Web5 vs. Web3: The future is not a destination, but a process

Web2 emerged gradually with the birth and expansion of social networks and apps such as blogs, forums, and podcasts, enabling new kinds of participatory communication.

In fact, due to the creation of these new technologies, people began interacting with one another and sharing their material. Web 2 has been named the “Collaborative Web” because the user, who was previously a passive actor, is now responsible for developing and maintaining online material and creating new processes and interactions.

Similar to preceding Web stages, it is impossible to establish when Web3 was created. Because Web development is a process, there is no specific start date. However, many contend that the concept of Web3 arose about 2006, even though the phrase Web3 was not defined until 2014 by Gavin Wood. It is anticipated to be the next evolution of the internet. And, I say apparently, since the Web is still in its infancy and its next stage has not yet been determined with absolute confidence.

Note that Web3 does not have a single inventor. It is being created as a collaborative effort between several persons and groups. In general, however, people active in smart contract platforms on blockchains such as Ethereum, EOS, and TRON are leading the way in Web3 development.

It is essential to mention that web3.js is one of the most popular programming libraries used to develop Ethereum programs. In addition, the Polkadot network’s creators manage a foundation called the Web3 Foundation.

The primary objective of Web3 is to attempt to overcome the most significant issue of Web2: collecting personal data by private networks that enable surveillance capitalism, a genuine marketplace of future behavior.

And for this reason, Web3’s key innovation emphasis is a web of decentralized networks that are not controlled by a single body and are comprised of platforms that employ consensus processes that everyone can rely on. Decentralized apps (DApps) would be created on top of open networks, and no organization would be allowed to acquire data without the user’s permission or restrict or censor anyone’s access. According to the Web3 Foundation, Web3’s purpose is to build “a decentralized and equitable internet where individuals own their data, identity, and destiny.”

The second emphasis of innovation promised by the Web3 creators is that these decentralized networks would allow the value or “money” of the internet to be exchanged directly between user accounts, without the need for middlemen. And these two characteristics — decentralization and internet currency — which are still in their infancy, are the key to comprehending Web3.

However, several detractors have raised concerns about the existing Web3, including its reliance on finance from venture capitalists such as Andreessen Horowitz. This would harm its primary innovation emphasis – providing users with a fully decentralized online.

Now that everyone is on the same page, let’s address what has undoubtedly been a common question since Jack Dorsey announced that “Web 5” powered by Bitcoin would replace Web3.

After Web3 — a name that covers all the blockchain and decentralized technologies now being developed worldwide — the next stage of the Web is not a new version but rather an alternative to what we already have (Web2) or are currently constructing (Web3).

Web4, often known as the “Mobile Web,” contains the infrastructure necessary to adapt to the mobile environment. Imagine a network instantly connecting all mobile devices in the natural and virtual worlds.

Web4 offers voice communication and movement between the user and robots. Suppose the focus of earlier websites was on the user engaging with the internet when seated in front of a desktop and computer. In that case, Web4 focuses on enabling users to access and disseminate content via mobile devices regardless of location.

As a result, Web4 modifies the connection between people and robots, which will become symbiotic. In the fourth stage of the Web, people will have 24/7 access to robots and increasingly rely on technology in their daily lives.

Even though many first learned about Web5 after Jack Dorsey’s comments made news, the word is not new.

Tim Berners-Lee, the Web creator, delivered a 2009 TED Talks speech in which he discussed Web5: “Open, linked, intelligent Web,” which he referred to as the Emotional Web.

According to the Web’s original designer, Web5 would be the Emotional Web. Web5, also known as the Symbiotic Web, will be an interconnected network that communicates with us in the same way humans communicate with one another, according to the signals we’ve seen thus far (like a personal assistant).

This Web will be very potent and entirely dependent on the (emotional) human-computer connection. As a result of neurotechnology, interaction will become a regular occurrence for many people. It is important to note that despite surveillance capitalism, Web2 “itself” is now “emotionally” neutral, meaning that it does not recognize the sensations and emotions of its users. This may change in the future since Web5 proposes to be a vibrant web. This is illustrated by WeFeelFine, a company that tracks people’s moods using headphones.

Tim Berners-Web5 Lee’s will allow users to interact with material that responds to their emotions or facial recognition modifications. In this perspective, it appears that Jack Dorsey’s “Web5” has nothing to do with the Emotional or Symbiotic Web that Tim Berners-Lee envisioned in 2009.

TBD, a subsidiary of Block (previously Square), was established in July 2021 to establish “an open platform for developers” centered on decentralized finance (DeFi) and Bitcoin (BTC). TBD’s primary objective is to create “Web 5: an Extra Decentralized Web platform” where individuals have complete sovereignty over their data.

This will likely be our most significant Internet contribution. He was honored by the team. (“Rest in Peace, Web3 Investors”), Dorsey tweeted on June 10 in the morning. According to TBD’s presentation on Web5, the primary problem with the internet is the absence of an “identification” layer: “In the existing Web, identity and personal data are transformed into the property of third parties,” and thus, Web5 will focus on decentralizing identity, data storage, and its applications.

TDB further asserts that it will develop an additional decentralized Web platform to address this issue.

Much of what Web3 skeptics dismissively refer to as “false promises” appears to be far more challenging to implement with Bitcoin alone, at least for the time being. Bitcoin’s decentralization and emphasis on cybersecurity come at the sacrifice of storage capacity and, most importantly, transaction speed, but the Lightning Network’s developments seem encouraging.

In addition, certain Web3 functionalities are already feasible using Bitcoin-based layers. Hiro is constructing intelligent contracts with Bitcoin. Stacks were developed to allow Bitcoin-based DeFi, nonfungible tokens (NFTs), applications, and smart contracts. Not to mention that since 2012, the equivalent of NFTs and ERC-20 tokens have existed as colored coins on the Bitcoin network.

In addition, there are existing identification solutions based on decentralized identifiers (DIDs) on Web3, such as the Identity Overlay Network (ION), built atop the Bitcoin blockchain using the Sidetree Protocol. In addition, it is unclear what other finance and development channels would be utilized for Dorsey’s new Web3 version.

Will this new effort by TBD to construct a decentralized overlay on top of the Web using the Bitcoin blockchain address existing Web3 concerns?

The more projects aimed at attaining a decentralized web, the better it is for users. What is crucial, however, is that such efforts can bring together all the technical and financial resources and talented individuals devoted to the hard work and effort required to create the decentralized Web.

The future is not a destination but a journey.