The “History” of Web5 | CryptoTvplus

The development of the internet up to the introduction of a new technological infrastructure on the blockchain has unveiled the names of the internet in three dispensations. These are Web 1, Web 2 and Web 3.

The web3 world is being explored today with crypto, blockchain, AI, and the metaverse is part of what makes up this new internet. But before you understand the full description of what Web3 is, Block came up with Web5, and here’s how the discovery was made.

Mike Brock of TBD of Block told audience at the Bitcoin 2023 Miami event that the Block team went out for an offshore meetup where they discussed everything happening in the Web3 space, especially in line with all the innovation and efforts to make decentralization the anchor of Web3.

“We made fun of the Web three, of the fact that all these ridiculous efforts to try to put data into all these blockchains” will surely boomerang. He added that while everyone knew there was massive “interest in having decentralized technology” that will drive solutions like “decentralized identity, decentralized off-and-on,” the Block team believed the industry doesn’t “need to cram everything onto a blockchain and issue tokens to decentralize things”.

Mike jokingly noted that they have started suggesting names to give to this new ideology which is from Web3. They got Web4, but over time they landed on Web5.

“I think it was a joke that came across and Web5 came up and it just seems so funny and ridiculous, so we went with it, and here we are.”

Not everything should be on the blockchain

Mike further explained that recognizing that not everything needs to be on the blockchain is one of the factors behind the Web5 developer kit TBD released the week of the Miami conference.

He added that the kits are tools needed to create “true decentralized open protocols” that are functional and beneficial. “It doesn’t make sense to tokenize the entire internet.”

The TBD leader confirmed that blockchain is not for everything, and that not everything needs to be on blockchain. There is a need to build different decentralization technologies, just as Bitcoin is good as a base layer.

He advised that decentralized protocols must be created for every sector of the economy as the world has become distrustful of both the financial and social systems that have led to “polarization of the world.” Another suggestion he gave to Devs is that it is necessary to create these protocols to mirror the basic principles on which Bitcoin is based.

And for TBD, he said the focus is on identity. “Identity is where we really focus. We believe that having a real self-sovereign identity in the world” is an important goal.

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