Why in news?

Technology firms like Tech Mahindra, Microsoft and Coinbase deliberated on new age technologies such as Web 3 and Web 5 at the Global Investors Meet in Bengaluru.

Highlights:

• India is one of the most rapidly growing hot spots for Web 3.
• These companies are remote first and can work from anywhere. It opens up access and democratisation.
• 500 companies were working on Web 3 out of which four were unicorns already.

What is Web 3.0 (Web3)?

• It is the third generation of the evolution of web technologies.
• It has a strong emphasis on decentralized applications and make extensive use of blockchain-based technologies with the concept of a decentralized autonomous organization (DAO).
• Web 3.0 will make use of machine learning and artificial intelligence (AI) to help empower more intelligent and adaptive applications.
• It also works with cryptocurrency, more so than with fiat currency.

What are Web 3.0 applications?

• Nonfungible tokens (NFTs) are tokens that are stored in a blockchain with a cryptographic hash, making the token unit unique.
• Decentralized finance (DeFi) is an emerging use case where decentralized blockchain is used as the basis for enabling financial services, outside of the confines of a traditional centralized banking infrastructure.
• Cryptocurrencies like Bitcoin are Web 3.0 applications that create a new world of currency that aims to be separate from the historical world of fiat currency.
• Decentralized applications (dApps) are applications that are built on top of blockchain and make use of smart contracts to enable service delivery in a programmatic approach that is logged in an immutable ledger.
• Cross-chain bridges are multiple blockchains in the Web 3.0 world, and enables a degree of interoperability across them.
• DAOs are set to potentially become the organizing entities for Web 3.0 services, providing some structure and governance in a decentralized approach.

What are the difference between web 1.0 ,web 2.0 and web 3.0?

What Is Web 5.0?

• Web 5.0 provides developers with the ability to create decentralized web applications with verifiable credentials and decentralized web nodes.
• The purpose : to reclaim control and ownership of user data.
• An example : A website that that maps a person’s emotions. When wearing headphones, users can interact with the content on the website, which will in turn interact with the person’s emotions, perhaps via any identifiable changes in facial recognition.

What Is TBD?

• TBD is a recently created platform that’s considered to be the Bitcoin-focused subsidiary of Block, Inc.
• It will allow developers to create fantastic user experiences ,making sure that each user owns their data and identity.
• TBD believes that personal data and identity are currently owned by third parties, and that this ownership merely shifts to other third parties when it comes to Web 3.0.

How Will Web 5.0 Work?

• It is a predictive virtual assistant on a much broader scale.
• This will be able to interpret different pieces of information on much more complex levels, these interpretations will use emotion as well as logic.
• it can perceive a person’s emotions and create the appropriate response.

What are the Pros and cons of web 5.0?

The primary benefits :

• The e-commerce industry will be able to adapt to the emotive aspect of the internet, and create real-time interactions with users.
• It  will be more conducive to users’ creativity.
• Web 5.0 is set to be a fully decentralized platform that’s powered by the blockchain, and is built on the structure already available with Bitcoin.
• Users can keep their data and identity private with full ownership.

The potential downsides

• The platform is still in its infancy, which means that the end results of Web 5.0 remain unknown.
• Some of the tangible benefits of this platform depend on businesses adopting it.

Web 5.0 vs. Web 3.0

Similarities

• these platforms are built with a focus on blockchain technology.
• People will be able to interact with one another without needing an intermediary.
• Searches and suggestions can be tailored to user needs because of the focus on machine learning and artificial intelligence.

Differences

• Web 5.0 will allow computers to respond to emotional cues because of a person’s electric signals in their brain, which isn’t possible with Web 3.0.
• The Web 5.0 version of the internet is meant to be fully decentralized, which means that intermediaries or governments can’t store or control a user’s data.

•  Web 5.0 is the only platform that will allow users to seamlessly switch from app to app with their digital wallet.