What is Web 5.0?

The internet has come a long way. So what exactly is Web 5.0 and how will it be different from Web 1.0, Web 2.0 and Web 3.0?

Ever since the World Wide Web was first brought online in 1993, technological advancements have been developed and introduced for the purpose of improving the internet and providing people with a better user experience.

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.

The evolution of the internet has led to Web 2.0, which is the current web system that we are all using. It is dominated by social media platforms where users can interact, comment, share and create content. But in the current web system, users generally have no control over the data and it is stored with third parties. There are also genuine concerns around how Big Tech companies such as Google, Facebook control most of the data and the chances of potential misuse.

Ushering in a more decentralized internet, Web 3.0 is being built on multiple blockchain networks to reduce the need for intermediaries or eliminate threats of censorships and outages. In essence, it is designed to give control to users where the data is stored in multiple blockchains and thus being owned by users themselves.

What Is Web 5.0?

• Web 5.0 is meant to be a decentralized web platform that provides developers with the ability to create decentralized web applications with verifiable credentials and decentralized web nodes. The purpose of this platform is to reclaim control and ownership of user data.

What are the use cases for Web 5.0?

There can be two use cases for how Web 5.0 will change things in the future.

1. Control of Identity: A digital wallet that securely manages user identity, data, and authorizations for external apps and connections.
2. Control over Own Data: Say, we can grant any music app access to settings and preferences, enabling the app to take our personalized music experience across different music apps.

Pros and Cons of Web 5.0

The primary benefits associated with this platform include:

• The eCommerce industry will be able to adapt to the emotive aspect of the internet, and create real-time interactions with users.
• The increase in emotive elements with this version of the web will be more conducive to users’ creativity.
• Web 5.0 is set to be a fully decentralized platform that’s powered by the blockchain, and is built on the structure already available with Bitcoin.
• Users can keep their data and identity private with full ownership.

While there are many benefits of using this platform, there are also some potential downsides that include the following:

• The platform is still in its infancy, which means that the end results of Web 5.0 remain unknown.
• Some of the tangible benefits of this platform depend on businesses adopting it.

Do We Really Need Web 5.0?

• You may be wondering if Web 5.0 is really necessary. Based on everything that’s been discussed and detailed in this article, there are some clear benefits associated with this version of the internet that aren’t currently possible with the Web 3.0 version. For starters, Web 3.0 isn’t fully decentralized.
• According to Jack Dorsey, people don’t fully own and control their identity and data with Web 3.0. At the moment, Web 5.0 should be viewed as an enhanced iteration of Web 3.0. While the advancements might not appear as notable as those adopted in the transition from Web 1.0 to Web 2.0, they should provide users with significant additional advantages.

The Bottom Line

• While Web 5.0’s technology is still being developed, it’s an appealing platform that promises to provide users with the ability to own and control their data and identity. Once Web 5.0 has been implemented, it may be possible to store all user data in a decentralized digital wallet, which makes for a much more secure user experience.