There’s a buzz in the tech world about a groundbreaking technology.
Web3? Not quite.
Another spin on Web3? You bet!
Enter the stage, the sequel we didn’t know we needed is here - Web5!
What really is Web5?
According to TBD’s Web5 pitch deck “Web5 is a decentralised Web Platform (DWP) that enables developers to write Decentralised Web Apps (DWAs) using Decentralised Identifiers (DIDs) and Decentralised Web Nodes (DWNs), returning ownership and control over identity and data to individuals.”
Let’s break it down.
In our evolving world, the amount of data being released per minute is quite alarming. Statistics show that a single person generates 1.7 MB of data every second, that’s 102 MB per minute and 6,120 MB per hour.
Here are more baffling facts - Every minute;
About 42 million messages are shared by WhatsApp users
About 1.4 million video calls are made worldwide
Over 400k videos are streamed on Netflix
Over 300k stories are posted on Instagram
150k messages are sent on Facebook
147k photos are shared on Facebook by users
We fill in forms, open accounts, and click on links, supplying companies’ websites with a truckload of our data. The worst part? You can’t delete what you’ve thrown in. Your personal data is on the internet forever. You don’t believe me? How did we get the statistics above? 🙂
How do we solve this? Is there a system or a way to store my data on the web and have control over that data? Yes, there is… and it’s called Web5!
The purpose of Web5 is to create a digital platform where every individual is responsible for his or her information. Individuals can freely contribute their data to the worldwide network, with key features enabling them to grant access to individuals or organizations according to their own discretion.
So how did Web5 come about?
Evolution and History of Web5
The internet has been around for a while now. It’s been empowering connected users from the static web (Web1) to the new tech, Web5 (open, linked, intelligent web). Apart from the general need to continue evolving, which is deeply rooted in the core of man, why did we have to go from Web1 to Web5?
Web1 was released in the 1990s allowing connectivity and transparency of resources and data over the web. Folks from different locations could access data made available on the internet but could not interact much with it. Information was merely presented without facilitating user-generated content.
Good on Tim Berners-Lee. However, he saw the need for increased interaction on the web.
Enter Web2
Web2 (the social web) allowed social media platforms to grow. We welcomed MySpace, Facebook, Friendster, and LinkedIn which gained ground in the early 2000s. Web2 focused on user-generated content and the rise of blogs and web applications. It had its central themes to be collaboration and sharing. However, with the advent of social media, users desired privacy, and the need for data security became apparent.
Enter Web3
Web2 offered very little to no freedom of data control and security to the users of the web. Users' consumed and published data were owned by tech giants. To fix this, Web3, called the semantic web, comes in. Focused on making the web as intelligent as possible, Web3 is all about integration and automation. Here, we see the incorporation of natural language processing - Machine Learning - into the web.
Web3 seems to be doing pretty well, so the important question:
Why Web5?
Web2 and Web3 both have their strengths. Web2 focused on increased connectivity while Web3 focused on making the web highly intelligent. Web5 combines the key capabilities of both Web2 and Web3 to give users a transparent and seamless connection. The ultimate goal is a decentralised web where the users have full control over their data while operating in an intelligent ecosystem. This is what Web5 seeks to achieve. The former Twitter CEO, Jack Dorsey, pushed the notion for Web5 in 2022 when he shared his vision for the next web at the crypto and blockchain Consensus.
Pillars of Web5
There are three pillars of Web5 according to TBD:
- Decentralised Identifier (DID) - This is a self-owned and self-generated unique identifier that acts as a universal digital signature. It enables identity authentication and routing. It's similar to using your sign-in details to get into your Google account and is like a digital passport that allows a user interact with decentralised applications**.**
Fig 1 - A typical DID syntax
Decentralised Web Nodes (DWNs) - This is the combination of machines that make up Web5’s peer-to-peer network. The computers act as personal servers that store data and facilitate decentralised apps and protocols.
Verifiable Credentials - These are proofs or certificates created by multiple users that verify a claim or allow an interaction. They come in the form of standardised data formats and models secured by cryptography.
Fig 2 - The Pillars of Web5 (TBD's pitch deck)
Functionalities of Web5
Now that we understand what Web5 is, it’s history and key components, let’s take a look at the key functionalities this version of the web has to offer
Identity Control: Users would have control over their identity in Web5 by having a digital wallet or decentralised platform that manages their identity, data and credentials for all other platforms. Because of this, individuals would have control over their user identity data and none would be collected or stored on the internet.
Owning your Data: Due to Web5’s decentralised architecture, users have full control of all their data. Users can select what information they would like to share with companies. Our data is stored in a decentralised web node, and can be shared with other applications and platforms at ease.
Some Fun Facts about Web 5
For the grand reveal of Web5's name, TBD decided to play mathematical matchmaker. They took the sizzle of Web3 (think blockchain-powered magic) and the reliability of Web2 (your go-to social media hangouts, like Twitter or Facebook). The equation they landed on?
Brace yourself:
3 + 2 = 5.
Yep, forget complex algorithms; TBD's secret sauce is basic addition! Who knew naming the internet could be as simple as ordering pizza?
Currently in development, the official release date for Web5 is shrouded in mystery. Mike Brock, the brain behind TBD, wants you to know that there's no exclusive backstage pass for investing in Web5. Apologies to the crypto crowd, but this isn't the place for tokens. It's like searching for a needle in a haystack. And just to clear the air, Brock takes a subtle dig at Web3:
“Some people seem to think we are joking about Web5 and we are not for real working on it. I promise you, that we are for real working on it. It will actually exist, unlike web3.”
Conclusion
Web5 isn’t just any sequel. It’s the evolution we’ve been waiting for - an intelligent, decentralised web where you can control your data identity. So, as TBD works its coding magic, get ready for a future where the internet isn’t just a place; it’s your place. And who said naming things has to be as complicated as rocket science? Sometimes, all you need is a bit of math and a touch of TBD humour to unveil the next big thing: Web5.
Stay tuned for this revolution - it's happening!