Introduction
The era of Web 5 is upon us, so get ready to be fully submerged in a smooth, intelligent, and modified digital experience. Web 5 is a paradigm shift in how we engage with the digital world, not only a technical improvement.
The present Web 2.0 and Web 3.0 period will give way to Web 5, which promises to completely change how we interact with the Internet and make it harder to distinguish between the real and digital worlds. Imagine living in a world where artificial intelligence (AI) naturally predicts your needs before assuming them, where virtual places exist outside the bounds of reality, and where data security is as normal as breathing.
Defining Web 5.0
The Web 5 is the fifth version of the Web that aims to address the issues with existing web technologies, such as the centralization and control of user data, and make the Web more ethnocentric by enabling users to preserve their unique identities free from a third party.
The idea of Web 5.0 was to give people ownership over their data, which was Jack Dorsey's TBD team goal. According to him, users have no control over this and their identities are not visible outside of the website. They are also combined with those of third parties.
The Evolution of the web and its shortcomings
The World Wide Web has seen several evolution, each one enhancing the functions that were already there until Jack Dorsey and the TBD team (a decentralized finance division of Jack Dorsey's company) came up with the amazing concept of Web 5. To re-acquaint ourselves with these webs, let's go back in time.
Web 1.0
The early 1990s saw the emergence of Web 1.0, the initial iteration of the World Wide Web, which was defined by static web pages and no user interaction. It functioned as a sizable information base, comparable to a digital library, where people could view and peruse web developers' work.
HTML code served as the primary building block of websites, presenting static content that users could view but not directly alter or interact with. The primary drawbacks of Web 1.0 were its static web pages and one-way communication.
Web 2.0
The online 1.0 era's static pages have given way to the web 2.0 era's social web, which invites users to engage in information creation and reading. These days, a lot of individuals can produce their blog posts, social network postings, videos, and images. These give rise to websites like YouTube for videos, Pinterest for images, and WordPress for content.
Additionally, a lot of social media platforms have emerged in this era, such as Facebook, Twitter (now X), and Instagram, and these encourage user sharing and collaboration. These social networking sites use user data mining to give users recommendations based on their data, which enhances the user experience.
Web 2.0 does, however, have certain drawbacks, namely concerning corporate control over these online platforms and data privacy.
Web 3.0
The third evolutionary stage of technology, commonly referred to as the "semantic web," is Web 3.0. Users are still getting used to it. Web 3.0 relies on decentralisation and the processing of information like that of people through the use of AI and ML. Web 3 seeks to empower individuals to actively participate in taking control away from multinational companies. Blockchain is the foundation of Web 3.0 apps, which promote communication without intermediaries.
The limitations of Web 3 include fewer cross-chain applications and lower user acceptance due to its complicated interface.
Distinction of Web 5.0
By fusing Web 2 (which allows users to curate their information) and Web 3 (which is built on Blockchain and Smart Contract technology and offers decentralisation and eliminates intermediaries), Web 5 technology advances to build on the foundations of current web technologies. The Web 5 places focus on these:-
Decentralised Identifiers (DID) -
- fig 1. Image of decentralized verifiers (from tbd.website)
With the use of decentralised identifiers, users can manage and control their data by having a unique ID, or digital wallet. Users don't need to register for accounts to use a variety of decentralised applications courtesy of the DIDs.
Verifiable Credentials (VCs) -
fig 2. Image of Credentials Verifier (from tbd.website)
Verifiable Credentials are tamper-proof digital credentials that provide you, the user, the power to manage your privacy and data. These can be used for verification since the issuers—banks, governmental agencies, etc.— have cryptographically signed them.
Decentralised Web Nodes (DWN) -
The goal of Web 5's decentralised web Nodes is to give users the option to keep their personal information independent of applications. You decide what information should be kept private or public.
The primary attributes and capabilities of Web 5 have been defined. Let's now explore a few sectors in which Web 5 will improve communication and bring about fresh developments.
- Decentralised Collaboration
With Web 5, users will be able to engage with several platforms without needing to register for accounts (Identities) on each one and synchronize their information among these sites.
Interactions in a Web 5.0 World
Artificial intelligence, or AI, has the potential to create content in the education sector that caters to the interests and needs of specific users. Verifiable credentials can be used to confirm academic records.
Medication, therapy, and preventative measures can be offered in the healthcare sector with the assistance of AI data analysis.
Artificial Intelligence (AI) in decentralised finance (DeFi) can be used to analyze transactions in real-time and stop fraud.
In supply chain management, Real-time monitoring of commodities from point of origin to point of destination is made possible by blockchain-based supply chain tracking, which guarantees product authenticity, provenance, and quality control.
Conclusion
Web 5.0 is based on the idea of decentralised identification, in which users have independent control over their online identities. Users now have more control over how and with whom their data is shared, thanks to this paradigm change. Data storage is now dispersed throughout a secure network of nodes rather than being limited to centralised servers, improving resilience against data breaches and promoting trust in the digital ecosystem.