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What is Web 4.0?

You’ve been baited! So was I when I started researching Web 5.0. Apparently, we are skipping it? In some cultures, the number 4 is considered unlucky, and I am just putting it out there.

* coughs in Chinese *

Moving on to the real questions -

What is Web 5.0

Built on the OG Bitcoin blockchain, Web 5.0 combines elements of Web 3.0 and Web 2.0.

Web 5.0, a decentralized platform with an emphasis on protecting personal data, was introduced by Jack Dorsey, the former CEO of Twitter, in July 2021. It seems fitting that Dorsey would want to create a fully decentralized network after his very public critique of Web3 and its flaws.

Block Inc.'s TBD (full form unknown) business unit, led by Jack Dorsey, has declared that "Web 5.0" development has begun, and its main feature is Security. TBD, says on its website.

‘’The most important information we need to own is information about ourselves. Today, our identities and log-ins are controlled by increasingly centralized entities.

Before we can build a new system in which people are in control of their digital and financial lives, we need to start with fixing identity.

The great power of the internet has been the democratization of information.

With decentralized identity, TBD is reinventing the account model of the internet – to empower people to own their identities, unlock access to financial services, and regain privacy and control over how their personal data is used.’’

The new Web 5.0 web platform is designed to provide users the freedom to control their data. Additionally, it attempts to reinforce people's control over their identities, which, according to Dorsey, are today held by outside parties. Wallets, decentralized web nodes (DWNS), and decentralized web applications (DWAS) will be supported by the Web 5.0 platform.

There won't be any tokens to invest in with Web 5.0. Nevertheless, this is an exciting approach by Dorsey and something to look out for if it changes in the future.

The Need

In reality, Web 3.0 is not decentralized but a blockchain-based version of Web 2.0. It is owned and managed by several venture capitalists and centralized API infrastructures instead of the users who were promised to own it. Web3 is a cynical attempt by capitalist tech-bros to introduce and enforce artificial scarcity into a space that is supposed to be free and open.

If Web 3.0 is about user empowerment over their own data, big tech simply will not allow it to happen in any genuine sense. Their business model is user data: collection, housing, mining, analysis, and trade of it.

The original web 3.0 was focused on making the Internet machine-readable, Describing concepts, relationships, etc. A super cool tech that would be able to look through data even more easily. While the idea sounds great but it sounds "absurd" in the actual business world.

Web 2.0 itself decentralized a lot of things - phone, tv, radio, media, mail, and then central organizations went from resistance to adoption. But that biz model is anchored on personal data, which people don't like, but still live with it because there is so much upside in that tradeoff. Blockchain doesn't seem to be that technology that can completely upend Web 2.0 but can reclaim some pieces away from the central organizations.

Web 2.0 used our data as payment for "free services." If Web 3.0 doesn't allow our data to shared, it will have to come directly from your wallet.

The Future

We are currently in the transition between Web 2.0 and Web 3..0, and It is too early to think about Web 5.0 replacing Web 3.0. This is still only a theory and a proposal at this point, but it has the potential to disrupt many of the practices we previously thought were "normal," like centralized blockchain networks.

The growth of companies that advertised decentralized solutions but ended up being centralized platforms with single points of failure was one of several problems that had an impact on the credibility of the cryptocurrency market.

Jack Dorsey has consistently been a vocal proponent of Bitcoin. He has been working with TBD to develop new solutions on top of Bitcoin after working towards making Bitcoin the internet's money. This is only one example of how Web5 may be conceptualized: as a paradigm centered solely on Bitcoin, the biggest and safest network in the world.

Despite the criticism from cryptocurrency enthusiasts who dislike Bitcoin's lack of flexibility and programmability, this innovation is now introduced on the market.


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