Web 3 V/S Web 5
In order to establish the third generation of the Web, which is decentralized, a lot of effort is being expended. The creator of Twitter, Block, as well as Square, moreover, has now launched Web 5. As a result, similar to Apple’s decision to forgo Web 4 for the iPhone 9, this option is not taken. Dorsey thinks that the third version of the World Wide Web is excessively centralized. The content generated by Web 5 clients is theirs to keep and manage. OpenSea and Coinbase are examples of Web 3 centralized storage providers. Decentralized servers are at the heart of Web 5, the next generation of the web. That’s the word from TBD, a startup launched by Jack Dorsey. One tweet from them ignited the whole Cryptocurrency community.
Representatives of the Web 3 community who are familiar with the Web 5 idea have ridiculed it as a Bitcoin maximalist take on the achievement of current smart contract ecosystems. Dorsey, along with Jay-Z, the rapper’s childhood neighborhood in New York City’s borough of Brooklyn, announced the launching of Bitcoin Academy previous month to educate inhabitants of the Macy Houses public housing complex about Cryptocurrency. As an added incentive, registrants at a planned Cryptocurrency kids camp will be given a small amount of Bitcoin. The two individuals put out $24 million last year to launch B trust, a fund that would support Bitcoin growth in Africa as well as India.
When Did Web 3 Emerge?
To the same extent as with the previous web phases, identifying exactly when Web 3 emerged is impossible. Due to the fact that creating a website is an ongoing procedure, there is no specific beginning date. While the phrase “Web 3” was not used until 2014, many people believe that the concept of Web 3 first appeared about 2006. Since the web is still very much in adolescence, it is impossible to predict what its next phase will be, hence this is often cited as the next logical step.
Following are some of the differences between Web 3 and Web 5 which one needs to learn about:
In the Web 5 era, consumers will have no say regarding any personal information or identifiers. Accounts are provided by the firms themselves. That really is exactly the problem with the argument that Web 3 is decentralized. Web 5 is TBD’s attempt to restore user agency over their personal information and digital identities.
2. Built Solely
Block Incorporated, previously known as Square and led by Jack Dorsey, plans to bypass Web3 in favor of Web5, a purportedly decentralized network. Web5 was designed by TBD, Block’s Bitcoin division, and is based entirely on the Bitcoin network.
Where Has Web 4 Gone?
The very next generation of the Web, following Web 3, which is a catchall phrase for the blockchain and decentralized technologies now under development all around the globe, is not a completely fresh version of the Web, but rather a replacement to what we currently have or are in the process of developing. Web 4, often referred as the “Mobile Web,” is a version of the World Wide Web optimized for mobile devices. Consider a network that instantaneously links every mobile device in both the physical and digital worlds. To explain, Web 4 makes it possible for humans to communicate with robots using their voices as they move freely about their environments. Whereas prior websites mostly catered to users when they were seated in front of a desktop or laptop, the primary goal of Web 4 is to make it possible for users to access, consume, and share data independent of their physical place.
Can Web 5 Disrupt Banks?
John Cullen gives this a unique slant. According to his analysis, Web 5 has the potential to shake up the financial sector. To hear him tell it, Bitcoin is becoming more mainstream. Therefore, banks now provide services linked to Cryptocurrencies. With USD, they would like to play a similar role. Nevertheless nowadays with Cryptocurrency, all of it is neatly routed in a centralized fashion. That’s the way they enjoy it best. When you think about it, Bitcoin’s decentralized character is a big selling point. Then why put your faith in a bank to protect it? However, with Web 5, you are the master of your own data. No central authority whatsoever.
Possibilities — The Future is a Process, Not a Destination
Most of what detractors of Web3 call “falsified pledge” might seem, at least for the time being, to become much more difficult to accomplish with Bitcoin on its own. Even though the improvements brought about by the Lightning Network are encouraging, Bitcoin’s decentralization and commitment to cybersecurity come at the sacrifice of storage capacity and, most all, transaction speed. Several aspects of Web3 may already be realizable through extensions to Bitcoin. Hiro has begun using Bitcoin in the development of smart contracts. Stacks were developed to facilitate the use of Defi, NFTs, applications, as well as smart contracts in the Bitcoin ecosystem. Furthermore, since 2012, the Bitcoin network has supported coloured currencies, which are equal to NFTs as well as ERC-20 currencies.
Web 5 is Jack Dorsey’s expansion on the recently created Web 3 idea. Therefore, he provides a comprehensive, decentralized Internet. It allows you to have complete autonomy over your personal information and identification. Inadequate representation of this in Web 3.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.