Web5 is a groundbreaking new development that combines the advantages of Web2 and Web3, aiming to establish a decentralized web platform that empowers users with ownership of digital identities and personal data.
Web5 uses the Bitcoin network exclusively to operate, focusing on building decentralized identities and secure data storage mechanisms, enabling users to easily control personal information in the digital space.
MAIN CONTENT
Web5 is the integration of Web2 and Web3 with a decentralized platform and self-sovereign identity.
The core technologies of Web5 include DIDs, Verifiable Credentials, Decentralized Web Nodes, and Self-Sovereign Identity Service.
Web5 aims to return control of personal data to users, enhancing privacy and security in the digital environment.
Why Web5 instead of Web4?
Web5 was created as a leap forward in marketing and technology, representing a significant advancement over Web3 and Web2. Jack Dorsey explains Web5 as a direct synthesis of Web2 and Web3, skipping Web4, to emphasize the breakthrough in how data and digital identity are approached.
This improvement is similar to how Apple skipped iPhone 9 to go to iPhone 10, demonstrating an optimized communication and technology strategy aimed at creating a completely distinct web, not merely the next version.
How is Web5 different from Web3?
Unlike Web3, which uses multiple blockchains to encrypt all data, Web5 uses only the Bitcoin network - the leading decentralized system today - to operate its platform.
Jack Dorsey is also a strong supporter of Bitcoin, choosing it as the foundation for Web5 to fully focus on the ownership of users' digital identities and personal data, rather than dispersing performance across a large number of other blockchains.
Disrupting 'Big Tech' is exactly what's needed and what I want. No one technology alone will do that though.
Jack Dorsey, CEO TBD, 12/8/2021
What problems will Web5 address?
In the current Web2 model, users' personal data is stored scattered across various databases of large media companies. Despite having many data protection regulations like GDPR, ensuring safety on a large scale is extremely challenging.
Web5 is designed to return control of information and digital identity back to users, allowing them to own and decide how to use their data rather than being managed by third parties.
What are Decentralized Identities?
Decentralized Identities are digital identities owned and directly controlled by users, which can be flexibly used across multiple decentralized social networking platforms without needing to create a new account each time.
A typical example, Alice owns a wallet containing her decentralized identity, allowing her to log into all decentralized social networks with a single identity, while her post data is stored on her personal web node.
How does Web5 operate?
Web5 operates based on four main technological pillars: Decentralized Identifiers (DIDs), Verifiable Credentials (VCs), Decentralized Web Nodes (DWNs), and Self-Sovereign Identity Service (SSIS), allowing safe and efficient storage and management of identities and decentralized data.
As CEO Jack Dorsey shared, Web5 leverages Bitcoin's decentralized technology to create an ecosystem that allows individuals to control their private data without relying on any major platform.
Decentralized Identifiers (DIDs)
DIDs provide each user with a unique ID that they own and control, rather than traditional social media platforms like Facebook or YouTube.
Web5 leverages the ION network - a public and permissionless DID system built on Layer 2 of Bitcoin, using the Sidetree protocol with trusted validators and no tokens required for operation.
Verifiable Credentials (VCs)
When having a DID, personal verification information becomes Verifiable Credentials - digital proof that can be verified, such as electronic signatures or addresses, ensuring transparency and accuracy for digital identities.
This mechanism is similar to the ZK identity method in Web3, enhancing security for user identities.
Decentralized Web Nodes (DWNs)
DWN is an encrypted personal data storage that enables secure communication between decentralized identities. It is regarded as a decentralized computer, ensuring that ownership of personal data belongs to the user rather than third parties.
DWNs create a new standard for data storage and encrypted messaging, supporting trusted interactions in the Web5 ecosystem.
Self-Sovereign Identity Service (SSIS)
SSIS is a decentralized identity management service that allows individuals and organizations to have comprehensive control over their credentials and identification information.
SSIS collaborates with DWN and DID to facilitate activities such as creating, registering, revoking, exchanging, and verifying credential information directly on the Web5 platform.
This will likely be our most important contribution to the internet. Proud of the team.
Jack Dorsey, CEO TBD, 10/6/2022
Conclusion
Web5 opens a new vision for the internet, enabling users to own and control their personal data and digital identities based on the decentralized Bitcoin platform. This is a technological trend that needs to be closely monitored to seize opportunities in the digital age.
To stay updated with the latest news and engage in deep discussions about Web5 and the cryptocurrency market, you can join the official channels of HC Capital.
Frequently Asked Questions
What is Web5?
Web5 is a new decentralized web platform that combines Web2 and Web3, using Bitcoin as the sole foundation, focusing on creating digital identities and storing personal data in a decentralized manner.
How does Web5 differ from Web3?
Web5 only uses the Bitcoin network to operate decentralized identities and data, while Web3 often utilizes multiple blockchains to encrypt all data and assets.
What are the advantages of Decentralized Identifiers (DIDs) in Web5?
DIDs are owned by users, allowing for the creation of independent digital identities that can be shared across multiple platforms without reliance on third parties.
What is the role of Decentralized Web Nodes (DWNs)?
DWNs store encrypted personal data and create a trusted communication environment between decentralized identities on Web5.
How does Self-Sovereign Identity Service (SSIS) work?
SSIS supports the management, issuance, revocation, and verification of identity credential information with decentralized standards, helping individuals control all identification data.
Source: https://tintucbitcoin.com/web5-la-gi/
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