Web5 Unveiled: Decoding The Future of Internet Evolution

I recently came across the next evolution of the internet “Web5'' and it piqued my interest to share my insight about it. Since the internet started in 1993, it has changed a lot and brought us tons of cool apps that make our lives better every day. The idea was to make using the internet even more awesome and that's exactly what has happened. The promise of a better experience, thanks to the internet, was a big reason why so many people started using it. This is why it is important to let us know about the system, why it matters, and the specialty of this latest version of the internet. Get ready to discover what's cool about Web5 and its benefits! 🙂

What is Web5?

According to TBD, Web5 is said to be the ecosystem to build decentralized applications that prioritize data ownership and user privacy. In other words, it is an environment or ecosystem designed for creating decentralized Web applications (DWAs), whilst giving users total control over their data without third-party involvement. With Web5 users can control the interaction of their data and how it will be used.

Fascinating isn't it? 🤔 Let’s try to understand this better

Ever had that online déjà vu? You search for something on one app on your phone, you even talk about it with your phone close to you, and the next thing you know your social media apps are serving up exactly what you were looking for! 🤯 We all like to think that we’re in control of our data and social turf, deleting accounts and doing our thing. But here’s the deal: behind the scenes, companies grab that info. They can trade it, and use it for different purposes – basically, it's free-for-all data. Despite the talk about data privacy, let's keep it real – we're not exactly the rulers of our own data realm. Now imagine owning something and still not having control over it 😞 This is why we have Web5. This next internet evolution has come to tackle this problem.

With the emergence of this ecosystem, there is total data privacy meaning users do not only own data, but have the right over their data and even control it, when data is deleted, it is deleted for real. Now you wonder how this is possible, We’ll deep dive into that.

Understanding the Dynamics of Web5

Jack Dorsey the former Twitter CEO introduced web5 as “the decentralized web platform” in 2022 after he shared his vision of the next web at the crypto and blockchain conference. He explained that this platform's goal is to take back ownership and management of user data and to protect personal data by giving back control over their own digital identities. Then TBD (backed by Jack Dorsey), the Bitcoin-centric squad of Block, took on the mission and created this amazing ecosystem. They added the simplicity and user-friendliness of Web2 with the decentralization prowess of Web3 to bring about Web5.

This system is presented as a space or platform where decentralized applications are developed, which differs from traditional applications in that they are not controlled by a single central authority; instead, they often run on blockchain technology which is a distributed and decentralized system. With this, users store and control their data on decentralized web nodes. Web3 on the other hand stores data on decentralized storage networks such as the interplanetary file system. And unlike Web3, web5 does not use smart contracts or tokens to function. Can we see how amazing this is 😯

The World Wide Web Consortium (W3C) created identity standards and TBD built web5 and provides a framework to apply those standards. W3C came up with these identity standards and put them in a programming language so developers can build off of these identity standards. These frameworks provided in web5 can also be known as the key features or components that make up the Web5 ecosystem which are Decentralized Identifiers (DID), decentralized web nodes (DWN), and verifiable credentials (VC).

The Web5 components

Decentralized Identifiers (DID): This is based on cryptographic principles, and not tied to one application or system, users can use this identifier in any app under the web5 system. Users can view this identifier as an ID card crafted by the user for online purposes. They are unique to each person and team up with verifiable credentials so users can identify themselves. The cool part is these identifiers can work with blockchain even though they do not have to be based on blockchain. DID is the key to decentralized authentication giving access to decentralized web nodes or personal data.

Decentralized web nodes (DWN): To put this simply, we can say DWNs are like personal data safes in the digital world where we store data and decide who gets access to that data. Using the CRUD format, that is users can Create, Read, Update and Delete data in DWN. Since DWN is like an encrypted vault, it keeps sensitive information under lock and key while boosting online security across the decentralized web. The nodes are more than just a personal data safe, they are the pillar of decentralized apps and protocols on web5, they make sure the user experience is smooth, secure and all about the user. They keep data safe while users explore the online world hassle-free.

Variable Credentials (VC): They are digitized representations of user identities for cryptographically verifying assertion. They are like a digital power for proving who you are online. We can liken VC to the high-tech version of your ID cards which are signed in digitally and are super reliable. Users can control and show credentials without the need for third parties as in web3. VC lets users flash their digital ID to prove their presence on decentralized web apps. Users can build up digital credentials on the network and use them effortlessly to verify their identity when necessary.

Difference Between Web3 and Web5

I know you are wondering about how Web5 is different from Web3, here are a few differences between them to show how the Web has evolved to be the next Internet. 🙂

Transaction Infrastructure

Web3 is blockchain-focused, it relies on blockchain technology using smart contracts and decentralized applications to handle transactions and each transaction is recorded on a public blockchain. while

Web5 operates with decentralized web applications outside the realm of blockchain and transactions are facilitated by decentralized web nodes which offer an alternative to the blockchain-centric web3.

Data storage and control

Web3 storage is blockchain-based. Here users secure cryptocurrencies and digital assets in wallets using public and private keys, users file is stored on a public network, and they utilize tools like the interplanetary file system (IPFS)

Web5 operates with decentralized web nodes, users have their storage in the DWN, and these nodes securely store data, authorization and identities for external apps and connections.

Prospects for Web5 Advancements

This new evolution of the Web promises to be powerful and user-friendly. Its goal is to strengthen the bond and trust between people and the digital world, giving users total control over their identity and data. Web5 aims for global acceptance and adaptation combining the best features of both web2 and web3. It's not just about being smart, it's about creating a seamless online world that responds to users' needs. In the future, web 5.0 envisions direct and meaningful communication with users.

As web5 advances, anticipate a smoother user experience and enhanced data protection and privacy. The potential real-world implications of Web5 are vast, spanning sectors from entertainment, and banking to healthcare. Its influence is bound to reshape industries relying on data-driven functionalities. Despite its launch, web5 remains a dynamic work in progress, with ongoing refinement aimed at optimizing the user experience.