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But, the idea seems similar to that of Web 3.0 and is centered around the same theme, that is “decentralisation”. So what exactly is Web 5.0 and how will it be different from Web 3.0 and Web 2.0? Let us try to understand.
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Web 5.0, being developed by Jack Dorsey’s bitcoin business unit “TBD”, is reportedly trying to solve all the problems related to “identity and data” in the current web system. It aims to give data ownership to users where they will control it.
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To understand the difference between Web 3.0 and 5.0, let us look at the evolution of the internet. The initial phase of Web or Web 1.0 was built around one-way communication, where users can only read the information on the web pages and cannot interact.
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Web 5.0 will have a series of decentralised apps and protocols. Instead of multiple blockchains, Web 5.0 developers are trying to leverage only Bitcoin and build everything on top of it. In Web 5.0, users will hold a digital wallet that securely manages their identity, data, and authorisations for external apps and connections.
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For instance, a user can use his or her wallet to log in to a new decentralised app. They may not need to repeatedly create fresh profiles and log in to new applications as Web 5.0 will aim to give users a “decentralised identity” allowing them to seamlessly move from one app to another. User data, rather than getting stored with third-party products and services, will be controlled by users and only be exposed with their permission.
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