Don’t Know What the fuck Web3 Is? Jack Dorsey’s Already on Web5.
As we navigate the rapidly evolving world of cryptocurrency, we are constantly encountering new and complex terms that can be confusing and overwhelming. From Web 3.0 and NFTs to the Metaverse and Soulbound tokens, it can be challenging to keep up with all the latest developments.
But one term that has recently caught our attention is Web5, also known as the evolution of Web 3.0. Jack Dorsey’s Bitcoin venture, TBD, has made a surprising proposal to begin building the next iteration of the internet, and it has left many wondering: what is Web5 all about? What makes it so special, and how does it differ from Web3?
As we embark on this journey into the thrilling realm of Web5, we will delve deep into the evolution of the internet and discover how we have come to this point. From the early days of Web 2.0, we will trace the path to the present and explore the groundbreaking proposal for Web5.
This guide will be your guide as we navigate the exciting world of Web5 and learn all about its potential to shape the future of the web. You will discover what Web5 is and why it is set to be an improvement over its predecessors. Get ready to be amazed by the possibilities of this new and innovative iteration of the internet.
What is Web 2.0?
To fully understand the evolution of the internet from Web 2.0 to Web5, it is important to first explore the origins of Web 2.0. The term was coined by Darcy DiNucci in 1999, and it marked a significant shift in the way people used the internet.
Whereas Web 1.0 was primarily a platform for passively consuming content, Web 2.0 enabled users to actively engage with content and each other. Social media networks like Facebook and MySpace, as well as blogs, were some of the earliest and most popular examples of Web 2.0 in action.
This new era of the internet saw unprecedented growth, as the number of internet users worldwide skyrocketed from 1.02 billion in 2005 to a staggering 4.9 billion in 2021. Web 2.0 allowed people to connect and interact in ways that were never before possible, and it laid the foundation for the next stages of internet evolution: Web 3.0 and beyond.
The impact of Web 2.0 on the internet cannot be overstated. It enabled the rapid expansion of the web, allowed people to connect and engage with each other on social media networks, and provided new opportunities for content creators to share their ideas and creations. Without the evolution from Web 1.0 to Web 2.0, the internet as we know it today simply would not exist.
Now, as we look ahead to the future, many are wondering whether Web 3.0 will be able to replace Web 2.0 in the same way that Web 2.0 replaced Web 1.0. This is a natural question to ask, as the history of internet evolution suggests that each new iteration builds upon and improves upon its predecessor.
To fully understand the potential of Web 3.0 to replace Web 2.0, we must first delve into the details of what Web 3.0 is and how it works. Let’s take a closer look.
What does Web 3.0 mean?
We have all heard about the revolutionary technologies that are driving the development of Web 3.0, such as blockchain, the Metaverse, cryptocurrencies, and decentralized finance (DeFi). These interconnected innovations all share a common link: they are driving the evolution of the internet towards Web 3.0.
According to Wikipedia, Web 3.0 is the concept of a World Wide Web that is built on blockchain technology, the foundation of virtual currencies like Bitcoin and Ethereum. In addition to its reliance on the blockchain, Web 3.0 also emphasizes decentralization, similar to how Web 2.0 expanded without centralized sources of information and with a global network of content creators.
One of the problems with Web 2.0 is that much of the traffic generated by content creators is absorbed by large companies like Facebook, Instagram, and other social media networks. These companies use the content created by others as a means of selling data to publishers and other firms that want to target specific audiences.
Web 3.0 seeks to address this issue by using blockchain technology and decentralization to give power back to content creators. Some of the benefits of Web 3.0 include enhanced privacy, security, scalability, and decentralization. While we have seen significant growth in recent years, it may still be some time before we can determine whether Web 3.0 has the potential to replace Web 2.0.
As we have seen with the transition from Web 1.0 to Web 2.0, it takes time for these shifts to occur, and there are always challenges to overcome. While Web 3.0 may eventually succeed in replacing Web 2.0, it is worth noting that there may be new challenges that internet users will face as we move towards this next stage of internet evolution.
When did Web 3.0 Start?
Web 3.0 began to take shape when blockchain technology first emerged, even though few people at the time fully grasped its potential. The term “Web 3.0” was first used in 2014 when Gavin Wood, co-founder of Ethereum, the second largest cryptocurrency in the world, mentioned it in a discussion.
The creation of Bitcoin in 2009 was also a pivotal moment in the evolution of the internet. For the first time in history, the world saw the creation and growth of a monetary system that did not require centralized institutions to control it. The introduction of proof-of-work (PoW) and the ability to solve the double-spending problem were key technological advancements that paved the way for the emergence of Web 3.0.
In the years since the rapid growth of virtual currencies and crypto projects has led to the development of a wide range of solutions that are now integral to Web 3.0. These innovations are transforming the way we think about digital assets and the internet, and they are paving the way for new solutions to be offered to people around the globe. It is even possible that we may see the development of Web5 as an improvement on Web 3.0 in the future.
Why does Web 3.0 Matter?
Web 3.0 matters a great deal, and one of the key benefits it offers is enhanced privacy. Web 3.0 allows individuals to own their data, information, and creations in a way that was not possible with Web 2.0. In the past, people simply uploaded content to centralized platforms, but with Web 3.0, it is now possible to earn and prove ownership of digital items.
Non-fungible tokens, or NFTs, are a prime example of this. While they may have been popularized by phenomena like CryptoKitties and memes, NFTs demonstrate how virtual objects and assets can exist without relying on centralized networks or parties. In this way, Web 3.0 is empowering individuals and giving them greater control over their digital lives.
