Topic: Any thoughts on Web5 vs Web3? - page 2. (Read 267 times)

I believe OP is referring to this
https://developer.tbd.website/projects/web5/

but it seems like a very immature project yet. At the moment I haven't even followed the developments of web3 with interest but basically what are the differences?

I think saying Web3 focus is on coin and gambling now does prove that you can give something a bad name... I mean it wasn't too long ago when they said Bitcoin was also a fad because it was focused on gambling and speculation. Or AI for gaming and marketing and content creation.

Erroneous on both counts (the focus). The most visible activity, sure. The majority of utility, sure. But I'm pretty excited by web3 concepts of more user ownership of personal info, and removal of single points of failure for data storage or host -- these align with some Bitcoin foundational philosophies.

I doubt that many NFT projects really are web3. Just as few DEXs were truly Web3 (exhibiting only self-custody features).

Web3 has been a fad ever since the early days of the infrastructure development and even the bright minds of crypto space such as Vitalik or Dorsey just had a negative reaction towards the development. Vitalik once pointed out that NFT has been just helpful for gamblers where they risk their money to make more money but there has never been any underlying use-case for the same. For example, NFTs can always be used as gaming items such as purchasing digital lands or having a monetary economy in a vibrant game such as GTA or as a way of rewarding the digital artists such as Beeple but anything more than that has been seen as an easy way to lure investors and make money and disappear along with the whole company 

Similarly Defi has been helpful for building decentralized banking solutions such as Maker , AAVE or Uniswap but creating shitcoins and pumping or dumping our bags is more or less related to gambling which was never the reason they were initially developed for. Web5 TBH is more promising and many entrepreneurs such as Dorsey has been supportive towards the vision and goal. Internet is a decentralized social phenomenon and transacting fiat currencies in this place will obviously move the power again to the governments but developing solutions to use Bitcoin as a currency of the internet is more or less related to the vision of the decentralization.

As you have said, 95% of the web3 applications are a pyramid manipulative scam paving way for get-rich-quick schemes and creation of real businesses or any kind of innovation has reached a saturation point. In the 2021 solana pump, almost every nft project which were created during the hype failed and majority ran out of businesses thereby running away with investors money  So tackle this situation and to trash this scam mania, web5 should be developed by builders asap.

Looks like it has been in development since 2022[1]. I guess the main difference will be the decentralized web applications, although I don't see how much it will differ since there is no demo or something similar. As of now, I don't think it will bring benefits to the Bitcoin ecosystem in general if the technical requirement to use them is somewhat high. Some people don't level feel comfortable with a self-custody wallet, I doubt anything more decentralized and technical will attract them.

[1] https://developer.tbd.website/projects/web5/

It's a real thing as far as I know but the idea is still being structured. IIRC, it was originally announced late last year or early this year by Jack Dorsey shortly after the finalization of the twitter buyout deal. Prior to the announcement of the creation of the web5 idea, there was no official web4 concepts that were live.

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@OP, Web5 is very much promising and I'm excited about it. However, I do think that it's happening a bit too soon. Maybe in the nrxt decade, sure but right now, not so much. It has its own pros and cons.

well, whatever they will come up with, the usability of this will depend on the users. once they deployed, we can easily see if people will be patrons of it or not. because look at what we have now, most are still sticking with web 2.0 applications. and those that are claiming to be web 3 are not totally web 3 in features. so they can create this web 5 or whatever they want to upgrade, but at the end of the day, you need to look at the practicality of things so people would use it in their everyday transactions.

Lmao that's my very question as I'm reading OP's post. But apparently the reason why it's called web5 instead of Web4 is because it's a combination of Web3 and Web2 so yeah make it make sense lol. In any case they see a future of the internet built over the second layer of bitcoin blockchain which is ambitious and stupid at the same time cause why would you make a whole network shoulder the burden of an entire infrastructure like the Internet? Anywho, it's stupid, I don't think it's going to be a thing when Web3 is a more effective answer to the current problems that we have with the Web2 infrastructure, plus there's just no real merit to including "old internet" principles with the new one just so you can make an "innovative version of the internet" it's like putting food on a stick and calling it a different dish.

You're not sure of this as well, just as FatFort replied, am also hearing about this for the first time, there are lots of questions to ask about this if really an idea coming on board sooner, who is or are under this development, gow is it going to be applicable to the bitcoin network and technology, we know of web2 web3, while web4 is either under work or research, but we've heard alot about the metaverse technology, maybe OP could also ve referring to this, or rather he might also be referring to 5G network which either of them all is not under web5, maybe OP could as well enlighten us more with possible links that suggestion the development or introduction of this web5 technology.


Let's see where this current web3 is heading into before we batch into web4 and so on, isn't it good taking a step at a time?

To be honest, I had never even heard of the Web5 concept until now. Are you sure it's a real thing and not just someone's whim?

I do have one question, though: What happened to Web 4?

I know the idea of Web5 is still brand new (I think maybe the first one or two Web5 apps came out recently or are about to come out), but being based on Bitcoin and other decentralized technology I think it seems like a much more firm basis to build a "web 3.0" crypto economy than the token/gambling focus of Web3.


Anybody on here looked into the Web5 concept a bunch? What are your thoughts?

I think Web3 is looking more and more like a failure. As it has ended up just focusing on silly useless NFT pictures and an endless creation of token gambling projects. The idea of Web5 seems to be more about actually building a decentralized app economy with Bitcoin as its currency, rather than the hodgepodge of endless fads and investment schemes that make up Web3. The idea of tokens I think is what will end up killing off the smart contract chains and Web3 - because instead of building useful things it just draws everyone (creators and consumers) into get-rich-quick money making schemes which ultimately fall apart because there is no substance to them. That's not how you build a sustainable economy. Crypto tokens makes the focus on money making schemes, rather than actual businesses. I'm not totally informed on Web5 but it seems to be the idea of making actual decentralized apps with decentralized identity and data storage with decentralized payments with Bitcoin.