Blockchain businesses are jumping into the notion of a decentralised internet, and Web3 is bustling with them. But by introducing Web5, a hybrid of Web3 and Web2, former Twitter CEO Jack Dorsey is pushing the concept of Web3 to the next level.
The Block Head (TBH), one of the Bitcoin business units within Dorsey’s Block, created Web5 on the Bitcoin network (formerly Square). The platform intends to give applications decentralised identification and data storage. According to the firm, it “allows developers to focus on developing enjoyable user experiences while restoring control of data and identity to individuals.”
Here, we outline all you need to know about the internet’s development and how the globe transitioned from Web 2.0 to Web5.
Web 3.0 replaces Web 2
The term “Web3” refers to the upcoming version of the internet, which is expected to replace Web2.0, which is more centralised and centred on user-generated content. The concept behind Web3 is a decentralised online that puts control and data in the hands of internet users rather than major tech businesses, challenging the dominance of these companies. Web3 implies that user data is dispersed across networks and that no one organisation owns the data.
Web5 versus Web3
Web5 is Dorsey’s newly developed concept, replacing Web3, which is only an idea and may take some time to reproduce. The objective of Web5 is to develop specific Bitcoin tools that might give consumers control over their data and all of their online activities.
Dorsey has criticised Web3 loudly. Despite marketing attempts to the contrary, he thinks Web 3.0 systems tend to be more centralised in terms of what users think.
The CEO of a software company said in a tweet that Web 3.0 technologies rely on single points of failure. He referred to Ethereum (ETH) and Solana (SOL). A single point of failure is a component that, if it breaks, will render the entire system inoperable.
The CEO of Twitter envisions a decentralised system without single points of failure that is modelled after Bitcoin. He thinks it would work better for the concepts backed by Web 3.0 proponents.
We are currently in the era of change from Web2 to Web3. It appears that it could take some time before Web5 is fully adopted. It is, however, simpler said than done.
