Jack Dorsey's announcement of a Web5 platform raised questions, but does it really matter what we call it asks Tatiana Revoredo, a blockchain strategist at Saïd Business School at the University of Oxford.
to TBD’s presentation on Web5, the internet’s main problem is the lack of an “identity” layer: “In the current Web, identity and personal data are turned into the property of third parties,” and this is why Web5 will focus on decentralizing identity, data storage, as well as its applications.Related:Possibilities: The future is a process, not a destination
Much of what is dismissively referred to as “false promis” by critics of Web3 seems much more challenging to achieve with Bitcoin alone — at least for now. Bitcoin’s decentralization and priority to cybersecurity come at the expense of storage space, and, above all, transaction speed — although the advances brought by theIn addition, some Web3 features already seem possible through layers built on top of Bitcoin. Hiro is building smart contracts using Bitcoin.
Also, there are already decentralized identity solutions based on decentralized identifiers on Web3, such as the one developed in the Identity Overlay Network that is built using the Sidetree Protocol on top of the Bitcoin blockchain. Add to this the fact that it is unclear what alternative routes will be used for funding and building Dorsey’s new version of Web3.
Of course, the more initiatives focused on achieving a decentralized web, the better for users. But, what is essential here is that such initiatives can bring together all the technical and financial resources and bright people who are committed to the hard work and effort needed to make the decentralized web happen.This article does not contain investment advice or recommendations.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.is a founding member of the Oxford Blockchain Foundation and is a strategist in blockchain at Saïd Business School at the University of Oxford. Additionally, she is an expert in blockchain business applications at the Massachusetts Institute of Technology and is the chief strategy officer of The Global Strategy.