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Even before we could figure out the intricacies of Web 3.0, former Twitter CEO . said Jack Dorsey announced its plans to build Web 5.0. The goal, he says, is to create an “extra decentralized” internet platform where users have control over their data and identity.
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But the idea is similar to Web 3.0 and centered around the same theme, which is “decentralization”. So what exactly is Web 5.0 and how will it differ from Web 3.0 and Web 2.0? Let’s try to understand.
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Web 5.0, developed by Jack Dorsey’s bitcoin business unit “TBD”, is reportedly trying to solve all of the “identity and data” issues in the current web system. It is intended to give users ownership of data that they have control over.
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Let’s take a look at the evolution of the Internet to understand the difference between Web 3.0 and 5.0. The early stage of Web of Web 1.0 was built around one-way communication, where users can only read the information in the web pages and not interact.
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Web 5.0 will have a suite of decentralized apps and protocols. Instead of multiple blockchains, Web 5.0 developers are trying to use Bitcoin alone and build everything on it. In Web 5.0, users have a digital wallet that securely manages their identity, data, and authorizations for external apps and connections.
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For example, a user can use his or her wallet to log in to a new decentralized app. They may not need to repeatedly create new profiles and log in to new applications, as Web 5.0 will strive to give users a “decentralized identity”, allowing them to move seamlessly from one app to another. User data is not stored with third-party products and services, but is controlled by users and is only made public with their consent.
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