All You Need to Know About Web 5š
What in the World Wide Web is Web 5š„?
Web 5 is an evolution of the internet that aims to address the limitations of Web 2 and Web 3. One of the key ideas of Web 5 is to give users complete control over their own data, which ensures their data privacy and security. This implies that users are able to decide who accesses their data and how it is used, whether it is monetized or not.
Web 5 is a decentralized, user-centric internet where users have total control over their own data. It has the potential to revolutionize the way users interact with or communicate with the internet.
Deep Divešāāļø
The development of Web 5 is being spearheaded by the ex-CEO of Twitter, Jack Dorsey. Web 5 provides a decentralized internet layer that could be implemented based on a bitcoin lightning network that allows users to control their data and own wallets, just like Web 3, but allows users to login and sign up for apps without explicitly sharing their data, thereby ensuring data privacy.
Pillars or Main Components of Web 5šļø
Decentralized identifiers (DIDs): The DID is a unique key that allows decentralized authentication or identification of users. The DID can be described as a key to a safety deposit box that contains documents or properties of a user. These keys grant the user exclusive access to their data identity or the content of the safety deposit box.
Verifiable Credentials (VC): The VC is a type of digital credential that allows users to control and share their decentralized identifiers (DIDs) in a secure and verifiable manner. Letās think of the VC as a sealed document stored in the safety deposit box. This sealed document carries verified information about your decentralized identifiers (DID).
Decentralized web nodes (DWN): The DWN handles the data storage. It deals with the storing and distribution of data in a decentralized format. The DWN can be described as the safety box that holds the userās data.
The DID and VC work together to protect the userās digital identity and data in web 5
Key Features of Web 5
Decentralization
User Centric
Monetization of Users Data
Data Privacy and Security
Potential Benefits of Web 5
Improved Data Security
Increases userās empowerment over their data
Increased userās Privacy
Conclusion
Web 5 is not just an internet advancement or evolution; it's a story of digital freedomš½that introduces us to a world where users, irrespective of their digital knowledge, become the masters of their own online presence (data). Web 2 and Web 3 are the building blocks for Web 5. Web 2 is the first environment in which users interact with the internet. Web 3 is an environment where users create, own, and identify their data on the internet. We can say the combination or summation of Web 2 and Web 3 equals Web 5.
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