• Blockchain Council
• May 23, 2024

 

What is Web 5.0?

Jack Dorsey, the former CEO of Twitter, brought the tech space to a standstill when he coined the term Web 5.0. Also recognized as the founder of payment firm Block Inc., Jack shared his plans of working on the next version of the decentralized web called Web 5.0. The new decentralized web platform intends to give users the freedom to “control data and their digital identities.” Early in June 2022, it was revealed that TBD would be creating Web 5.0. TBD is the subsidiary unit of Block, Inc. that focuses on Bitcoin evolution.

Internet 5.0 or Web 5.0 is intended to be a web ecosystem that will be a notch higher than its predecessors in terms of working paradigms. It will incubate decentralization, blockchain, AI, IoT, and cryptocurrencies in the rawest form. Web5 strives to enable developers to build DApps with empirical credentials and decentralized nodes. The ultimate aim of creating Web 5.0 is to take back ownership from the few industrial magnates and rest it in the hands of the users.

Combining Web 2.0 and Web 3.0, Web 5.0 will put an emphasis on building a network of linked websites that is not just smart but also emotional. This initiative aims to create an emotional understanding between humans and machines. The concept revolves around the idea of independence and control. With its interactive working, 

Web5 will provide users with complete ownership of data and the freedom to use, exchange, and earn from it. It will also emphasize data privacy so that business entities cannot rob users of their personal information. The present Internet version lacks emotional intelligence. Web 4.0 aims to focus on building connections between computers and machines. With Web 5.0, you can expect a revolutionary shift in this paradigm. 

How will Web 5.0 Work? 

Virtual assistants can anticipate user demands by observing their behaviour, emotions, and other human aspects. They can accurately identify what users need even when they do not get full commands in the form of keywords. Web 5.0 is essentially a more comprehensive version of a predictive virtual assistant. This upgraded version of the web will be able to read various bits of data on far more intricate levels, resulting in conclusions involving human logic and emotions.

Notably, Dorsey’s Web 5.0 will place a far greater emphasis on the needs of the users. They will be the main characters in the cluster. It is ought to offer each user a wholly unique and distinctive experience. The interactions would differ from person to person if it can recognise a person’s emotions and produce the appropriate reaction.

Web 5.0 will nurture a symbiotic relationship between technological resources, web, and humans. Emphasis will be to incorporate a system that will cater to the users’ everyday requirements through active reception from machines. This will happen when the web will be inextricably linked to the users’ everyday life hustle. Computers are now able to speak in ways that are akin to human speech via artificial intelligence (AI). This innovation makes it possible for computers to reason, consider options, and then reply with user input. So, when Web5 will infuse the goodness of AI, blockchain, and IoT we can only speculate the revolution it will accelerate across the globe. 

Salient Features of Web 5.0

• Ownership of Data

As mentioned above, Web 5.0 fosters to offer complete ownership to users. Similar to Web3, Web5 focuses efforts on taking power from the hands of the few people who controlled data flow in the earlier versions of the web. In the decentralized web, the power to own, exchange, and use data to earn will entirely vest with users. Let’s take an example to understand this:

Suppose, Reev is a music lover who loves online streaming. The youngster likes exploring multiple music portals but hesitates to provide his personal information with one particular streaming platform. This particular personal storage system will compel Reev to create the same playlist of songs for each streaming app he uses. 

Now, in Web5, Reev will be able to store his information on a decentralized web node. This will help him to offer each streaming app with access to his choices and settings. On each music platform, Reev will now enjoy an automatic updation of his personalized songs. 

• Freedom to control Identity

Allowing users to control their digital identities is one of the key use cases for Web 5.0. For instance, let’s consider the case of Steeve. Steeve has a digital wallet that securely handles his data, permissions, and identity for building connections with the third-party portals. 

Steeve enters his sign-in information into a decentralized social media application using this wallet. He won’t have to bother with creating a profile as this application has been linked to his identity. The decentralized web node stores all of the postings, connections, and relationships that are made using the app. Steeve has the option to shuffle between applications at her will, in which case his social profile would always follow him.

Perks of using Web 5.0

Web5 is likely to offer the following benefits to its users:

• With this web version, there will be more emphasis on building emotionally responsive web resources. This will help to increase interaction between humans and machines. It will make the Internet more user-centered. 
• The online retail sector will be able to adjust to the emotive nature of the internet and engage users in real-time conversations.
• Web 5.0 is planned to be a fully decentralized platform that runs on the Bitcoin architecture and is powered by the blockchain. Thus, it will come packed with architectural brilliance similar to the BTC blockchain network. 
• Web5 will foster higher levels of decentralization in its ecosystem. The platform will help users to keep intact the privacy of their data and identities.

Conclusion 

Web 5.0 is a revolutionary force that Jack Dorsey is willing to gift the world. The platform promises to provide people the power to own and control their data and identity. Despite the fact that its technology is still under development, Web5 is creating undercurrents in the world of technology. Web 5.0 will give users seamless access to a wallet that will store all their data securely within a decentralized environment. The visionary platform is likely to unlock the next-generation Internet that will be more receptive and interactive to human needs and commands. 

You can visit Blockchain Council’s official website to look for web3 certification courses. Each Web3 course program focuses on developing the conceptual and practical knowledge of the participants. The courses explain each concept related to the industry in a simple yet effective way so as to create a strong foundation for the learners.