RIP Web3, Jack Dorsey Announces ‘Web5’, a Bitcoin-Based Platform
Jack Dorsey’s business unit TBD recently announced they’re building a Bitcoin-based decentralized platform: Web5. This project aims to put personal data and identity management back into the hands of web users.
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Actually, this Web5 sounds much better compare to Web3 (buying/selling of tokens, nfts). Like how people (influencers) describe Web3 as a life changing things which actually make people scared of this crypto technology. Web5 at least described as a technology oriented solution rather money making scheme.
way to go Jack!
It's cool.
I like the fact that it is addressing identity issues on the web, which has been a thing since the early days of the internet.
Wowmax, 1inch DEXs aggregators are used by traders specifically to save funds by minimizing slippage and price impact. In addition, no personal data, just a wallet and that's it. Web5 is just talk, and as we know from history, when the workflow is added to these conversations, then smth changes immediately...
I believe applications you mentioned are great. If you just ignore the title "web5" or "web3" application that jack is talking about will be really something if implemented successfully with not much involvement of buying and selling of tokens. We all have to wait and see.
Yes, you're right. We should wait, because the market always requires flexibility from its participants, especially the crypto market
I don't really care what number anyone puts after 'web'.
A few things need to happen
What do you think?
Right exactly. I went to a conference the other week and people were demoing all these decentralized auth frameworks and storage systems etc and I was looking at the demos like 'wow, you can barely work this thing yourself and you built it, this will literally never ever transition to broader adoption'.
My dad has been using computers since the 90's and the other day I found out he didn't even know how to open separate tabs in his browser 😅
Yeah it's insane how many web3 apps and dapps were created that required you to basically be a dev to understand anything.
UX should always be the first priority when creating (imo).
What do you mean by: "Payments need to be ACTUALLY decentralized and take sub 5 seconds"? This seems to imply that they aren't.
I totally agree with everything else.
Some transactions take longer than 5 seconds (cough etherum cough bitcoin)
The modern user doesn't really know how to wait anymore (IMO).
If any of this requires purchasing tokens in order to do anything (and kick off the speculation treadmill), then it's just crypto in disguise.
If it doesn't, yay! I like the idea of a self-sovereign identity service. I still believe, however, that creating better and more trustworthy institutions is better for everyone involved.
Does not seem to require any cryptocurrency.
It is built on bitcoin though. So it's not "Web5" but just an application built on "Web3".
If it's built on bitcoin, then it does require cryptocurrency to function (as miners are rewarded with crypto in order to authenticate transactions). This means there's a mandatory speculative market as without that there wouldn't be an incentive to collect these tokens. So in a nutshell it's just another implementation of a crypto backed system and is certainly not "web 5", whatever the devil that means.
Not sure if the system used actually requires you to pay transaction fees in bitcoin. I'm not sure to what extent bitcoin is involved at all, to be honest.
https://identity.foundation/ion/
"ION is a Layer 2 open, permissionless network based on the purely deterministic Sidetree protocol, which requires no special tokens, trusted validators, or additional consensus mechanisms; the linear progression of Bitcoin's timechain is all that's required for its operation."
what about 4?
Jack took a leap, from 3 to 5. lol.
Maybe 4 was bad luck lol
lol
This process to the transition Web5 will be completely unnoticeable, it just overshadowed by some news and people switch, although they could make a huge amount of money on this