Since Web2 has been in use, there are a lot of changes happening in technology which is directly having an effect on the web technology. The developers today are on going with a process to build Web3 a technology based on the blockchain technology with Ethereum Network. While it was the most important phase in the evolution process for web, the talks about Web5 are going rounds in the market. Jack Dorsey’s TBD has announced that it will be build Web5 which will be advanced version of Web3 relying on bitcoin network. While Web3 focuses on tokenization, Web5 will largely focus on identity management.
It is evident that TBD is in quest of launching a web technology combining Web2 + Web3 and hence the name Web5.
Web3 still in initial stages.
While we all know that Web3 is still processing and is in initial stages, TBD’s announcement surprised a lot of experts around the world. While most of the projects around the world in the market have chosen to work on Web3 concept, which intends in building blockchain-based web applications. Web3 will largely focus on Ethereum and other chains that will support smart contacts, which are well suited for programmability and tokenized payments.
In contrast, Dorsey’s Web5 project is building its network on the bitcoin network which is a strategy criticized by all the experts in the world. The strategy doesn’t seem to be ideal for blockchain-enabled applications.
Web5’s objectives.
In the current web scenario, the users or the people using the data are not the real owners of their data. They are given accounts by companies and their data is held captive in app silos. But, Web5 technology focuses on giving the data’s ownership to the end user itself. Web5 envisions of creating a new class of decentralized apps and protocols, that will put individual at the center, empowering them with self-owned identity and restore control over the data.
TBD’s involvement.
Picture Credits: Mint
TBD was actually set up by Jack Dorsey to focus on developing the bitcoin infrastructure. However, Jack thinks that building Web5 is the need of the hour, as he continues saying that this will be his team’s best contribution to the internet. Lets look at his tweet here:
this will likely be our most important contribution to the internet. proud of the team. #web5
Dorsey is basically on a mission to disrupt Web3 and also took a jab at Web3 investors recently. He believes that his project will surely cause the needed evolution of the web technology and will enable the users to be the owners of their data.
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