- TBD, led by Jack Dorsey, plans to build a decentralized web standard called “Web5” on top of Bitcoin, eschewing established Web3 concepts.
- Web5 combines Bitcoin with a slew of sound computer science technologies to establish a new ecosystem of decentralised identities, data storage, and applications in which users maintain control over their personal data.
- According to TBD’s design documents, Web5 is primarily a decentralised web platform, or DWP, that allows developers to build decentralised web apps using DIDs and decentralised nodes.
- Web5 will also have a financial network based on Bitcoin, echoing Dorsey’s prediction that the digital asset will one day become the internet’s native monetary system.
TBD, a Bitcoin (BTC)-focused subsidiary of Block, revealed that it is developing Web5 – a Decentralized Web Platform (DWP) that is intended to enable ‘truly’ decentralized apps and protocols. TBD’s Web5 uses a unique approach to building a properly decentralized internet than Web3, with Bitcoin serving as the project’s sole blockchain.
Web5 is predicated on the idea that Web3, the concept of creating a decentralized web using blockchain technology and cryptocurrencies, has the right intentions but is implementing them incorrectly.
“Web5 gives your apps decentralised identity and data storage.” “It allows [developers] to focus on creating delightful user experiences while giving individuals back control over their data and identities,” they claimed.
The demonstration of the action plan reveals that Decentralized Web Apps (DWAs) that use Decentralized Identifiers (DIDs) and Decentralized Web Nodes (DWNs) are major elements of Web5, or DWP.
DIDs will be self-owned identifiers capable of decentralised identity authentication and routing, as well as cryptographic verifiable credentials (VCs), while DWNs will act as message relay nodes and data storage standards, laying the groundwork for decentralised apps and protocols.
What exactly is Web5?
The Intelligent / Emotional (Symbiotic) Web (Web 5.0)
The (emotional) relationship between humans and computers will be the focus of Web 5.0. Focusing on neurotechnology, many people will begin to communicate on a daily basis. For the time being, the web is “emotionally” neutral, which implies it does not recognise the feelings and emotions of its users. This will alter with the release of Web 5.0, also known as the emotional web.
The Intelligent Web prefigures what is to come with the entry of smart devices that anticipate your necessities based on your behaviours without including many hints.
Symbiotic web programmes will be able to decipher data on a more complex emotional and cognitive level. This is the Web, which coexists with daily life in perfect harmony, functioning without thought and spontaneously interacting with our actions.
www.wefeelfine.org is an example of this, as it maps people’s emotions. Users will engage with content that reacts to their emotional responses or shifts in face recognition software while wearing headphones.
Computers can be turned into robotic attendants using digital realities. IoT can connect all home appliances to the internet, and it indicates that incredibly intelligent collaborations between machines and humans could be possible with chip implants in human brains.
Why talk to your partner when you have the ability to think of them? People will be able to use their thoughts and emotions to access the internet, their homes, their vehicles, their children, their careers, and so on. Joysticks and gaming systems will be unnecessary. Simply relax and immerse yourself in a video game.
Web5 is said to use ION, which is an “open, public, and permissionless DID network that runs atop the Bitcoin blockchain,” according to Namcios.
TBD will be in charge of developing Web5:
TBD is a new company created by Dorsey’s Block, Inc. to focus on Bitcoin infrastructure development. Dorsey now emphasises that Web5 may require a greater investment than the other plans. Web5 “will likely be [my team’s] most significant contribution to the Internet,” he said in a tweet.
Most competing projects, on the other hand, have decided to work with the Web3 concept, which is a framework for creating blockchain-based web applications. Web3 is based on Ethereum and other blockchains that sustain smart contracts, which are ideal for programmability and tokenized payments.
Dorsey, who has long been critical of Web3, then tweeted “RIP web3 VCs,” a dig at Web3 investors. Dorsey has faced backlash as a result of his Bitcoin maximalism and scrutiny of Ethereum. Dorsey has been a staunch opponent of Web3, claiming that it is too decentralised and is dominated by venture capitalists in the so-called “Web3 wars.”
Based on the public’s reaction,it can be said that web5 will be greeted with great enthusiasm and exuberance. Here are some reactions by the community that already speaks of their interest in the pro-web5 stance.