Say bye-bye to Web3 and Hello to Web5!
Wondering what is Web5? Well, fret not, we have you covered.
So, for those of you who don’t know, or aren’t on Twitter; on 10th June, Twitter Founder Jack Dorsey stated his venture TBD is working on bringing Web5 to the globe.
He tweeted, ‘RIP web3’ on Twitter, a goodbye to the yore when there was a compromise on user data. Now, you may ask what’s he getting us? Well, plenty of interesting things! Let’s get reading!!
What is Web5?
Web5 is an extra decentralized web platform built on the Bitcoin blockchain. A hospitable platform where users, consumers, and interactors mingle together.
In other words, a user-centric platform that is open, transparent, and safe. In addition, the user is in control of their identity and data.
Web5 is being developed on Bitcoin. For this reason, the documentation of Information is going to be on ION. ION is a permission-less decentralized identity layer that functions on the Bitcoin blockchain.
To decentralize the web and create a better version of web3 by giving a seamless experience to the users. Thus, ensuring control and ownership of information and identity to the user.
The Pillars of Web5:
- Decentralized Identities
- Verifiable Credentials
- Decentralized Web Nodes
Decentralized Identities (did://) are self-owned identities enabling decentralized identity and authentication and routing.
Whereas, verifiable credentials or VCs in short are Data formats and models. These are for the cryptographic presentation of claims.
Meanwhile, Decentralized Web Nodes or DWNs are a type of node on the web. These nodes relay messages and store data. It is the foundation for protocols and decentralized apps.
Features of Web5
- A Decentralized Web Platform – A transparent web forum for all. Secure data transmission and decentralized VCs.
- Ability and Space to write Decentralized Apps – A SS-SDK to develop SSI wallets for all netizens.
- Decentralized Identities – Based on arising identity norms from the Decentralized Identity Foundation (DIF). DIF has produced a Decentralized Identifier (DID). DIDs are generally reserved on a blockchain.
- Decentralized Web Nodes – Execution of DIFs decentralized data storage standard.
- Ownership of info and content back to the individual – An SSI approach to handle VCs throughout the web.
By whom is it developed?
TBD is a subsidiary of Block Inc of Jack Dorsey.
Why Web5? The Aim and Vision
The Web3 we use right now doesn’t provide complete decentralization of the web. The VCs from Web3 is neither open nor secure to use. Data remains receptive to misuse and tampering. This puts user data at risk.
Keeping this in mind, Web5 plans to try and do exactly the opposite. It’s built with a vision to provide a secure, open, transparent web where data is visible to everyone. The user is in complete control of their data, unlike Web3 where VCs and restricted are not viable.
Subsequently, some believe Jack’s idea for this model of the web comes from his conviction on Web3. That it will never achieve a true and complete form of decentralization.
In testimony, TBD Inc. has expressed its reason of interest to maintain a decentralized web. They believe an open-source model will prevail in a decentralized, permission-less world.
Although, the official site tells us the web has democratized the flow of information and data. But, the missing layer of Identity provokes a sense of insecurity.
But, the struggle to keep personal data safe has risen due to hacks and cookies. To keep data secure amongst thousands of accounts and passwords is tiring. Web5 aims to ease this by providing safety to identity through a decentralized web.
Having a web where the control and ownership of the user info are secure with the user. Thus, creating a joyful and safe digital environment.
The Identity Wallet
The identity wallet is a digitized version of a confidential wallet. It contains personal user information, verifiable credentials, and preferences. That is to say, this wallet solely belongs to the owner. Consequently, altering or tampering with the data becomes difficult for anyone who tries to hack it.
- Data Management: Provides UI to manage credentials and app data stored in DWNs.
- DID function: Create and update on the recovery of DIDs across all supported DID Methods.
- Credential function: Sign, confirm, uncover, and present credentials to affirming parties.
- Content Management: Record and maintain DID data of different users throughout the web.
- DID Auth: Perform authentication and manage authorization.
The Merits of Web5
- Control your Identity:
Web5 allows users to store their personal information in a digital wallet. It manages their identity and their credentials. The user can use dApps without the effort of making another account again with control of their data. All the content the user posts are with them only, on their decentralized web node.
Thus giving the user complete control of their data and identity.
- Own your data:
You are at liberty to lock your data in your web node. You can carry your data anywhere you want. Along with all preferences you’ve made to certain apps (or dApps).
Web5 is a promising version of the net, built on the bitcoin blockchain. It uses ION for the data interface, making sure the user experience is seamless.
They plan on using Blockchain as a Service. easing the formation of decentralized platforms and apps
It strives to equip a layer of identity that was missing across Web3. Building a decentralized web to construct transparency. Allowing ownership of user data and compliance to secure the data and control data as the user wants. It’s the internet of the future, for the future!
What do you think about Web5? What features would you like to see on Web 5?
Let us know in the comments below!