Buzz
Web5 is a new decentralized web platform, aiming to leverage the Bitcoin blockchain and provide users with complete control over their data and identity.
Exploring Information about Web5
1. What is Web5?
2. How does Web5 operate?
3. Will Web5 replace Web3?
1. What is Web5?
Web5 is the name of the new web platform, developed by TDB, a subsidiary of Block. The Web5 platform is a combination of Web2 (the current web we are using from tech giants like Google, Apple, and Meta) and Web3 (the concept of a decentralized web platform, where the community creates their own platforms and applications based on blockchain and attracts users by providing them with ownership of tokens within the platform).
Privacy and data security are among the biggest issues today, with many companies aiming to protect user data from poor management. This is also a crucial point of Web 5.
Web 5.0 platform will bring decentralized identity and data storage to personal applications, enabling developers to focus on creating exciting user experiences while returning data and identity ownership to individuals.
Web5 is designed to allow individuals to own their data while enhancing their control over their identity, which according to Jack Dorsey, is currently owned by third parties. Additionally, the Web5 platform will be further supported by wallets, decentralized web nodes (DWNS), and decentralized web apps (DWAS).
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2. How does Web5 operate?
The decentralized web platform, Web5 Wallet, utilizes decentralized identifiers (DIDs), verifiable credential information, decentralized web nodes (DWNs), and decentralized web apps (DWAs). The ultimate goal of the platform is to restore users' 'data ownership' and 'identity control'.
Through a specific example, TDB has illustrated how users can utilize Web 5 to control their identities. In this scenario, a user named Alice, who owns a secure digital identity wallet, delegates data and app permissions, and connects with external services. Imagine if Alice uses her wallet to log into a decentralized social network app.
As she's connected to the app via decentralized identity, Alice doesn't need to create a profile within the app. Additionally, she can store all connections, posts, relationships, etc., in her DWNs. DWNs serve as personal data vaults, where users can store public data encrypted. Alice can switch dApp anytime she wishes and retain full control over her identity.
The next example depicts how users own their data. For instance, Bob is a music enthusiast who doesn't want his personal data to be 'tied down' by a single provider. This means Bob would have to recreate his playlists across different music streaming apps.
Rather than scattering data across various applications, Bob can centralize his data within his DWNs. This way, he can grant music streaming apps access to his settings and preferences.
3. Will Web5 Replace Web3?
It's still premature to speculate whether Web5 will replace Web3 in the future, especially since Web5 hasn't been launched yet. At the moment, this decentralized web platform is merely a concept, and everything remains subject to change, even what's considered 'standards' like centralized blockchain networks.
The transition from Web2 to Web3 is still ongoing, and it will take some more time before we can ascertain the transition from Web3 to Web 5.0.
Here, Mytour has just shared with you some information about what Web5 is and how it operates. Although Web5 sounds promising, it's still too early to say everything. Let's wait and see what this decentralized web platform has in store.