Web 3.0 has brought many important innovations to the internet community, including the ability to store identity and information on blockchain networks and to save documents and public data on distributed ledger technology (DLT) platforms. These advances have opened up a wide range of possibilities and features that are making Web 3.0 increasingly popular and useful.
As censorship becomes more prevalent in the Web 2.0 infrastructure, Web 3.0 is increasingly being seen as a way to fight back against these threats. While Web 3.0 and Web 2.0 currently coexist and interact with each other, it is possible that we may see a transition to Web 3.0 in the coming years. Regardless of the timeline, it is clear that Web 3.0 is making a significant impact on the internet and the way we use it.
What is Web 5.0?
Jack Dorsey’s crypto venture, TBD, recently unveiled its ambitious plans to build Web5, also known as Web 5.0. According to the company’s official website, the goal of Web5 is to create an even more decentralized web that puts users in control of their data and identity. This objective aligns closely with what Web 3.0 has been striving to achieve.
As the company’s website states:
“The web democratized the exchange of information, but it’s missing a key layer: identity. We struggle to secure personal data with hundreds of accounts and passwords we can’t remember. On the web today, identity and personal data have become the property of third parties.
Web5 brings decentralized identity and data storage to your applications. It lets devs focus on creating delightful user experiences, while returning ownership of data and identity to individuals.”
Web 5.0 is a decentralized web platform that empowers developers to create decentralized applications with verifiable credentials and decentralized web nodes. This platform aims to give users control and ownership over their data.
While Web 5.0 is still in development, it is expected to be a combination of Web 2.0 and Web 3.0, with a focus on creating a linked web that is not only intelligent but also emotional. This means that the platform will be able to communicate directly with users, just as people can communicate with each other.
Once it reaches its final form, Web 5.0 will be a powerful platform for creating emotional interactions between computers and humans. Additionally, it will give users total control over their identity and data, unlike the current state of the internet, where emotions are neutral and user data is owned by third parties.
An example of a website that could be created with Web 5.0 is one that maps a person’s emotions. With headphones, users could interact with the content on the website, which would then respond to the person’s emotions, potentially through changes in facial recognition. Web 5.0 has the potential to be truly transformative.
Web5 aims to create a set of tools based on Bitcoin that will transform the financial system as we know it. These tools will enable investors and individuals to protect and own their data, as well as maintain control over all their interactions.
One of the main criticisms of Web5 compared to Web3 is that Web 3.0 platforms tend to be more centralized than people realize, despite marketing efforts to the contrary. Jack Dorsey has explained that Web 3.0 systems are based on a single point of failure systems, such as Solana (SOL) and Ethereum (ETH).
In contrast, a system based on Bitcoin’s decentralized nature and lack of single points of failure may be more suitable for the goals of Web 3.0 supporters.
Web5 is built on three pillars: self-owned identifiers that enable decentralized identity authentication and routing, verifiable credentials as data formats and models for cryptographic presentation and verification of claims, and decentralized web nodes (data storage and message relay nodes). These pillars will help to create a decentralized and user-controlled web platform that is both intelligent and emotional.
It is too early to speculate on whether Web5 will eventually replace Web 3.0. It could take a long time for the full effects of Web5 to be realized. For now, it remains an idea and a proposal that could potentially be implemented and bring significant changes to what we consider “standard,” such as centralized blockchain networks.
However, the cryptocurrency market has seen many challenges to its credibility, including the proliferation of projects that claimed to offer decentralized solutions but turned out to be centralized platforms with single points of failure.
We are currently in the midst of the transition from Web2 to Web3. It may take some time before we see a shift from Web3 to Web5. It is also possible that Web2 could split into Web3 and Web5, giving developers, companies, and individuals the choice of which type of internet would work best for them.
Jack Dorsey’s Proposal:
As previously mentioned, Jack Dorsey’s TBD proposal focuses on a different approach to how Web3 should operate. Rather than relying on various protocols and potentially centralized blockchain networks, Web5 may be built on Bitcoin and its immutability and decentralization.
One of the key features of Web5 is the use of Decentralized Identifiers (DIDs) that can be based solely on the Bitcoin blockchain. There is no need for an additional network of validators or solutions; everything that is needed can be built on top of Bitcoin.
Therefore, Jack Dorsey’s proposal for Web5 represents a true self-sovereignty solution that runs on Bitcoin and relies on it. No additional consensus algorithm or network is required. This approach could revolutionize the way we use the internet and give users greater control over their data and identity.
A Bitcoin-centric Model
Jack Dorsey has always been a strong proponent of Bitcoin. He has been working towards making Bitcoin the currency of the internet and is now focusing on developing new solutions on top of Bitcoin through his company TBD (Web5). This approach to Web5 sees it as a Bitcoin-centric model that relies solely on the world’s largest and most secure network: Bitcoin.
By leveraging Bitcoin’s infrastructure, it may be possible to create a new set of tools and solutions that make Web3 seem outdated. This innovation comes despite criticism that Bitcoin lacks the flexibility and programmability of other cryptocurrencies.
However, Jack Dorsey and his team are determined to make Bitcoin the standard and use it as a cornerstone of self-sovereignty for people. The potential of Web5 to build on top of Bitcoin’s decentralized and secure network makes it an exciting proposal for the future of the internet.
This blog post was written by killua with the help of chatGPT and was thoroughly researched from the TBD’s official website and UseTheBitcoin, my aim was to provide a comprehensive and in-depth analysis of the exciting world of Web5 and its potential to revolutionize the internet as we know it. I hope readers will find this information helpful and insightful as I explore the evolution of the internet from Web2 to Web5.
