Web 5 creating its name
Web 3 is teeming with blockchain startups exploring the concept of a decentralized web. Ex Twitter CEO Jack Dorsey, on the other hand, is pushing the concept of Web3 to another level by establishing Web 5, a hybrid of Web 3 and Web 2. Web 5 is based on the Bitcoin blockchain, which was created by The Block Head, one of Dorsey’s Block’s Bitcoin business groups. The platform intends to provide apps with decentralized identification and data retention. According to the firm, “it allows developers to focus on developing wonderful customer experiences while restoring control over the information and identity to people.”
Is it the Web 3 killer?
Web 3 alludes to the next phase of the global web, which is expected to succeed Web 2.0, which would be more centralized and centered on user-generated data. Web 3 is a decentralized network that challenges tech giants’ control by putting power and bandwidth ta the disposal of online consumers rather than large tech businesses. In a nutshell, Web3 indicates that user data is spread across networks and that no one organization controls the data. Bitcoin will serve as the cornerstone for Web 5’s financial layer. Considering Dorsey’s vocal Bitcoin “maximalism,” this is expected. The additional innovations that constitute Web 5 are drawn from a variety of fields in encryption and computer programming
As reported by 5minutecoins, Web 5, similar to Web 3, will allow users to engage with each other without the necessity of intermediaries. This, in principle, implies no risk from imposing restrictions or centralized service disruptions, among other ostensible benefits. This idea, like earlier initiatives to build a distributed overlay of the web, would strive to offer individuals a “decentralized identification,” allowing them to travel from device to device without explicitly logging in. Instead of being retained with third-party items & services, user data will be managed by individuals and accessible only with their consent.
Web 5 recent updates
TBD stated in a statement, “Identity and private details are becoming the possession of unauthorized parties. Individual apps benefit from decentralized analysis and data retention owing to Web 5. It enables designers to focus on developing enjoyable customer experiences while restoring information and identification control to users.”
Although TBD’s proposed initiative was unveiled on Friday, it is currently undergoing open-source construction and has no formal worldwide release date.