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VI There are several things that make Jack Dorsey's vision for Web5 different, including not wanting to completely replace Web2 but to work alongside it.
The world is still focused on Web3, the decentralized protocol suite that adds a censorship-resistant financial layer to the internet. So why is Jack Dorsey, the creator of the Web2 Twitter platform, aiming for “Web5”?
Despite the name Web5, Web4 has not yet been created. Web5 platform, yes announced in June 2022 by TBD, the branch of decentralized finance and cryptocurrency of Block, which relies on Web3 technology, but promises to be a "more decentralized web platform".
The name Web5 was created by TBD with the idea of synthesizing the word Web3 (the internet is powered by smart contracts based on blockchain) and Web2 (centralized content platforms, like Twitter or Facebook). Simply put: 3 + 2 = 5.
The core idea of Web5 is "to help users control their data and identity", the core tenet of Web3's decentralized identity systems. Instead of inviting users to sign up for an account on a centralized platform (like Instagram), the Web3 protocol references users by wallet address. cryptocurrency their. Protocols like Ethereum Name Service allows users to turn the alphanumeric string in their wallet into a word or phrase (like jane.eth) similar to how the Domain Name Service (DNS) allows websites to have an address like tapchibitcoin instead of a long string of numbers like 54.235.191.121. Decentralized data storage is a concept that already exists and is offered by platforms like Filecoin and IPFS.
Dorsey's Web5 offers similar capabilities. Instead of the internet relying on accounts provided by companies that hold customer data, Web5 promotes “a new kind of decentralized application and protocol that puts individual users at the center.” .
There are three core pillars of Web5: user-owned decentralized tokens, verifiable credentials, and decentralized web nodes for data storage and message forwarding. Sounds like what decentralized identity services have been doing since Ethereum Name Service launched in May 2017.
So what's the difference, other than aiming for decentralized identity? Part of the answer may lie in Dorsey's loyalty to Bitcoin and his strong rejection of Web3 culture. For Dorsey, Bitcoin launched in a truly decentralized manner in 2009, is the only cryptocurrency that matters. According to him, the rest of the market has been corrupted by venture capitalists who have bent the platform to their will.
Accordingly, Web5 is operated without any “special utility tokens or subjective consensus” that are part of the protocols controlled by the decentralized autonomous organization (KNIFE) as Ethereum NameServices.
Web5 is like an attempt to remove Web3 from centralized actors, which Dorsey says derails its mission of decentralization. Zion, described as a Web5 application, uses the base layer of Bitcoin to help content creators connect with fans. But of course, avoiding corruption is difficult and because of that, Web5's fledgling community balked at TBD's attempt to trademark the term Web5.
Another difference with Web3 is that Web5 works in conjunction with existing Web2 services; it does not seek to replace them entirely. Groove, for example, can add playlists to a Web5 user's decentralized identifier, while another music service, like Tidal, can use it to create its own playlists within the app. . The decentralized identifier eliminates the need for users to recreate their preferences on another platform.
Another TBD example of how Web5 works is where users can grant hotels, airlines, and car rental providers… the ability to add trip information to the database. The user can revoke access at any time and choose a different service. Once again, TBD has highlighted the idea of data binding that is often locked inside centralized services, what TBD calls "a giant, unprocessable mess", with a unique identity. most controlled by the user. Think of it similar to how many websites and apps leverage a user's Google account to sign in, but in this case it would be a single login with a decentralized network of nodes. central.
Will Web5 perform well? Time will tell for this. So far, the only decentralized identity service used is Ethereum The Name Service and the only data storage system with any caching is the Interplanetary File System, a peer-to-peer distributed file system that connects all computing devices together, or IPFS.
One of the important things that makes TBD's ambitions is the backing of billionaire Jack Dorsey. But it's not clear how Web5 will make money or why the company is creating such a service.
