Now that’s a revolutionary question to explore.
Web5 was announced by the ex-CEO and co-founder of Twitter, Jack Dorsey (1). The Block Head (TBH) (2) developed the web5 as a combination of web2 and web3, which runs on Bitcoin Blockchain technology.
The significant feature of Web5, which distinguishes it from Web2 and Web3, is its enhanced security.
This new evolution of the web has been creating a buzz among developers as it allows decentralized applications and protocols that allow developers to transfer the ownership of data to the rightful owners, thus creating a better user experience.
What exactly is Web5?
It is your data, but do you own it? The motivation behind web5 was to create a place where an individual owns their data.
Web5 is also continuing to explore more enhanced technology which allows security and absolute control over individual identity and data which third parties firmly own.
With data privacy being one of today’s major concerns, many businesses and individuals are attempting to obtain such technology. This makes it one of the key points in the evolution of the web.
The web5 platform is said to be further supported by digital wallets, decentralized web nodes (DWNS), and also decentralized web apps (DWAS).
Do we need web5?
When it comes to individual data or identity, we don’t own it for ourselves, but the host has all the authority over it.
Many authorities question whether we need web5 when web3 already exists.
Web3 sure exists, but the security concerns of Web3 are not as enhanced as those of Web5. Web5 is decentralized and Web3 is not. Web3 does not give you authority over your data.
Web5 powers ownership of data and makes accessibility between apps much easier than before. which makes you not worry about the long data publishing process on multiple applications or websites.
Once your data is filled in, it remains yours and automatically acts according to your preferences.
How does Web5 operate?
The web5 and its decentralized nature enable developers to perform decentralized web apps (DWAS). which requires decentralized identifiers (DID) and decentralized web nodes (DWNS).
Web5 is specially designed to return the ownership of data and identity to its legal owner.
Let me explain in detail the pillars of web5, the decentralized web platform (DWP).
- Decentralized Identifiers:
Identifiers are self-generated and self-owned as there is no centralized provider, and these are highly resistant to all sets of restrictions.
After you set your decentralized identifier key, you can revolve around all the sets of networks and independently verify them as your identification is pre-loaded.
Your IDs are universally discoverable, and your data can easily be transferred from one application to another along with enhanced security.
- Verifiable Credentials:
Verification of claims on a decentralized application goes through a tight security check along with the issuer’s and subject’s digital signature. enabling entities to establish trust and publish credentials that anyone can discover and independently verify.
Once your identification is attached to the wallet, you won’t be required to sign up with any application again.
As your data is loaded into your system, you own the data and it revolves around according to your preferences in any application you go through.
- Decentralized Web Nodes:
Every web application definitely requires storage. DWN, also known as DWeb Nodes, serve as a standard for storing data and allowing any individual entity to create and access Dweb.
Enabling features such as universally addressable data, which crawls you around the web with your loaded data; encrypted data using DID keys; discovering data by only knowing its semantic key; sending and receiving messages on DID encrypted platforms; and supporting and assisting anyone, whether an individual or other entity available on the web.
It is the foundation for decentralized web applications and protocols.
Are the NFT domain and Web5 correlated?
Now that you’ve read this far, Don’t you think everything sounds a little similar?
Well, yes. Blockchain technology is the primary link between web5 and the NFT domain.
You heard it right. Web5 is built on blockchain technology. NFT domains also work on blockchain technology. But, how will this benefit you?
You can say this is a step ahead inside the metaverse. just as when you purchase an NFT domain from marketplaces such as Quik.com (3). You get the rightful ownership of the domain.
The web5 is designed in a way that everything that labels or identifies as your property is loaded into your decentralized identifier, which makes it easier for users to identify the owner of the particular property.
Once your digital wallet is attached to your personal data on web5, you won’t be required to go through the same procedure again and again for further transactions. The NFT you purchase or the NFT you own will also be stored according to your verified credentials.
Not just your NFT domain but also your personal data will be secured on the web5, giving you full-fledged authority over your NFT domain and also your data.
The correlation between the NFT domain and Web5 will create a revolutionary era for investors. Sometimes it happens when you might lose your usb or the password you have the NFT domain saved.
But this won’t happen on Web5, as once your credentials are verified, the password for a particular application or web just won’t be required.
Once your data is linked with the identifiers and your data on the decentralised web verifies your credentials, you can access it anytime, anywhere, and anyhow.
So, when will they launch Web5?
Well, we are all waiting for an official release date to be announced. As the website is still under open-source development by TBD,
Web5’s major feature that creates transparency for users over their personal data has the potential to revolutionize the NFT game.
Well, it is too early to jump into assumptions, but let me assure you that evolution is sure to turn the tables around.
Let us all witness the evolution of the web.