Twitter founder announces 5 web development streak on the Bitcoin blockchain
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Answer Twitter founder announces 5 web development streak on the Bitcoin blockchain
Jack Dorsey, founder of Twitter and Square, has been a vocal critic of Web 3.0 development.
In an effort to counter and critique Web 3.0, the founder of Twitter announced its rival Web 5.
How can web 5.0 outperform web 3.0?
According to the tweet shown below, Web 5 will have a new approach to building on the Bitcoin blockchain.
The reason behind developing Web 5 on the Bitcoin blockchain is that it is considered the most decentralized network.
Since this space is guaranteed to be a decentralized system, the Twitter founder mentioned that Web 3.0 has now been taken over by venture capitalists.
Web 5 will take ownership of the data and maintain the identity of the user.
The Web 2.0 ecosystem is evolving around the big companies that own users’ data.
It is stored by companies via databases.
But these companies somehow fail to maintain data privacy regulations.
Web 5 aims to solve it by building an additional decentralized network.
From the above it can be understood that Web 5 will try to give users control over their data by integrating Web 3 and Web 2 together with additional advantages.
At the same time, Web 3.0 also promised these same features.
According to the founder of Twitter, Web 3.0 can work with the right intentions, but with the wrong tools.
Read:Binance supports Elon Musk with $500 million in Twitter acquisition
A revolution in the world of the web:
Web Competitor 3 has some basic concepts such as Decentralized Identifiers (DIDs), Decentralized Web Nodes (DWNS), and Decentralized Web Applications (DWAS).
DIDS will allow the user to own their own digital identity which proves that the dapp experience will be better.
DWNS will be personal data stores that hold encrypted public data.
The blog highlights that these are emerging standards for data storage.
It also enables entities to exchange more encrypted messages.
Whereas (DWAS) operate as web applications built with decentralized storage capabilities.
Read also:
Study: More than half of wealthy Asian investors were exposed to cryptocurrency in Q1 2022
Bank of Canada: The cryptocurrency arena must be regulated before it becomes too big
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