2+3=5 There is a reason why the web’s progress has already begun to generate noise in this race and the technical community. Fifthweb’s launch coincides with a step in the right direction toward the web5 revolution.
For many users, even before understanding the web3, Jack Dorsey and TBD (1) had already announced the web5. As the name suggests, web5 is a combination of version 2 and version 3, which focuses on user control and data privacy.
TBD shared a PowerPoint presentation (2) explaining Web5 and how modifications will revolutionize the way we see the web.
The new version of the web is developed to provide leverage to developers to build apps and websites with decentralized tools such as decentralized identifiers (DIDs), decentralized web nodes (DWNS), and verifiable credentials (VC).
Users can self-generate their digital identities by only verifying their credentials as this evolution is developer-focused to make things easier to create decentralized user-based websites and apps.
Fifthweb is an emerging startup, joining the race of giants willing to utilize and obtain early access to this new model of the web and create a base that sets foot ahead of many.
An extra-decentralized web
Although Jack Dorsey has been critical of Web3, many of his interventions have been interpreted as him criticizing Web3 features that rely on venture capital funding.
In the web of today, everything is owned by a third party, even our own identity. Web5 will create a decentralized identity for you and similar technology-used applications wherein the user has the authority over the identity and no third party is involved.
It creates autonomy for developers to focus on creating a better user experience, which will also return the ownership of the data and identity to the rightful user.
Furthermore, tech behemoths like Google (3), Apple (4), and Meta (5) are buying up the current web. The concept of a decentralized web will enable anarchic websites to build their surfaces as well as blockchain-based applications that will also attract new users by granting full ownership through tokens.
How will businesses and startups benefit from web5?
Private blockchain-based websites and applications will certainly benefit many businesses and startups. Because blockchain technology fosters user trust, which is lacking in centralized networks.
This creates a safe and secure place for businesses and entities to engage in a transaction for which they require an intermediary to do the fulfillment. It builds trust among users and business profiles to establish and operate functionalities on the website as the credentials are all secured.
Multiple identities can view your data, but the access authority remains with the rightful owner. There is no central actor that will create the business transaction or act for you.
The blockchain technology and its decentralized nature will be the solution for viewing aunty data without causing harm, particularly for business supply chains that include multiple stages such as suppliers, transporters, producers, distributors, and retailers, where each stage requires identification and information but is not responsible for sharing it.
The decentralized web develops an unalterable ledger with end-to-end encryption. This also provides security against fraud and unauthorized activities. As the data stored on the DWNS operates across computers, it makes it impossible to get hacked.
Reducing costs is the major feature that businesses will optimize the web5 with full interest as it creates efficiency in the transaction process. Manual tasks for aggregating data and creating audit reports are now easier than ever.
The removal of intermediaries accelerates commercial transactions. Tracing and tracking down becomes easier as you can examine trace-down information about anything on the web5. If you’re looking for a dog, you can find out everything about it along with its name and history.
Once a transaction is processed, it cannot be changed or deleted, and it gets added to the ledger. This innovation also provides the user with control over who can view their data and to what extent.
Although tokens and NFTs will play a vital role in the web5 world, acquiring the assets will be the priority for investors. The emerging metaverse and more usage of blockchain technology are all leading towards a world revolving around web5.
With their expedition, the Fifthweb started to gain ground in the Web5 race. The competition is still in the early stages of development, but the message claims that this invention will fundamentally alter how the web functions and usher in a user-based era.
A place where data is owned by the users.