Why is Snoop Dogg talking about Web 6.0
A new ‘Web 3.0’ killer has emerged.. what’s the deal with it?
Introduction
Jack Dorsey, ex-CEO of Twitter and current CEO of Block, Inc./bitcoin ‘maxi’ has announced, by means of @TBD54566975, his new project that intends to destroy both Web 2.0 (our current, centralized web) and Web 3.0 (the decentralized, blockchain-based web of the future).
The hype is real, as even Snoop Dogg is talking about it with an added sense of humor (this just goes to prove I wasn’t click-baiting).
What is Web 5.0 then?
TBD defines ‘Web 5.0’ as “the evolution of the web that enables decentralized apps and protocols”
Now you will maybe asking, what’s the difference between that definition and the proper definition of ‘Web 3.0’? Great question, because the answer is nothing. This is because, in the own words of Jack Dorsey, ‘Web 3.0’ is trying to solve the right thing with the wrong tools; it represents the evolution of a centralized web 2.0 to a pseudo-centralized web 3.0 that it’s still centralized in its core due to it still having single points-of-failure with the likes of Ethereum and other blockchain platforms that are heavily VC-backed. In other words, they are decentralized ecosystems controlled by a few big players.
Consequently, what does Web 5.0 offer in comparison to Web 3.0? It offers the concept of self-owned identity, a way to guarantee you are the sole owner of your identity and underlying data. This, again, is one of the key selling points of ‘Web 3.0’, which again exemplifies that Web 5.0 is just Web 3.0 all over again with a different approach (the concept of Web 5.0 is described as the sum of Web 2.0 + Web 3.0).
Web 5.0 is going to be based on the Bitcoin network. This is no surprise as Jack is famously regarded as a Bitcoin ‘maxi’, and also because at the end of the day Bitcoin is, by far and large, the most decentralized blockchain there is out there. For the sake of proof, Bitcoin’s Nakamoto coefficient, one of the main metrics to evaluate decentralization, is 7,349. In contrast, the next most decentralized blockchain, Avalanche, has a coefficient of around 26.
How is Web 5.0 going to do this?
Web 5.0 is going to be based on three main principles:
- Decentralized identifiers, also known as DiDs
- Decentralized web nodes (DWNs)
- Decentralized web apps (DWAs)
- Decentralized identifiers are self-owned identifiers that enable decentralized identity, authentication, and routing. In other words, they will enable you to own your digital identity in a portable manner so you can use that information to prove your identity in any application of the web; no more having to create a profile for every web application and having that data stored in a server located in whatever place in the world. This is pretty relevant, as you are essentially creating an identity layer on top of Web 3.0, something that I find to be inherently positive for that futuristic decentralized web, as things like KYC (Know Your Customer) are essential to combat fraud and foster adoption.
- Decentralized web nodes are an emerging standard for data storage and relay that enables entities of any type (people, organizations, etc.) to send and store encrypted or public messages and data, enabling a wide variety of decentralized apps and protocols to be built on top. In other words, they are the foundation on which decentralized web applications will be built to ensure that data is secure in a masterless structure (no governance node orchestrating other worker nodes). Bottom line, they are the purest form of decentralized structures
- Decentralized web apps are similar to the widely known Web 3.0 concept of dapps, but with the added capacity of decentralized identity and data storage (DIDs and DWNs)
The most disruptive feature of ‘Web 5.0'
The most intriguing feature, announced by Mike Brock, lead at TBD, and yet to be disclosed how it will work, is the fact that there will be no tokens to invest in. In other words, no more ETH, AVAX, ADA, etc. In his own words:
“Web5 works without bitcoin. The only place our specs directly touch bitcoin is through ION, which uses bitcoin for securing DIDs. But even then, you can do DIDs without ION, which uses bitcoin and IPFS.”
In a nutshell, with that statement, Mike is implying that this decentralized web won’t be running on a blockchain, but will use Bitcoin’s security and traceability as a tool to sign DIDs, in a way that DWAs won’t need to store user credentials. Therefore, nodes that run the applications will still be distributed, but not inside a blockchain.
Conclusion
‘Web 5.0’ could represent a total revolution in the quest for a decentralized web, a future where other blockchains besides Bitcoin would not be necessary, as blockchain would be the source of truth for verifying identity and protecting your personal data, and the ideal blockchain to do so would be Bitcoin, as it is the most decentralized blockchain of them all.
A final word
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