isn't easy to adopt owing to complex protocols. This is where the loophole lies, and the former Twitter (now X) CEO Jack Dorsey announced the advent of the internet with Web5.
While you would have many questions in mind, I've aimed to solve them all!
What is Web5?
Web5, or Web 5.0 or Symbiotic Web, combines Web 2.0 and Web 3.0 and is hence not known as Web 4.0. It would rely on complete decentralization supporting Artificial Intelligence and Machine Learning models leveraging Emotional Intelligence. This would make them efficient in their functionality.
Moreover, its protocols would be standardized, making its adoption easier.
Evolution of Web: From Web1 To Web5
Right from the advent of the internet to the current digital age, the web has evolved massively. Though the versions have been few, the developments are significant.
Web 1.0
Web1 had begun in 1993, which was merely a static Web. It stored information, records, products, and such things digitally over the internet. Firms even showcased their services online through this medium.
However, it was a read-only technology.
Web 2.0
Web2 evolved from static to dynamic, and innovation occurred with social media platforms like Facebook, Twitter, Skype, and WhatsApp.
Thus, it is a read-write framework. You would be interacting through social media and even using apps like YouTube for entertainment. This is where you use Web 2.0, and government and other regulatory bodies have access to data.
However, tech giants and bastions organizations use your data for personalization, surveys, and other aspects. This introduced the need for privacy, and Web3 walked in.
Web 3.0
To overcome the limitations of privacy and tech giants using data, Web3 was introduced, known as Semantic Web. It uses blockchain technology and indirectly other services as well for decentralization.
Though it doesn't give regulatory authority to the government, private intermediaries exist. Metaverse, SaaS, Cryptocurrency, and NFTs are a part of Web3.
However, it poses a challenge for massive infrastructural changes and scalability issues and isn't completely decentralized. To know more about it, check what is Web3!
Web 5.0
Web5 combines Web2 and Web3, which is globally accessible and would solve scalability issues with Web2. Most importantly, with Web5, you can control your data and information online.
Besides, it will let you choose who can access it and whether to reveal it anonymously. It's a more incredible evolution that would be legitimately decentralized. Further, it would offer you better transparency as well.
Thus, it will bring the world closer with better connectivity and a decentralized leader.
Advantages and Disadvantages of Web5
Web5 has several characteristics, like introducing standardized protocols that would enable scalability.
Further, when logging in, the Web5 model will take you to a decentralized system where you can manage and control your identity. However, nothing exists as perfect, and exceptions do exist.
Advantages
- Enhanced Emotional Intelligence with AI and ML models
- Real-time communication in the e-commerce sector for better UX
- Better control over digital identities and data, which is different from other versions of the internet
- Secure Digital Identity across different platforms
- Leverages blockchain for decentralization and even uses cryptographic security algorithms
Disadvantages
- Tangible benefits would be visible if a prominent firm would adopt it
- Web5 development model isn't complete, and hence, its applications and outcomes are unknown accurately
Applications of Web 5.0
Web5 is under development, and a proper decentralized framework planning isn't fully prepared.
Yet after knowing its goals and objectives, it will offer more significant advancements with Identity Control and data ownership.
Thus, Self-Sovereign Identity (SSI) will be central to it, and specific applications are anticipated.
(1) Secure Social Networks
With SSI, the connections and interactions on social media platforms will be more privacy-centered, and you can control your data securely.
(2) Decentralized Healthcare System
Privacy and integrity are central to Healthcare, and Web5 will ensure that patient data is saved, shared, and managed with proper security.
(3) Financial Identity Management
Web3 provided Decentralized Finance (DeFi), whose information is secured on the blockchain. Web5 would enable greater control over financial transactions by managing your identity as desired.
(4) Credentials Verification
Web5 will enable the development of a secure credentials verification system, which will be faster than using a password manager.
(5) Secure Communication Apps
Web5 will enable the development of communication apps prioritizing user privacy and security.
(6) IoT Solutions
Web5 would enable secure identity management for Internet of Things devices as well. This would make them privacy-focused and would prevent data breaches.
The Bottom Line
Web5 is a framework that will use the concepts of Web2 and Web3 to solve scalability issues and enable decentralization. The model's actual execution is still under development, and Jack Dorsey is believed to be the face of Web5.
Once the Web5 model is practically implemented, the internet shall undergo drastic changes that aren't precisely known.
However, it would also provide room for illegal activities.
