What Is Jack Dorsey’s Web5 and How Will It Work

In the last few years, powerful companies like Facebook, Google and Amazon have taken more control online. Each platform has its own interests, goals, and plans to benefit us in some way—not necessarily because they want to, but because that’s how capitalism works.

However, Web5 (the decentralized web) takes away the power from these big companies and gives it to you and other users.

What is Web5 and how does it work?

Web5 is a recent development in blockchain technology that is considered an upgrade from Web3, a platform that gives you control over your data.

Former Twitter CEO Jack Dorsey introduced the idea of Web5 in June 2022. The major objective of the offered platform is to enable you to control your personal information and data.

Web5 is a more decentralized Internet than previous versions because it uses a different design for its operation. It is designed for you to be more open and connected to the network, such that it is similar to a virtual assistant.

Web5 will be structured using Decentralized Web Nodes (DWNs) that can be self-hosted. Web users can operate themselves without the need for an intermediary. In this regard, one of the improvements in Web5 is that the user now has the option of making personal data and information public.

3 Key Features of Web5

Every web development has features that make it unique from previous versions. Web5 also has three special features that represent its major improvements from previous versions: Web 1, Web 2, and Web 3.

1. Verifiable Credentials

Verifiable credentials allow you to grant exclusive access to your data without the involvement of multiple third parties, as in Web3. This feature of Web5 is known as user self-sovereignty.

Credentials are a digital representation of your identity and it is important for you to re-identify yourself, without the involvement of an intermediary. You can compare verifiable credentials to traditional means of identification used in the physical world, such as a passport, ID card, or driver’s license.

The difference between these traditional IDs and Web5 is that the latter is digitally signed and verifiable. You can create your own credentials on the network and use them on any platform that requires verification.

2. Decentralized Web Nodes

Decentralized Web Nodes (DWNs) are responsible for most of the user interaction in Web5. They act as data storage units controlled by users, rather than as a separate entity as in previous web versions.

The decentralization of these nodes eliminates the need for other platforms like Twitter or Facebook to have access to your private and public information.

3. Decentralized Identifier

Decentralized Identifiers (DIDs) act as ID cards for you to operate an online version of yourself seamlessly. These identities are therefore, generated by the user and are unique to each individual.

They work with verifiable credentials to allow you to identify yourself when necessary. It is the only component of Web5 that is exposed to a public blockchain, even though it is not required to be stored on the blockchain. DIDs vary in their levels of decentralization, depending on the public chain being used.

Web 3 vs Web 5: What’s the Difference?

The basic operations of Web3 and Web5 are similar to each other as they work to create a user-owned and user-friendly web. This confirms the fact that web builders share a common end goal. However, they also have characteristics that set them apart from each other.

1. Transaction Network

Web3 completes transactions on its network using DApps and smart contracts. A record of each transaction is stored and made public on the blockchain.

It is different in Web5 as it operates independent of public blockchains. Instead, Web5 uses a Decentralized Web Application (DWA) that is not built with DWN to build its transaction network on the blockchain.

2. Data Collection

Data in Web3 is stored on a public network using tools such as the Interplanetary File System (IPFS) that you and other web users can access.

Web5 puts this power in your hands with the use of DWN. You store your own data and decide what information is made public.

Web 5: The Decentralized Internet We Need

Although it is still only a project waiting to be completed and launched, Web 5 already shows great potential in the web ecosystem. Over time, it will become the globally used internet as it seeks to put more control of our lives on the internet in our hands.

Leave a Comment