What is Web 5.0 and How Different is it from Web 3.0?

Blockchain enthusiasts are likely familiar with or have heard of Web 3.0, or the most recent Web 5.0 concept, which has gained popularity since 2022. Decentralization, the idea behind Web 3.0, gives each user the ability to monitor their data completely and independently. Any Web 3.0 applications now operate on Peer-to-Peer (P2P) networks, where everyone has an equal voice. Large tech companies have made significant investments in the Web 3.0 space. Shortly after, this trend received more public attention when Jack Dorsey, the former CEO of Twitter, introduced the idea of Web 5.0, which builds on Web 3.0 to become more decentralized.

In this article, SCB10X will give you more information about Web 5.0 concept to see how it might affect the future of websites.

What is Web 5.0?

So far as we know, Web 3.0 is a decentralized system that gives users full control over their data and a space where any content can be accessed and connected without the organizational constraints that currently control the internet. People will not be concerned that the platform will use or disclose their information without their permission.

The most recent "Web 5.0" concept, however, is expected to be the next significant change for the World Wide Web because it aims to make it easier for developers to work on Decentralized Web Apps (DWAs). It contains web nodes that are not centralized and uses credentials that are freely verifiable. Meanwhile, a decentralized identifier is employed as a verification technique, which is different from the current system that necessitates middlemen to verify, control, and own the data. 

Therefore, the goal of Web 5.0 is to encourage users to fully own their data and all data related to them. The development team is working to create a system that is more decentralized so that users can easily manage their personal data and data storage. 

Why Web 5.0? 

Web 5.0 is a result of the developer group led by Jack Dorsey's desire to consider transparency, management, and data ownership. They think that the Web 3.0 era we are currently in is inadequate. This also applies to the modern web, where anyone can access it and conveniently exchange news, but it still lacks the key layer's support. Users must also make an effort to maintain the security of their data by using accounts and passwords, both of which can be difficult to remember or manage. Personal information and identity verification data are currently considered third parties' assets.

Web 5.0 makes these improvements by focusing on the concept of securely decentralizing user data and enabling users to use their data more easily and confidently.

What’s Behind the Web 5.0 Project?

Former Twitter CEO and current founder of Block, Jack Dorsey, served as the team leader for Web 5.0. (previously called Square). With an announcement of the plan for Web 5.0 in early 2022, the company concentrates on developing financial infrastructures. TBD, a subsidiary of The Block, has been working to develop Web 5.0 by briefly outlining this new concept, which is the integration of Web2 functionality with Blockchain technology or cryptocurrencies.

How does Web 5.0 work?

Web 5.0 begins with "DWNs" (Decentralized Web Nodes), which are distributed key structures and the first Peer-to-Peer networks for users. They will be able to activate DWNs on their computer or other devices, enabling them to exchange, transfer, and verify the information.

The availability of network data storage is created by users using DWNs with the independence of a central server or other third parties. Users can communicate with one another directly without a medium as well. They will have more privacy as a result.

Only users have complete control over DWN, and they can decide whether to make their data publicly available or to restrict who has access to it.

The creation of Self-Sovereign Identity (SSI), which can equalize digital identity verification with the normal method and in which users fully own their data, requires the use of DIDs (Decentralized Identifiers) and Verifiable Credentials (VC), two key components of Web 5.0. The combination of these features can create "Decentralized Identity," which refers to the ability of users to identify themselves without the medium. In other words, Decentralized Identity contains a component related to the public blockchain that does not require any data to be stored in it.

What is the difference between Web 5.0 and Web 3.0?

Web 3.0 and Web 5.0 share a similar core vision, but Web 5.0 has some unique features. Any "Web 3.0" applications are based on the idea of smart contacts, which operate on the open blockchain. Typically, Web 3.0 is described as a decentralized application (DApps). Any necessary codes are also presented in this blockchain-based network.

Decentralized Web Applications (DWAs) on Web 5.0, however, do not exchange data through blockchain but rather through "DWNs" (Decentralized Web Nodes). As a result, a Peer-to-Peer network that is separated from the current open blockchain is created. Users will have complete control over the data stored in DWNs with Web 5.0 (Decentralized Web Nodes). While the data on Web 3.0 will remain in the decentralized network.

When will Web 5.0 be opened to the public?

Currently, Web 5.0 is only an open-source project while it is being developed. Teams need more time to plan for implementation and its application.

The expectation of Web 5.0 to become the next generation of the Internet is yet to happen. The proposed project plan, however, enables people to see its use and service in the near future. The teams spent a decade creating Web 5.0, which will be modified by its developers and new users since it is still in its infancy. The more Web 5.0 is used in the future, the more likely it is that this concept will influence how we live our lives. We will check to see if it is possible.