The term “Web3” was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms., see the Wikipedia article.
Web3 is a framework that leverages blockchains, cryptocurrencies, and non-fungible tokens known as NFTs to return power to people in the form of ownership.
Basically, the Web 3 application architecture has two components: basic Web technology and cryptocurrency technology.
The transactions need to be signed in cryptocurrency technology.
In your browser, you can use a tool like MetaMask.
Cryptocurrency technology has a decentralized off-chain storage solution, like IPFS or Swarm.
This allows you to use a grandly titled protocol and decentralized data storage system that leverages a peer-to-peer known as p2p network architecture.
The Web3 is not perfect.
The main feature of Web 3.0 is decentralization, which means the web application is stored in a blockchain.
The Web 3.0 applications are called DApps, or decentralized applications.
This means is chaotic and hard to develop and the crypto market is quite fragile.
TBD’s Web5 vision consists of a number of software components that, when combined, allow developers to focus on creating immersive user experiences while also allowing for decentralized identity and data storage in apps.
They say: Building an extra decentralized web that puts you in control of your data and identity
The Web5 is based on the Sidetree protocol and ION which doesn’t require the use of tokens, trusted validators, or additional consensus mechanisms to function.
Components of the Web5 are:
The first component is Decentralized Web Node known as DWN witch used to locate data linked to a given Decentralized Identifier known as DID.
Self-Sovereign Identity Service known as SSIS is a decentralized identity management service that enables individuals and organizations to control their own digital identities.
The Self-Sovereign Identity SDK is a toolkit that allows developers to easily build applications that utilize self-sovereign identity principles.
Progressive Web Apps known as PWAs are web apps and you use them every day, like Pinterest.
With Web5, a user will now be able to create their identity ,storing all their information, data, and authorization for external apps and connections within their personal DWNs, then use this to sign in and switch around to multiple dApps, always keeping data secure and in full control.
The goal of Web5 is to create certain tools on cryptocurrency technology that could not only give users control over their data but also would allow them to control all their interactions on the internet.