{"id":10461,"date":"2022-06-20T12:06:58","date_gmt":"2022-06-20T04:06:58","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/us\/?p=10461"},"modified":"2025-01-10T14:43:55","modified_gmt":"2025-01-10T06:43:55","slug":"what-is-web5","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/20\/what-is-web5\/","title":{"rendered":"What is Web5?"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/20\/what-is-web5\/#Why_is_there_Web5\" >Why is there Web5?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/20\/what-is-web5\/#What_is_Web5\" >What is Web5?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/20\/what-is-web5\/#Decentralization\" >Decentralization<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/20\/what-is-web5\/#Support_Bitcoin_only\" >Support Bitcoin only<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/20\/what-is-web5\/#Related_articles\" >Related articles<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_is_there_Web5\"><\/span>Why is there Web5?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Jack Dorsey proposed Web5 because he opposed Andreessen Horowitz&#8217;s monopoly on Web3. For this short story, please see my previous post &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/02\/20\/what-is-web3\/\">What is Web3? What are the related companies?<\/a>&#8220;<\/p>\n\n\n\n<p>Web5 is a concept proposed by Jack Dorsey, the founder of Block (ticker: XYZ) , Web3, and Web5, etc.) a department named TBD under Block is responsible for design execution.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_Web5\"><\/span>What is Web5?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Web5 is the combination of Web2 and Web3; both are based on blockchain technology, the central idea is the next generation of decentralized network, and the goal is to allow users to master their own data. For the detail definition, please see the original proposal <a href=\"https:\/\/developer.tbd.website\/docs\/Decentralized%20Web%20Platform%20-%20Public.pdf\" target=\"_blank\" rel=\"noopener\">Decentralized Web Platform<\/a> by Jack Dorsey.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Decentralization\"><\/span>Decentralization<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Web5 advocates that the user&#8217;s most basic identity information (such as login account, user name) is stored in the blockchain, and other information related to the user is all stored on the user&#8217;s own local end, and will not be stored centrally &#8212; by this way we can really achieve decentralization.<\/p>\n\n\n\n<p>This is not surprising, as Dorsey has long objected to existing cryptocurrency platforms having and storing all data on cryptocurrency traders, including identities, details, and assets that cryptocurrency traders have. Currently, all of these are in the hands of a few cryptocurrency platforms. In this way, not only will the crypto-currency assets of all customers on the crypto-currency platform merchants be stolen when the crypto-currency platform merchants are hacked, it also prevents traders from transferring their crypto-currency assets between different platforms.<\/p>\n\n\n\n<p>In other words, traders are limited to their own cryptocurrency assets can only be tied to the platform of the cryptocurrency platform provider. Therefore, Block is developing a Bitcoin physical wallet gadget, so that Bitcoin owners can put their Bitcoin assets into this physical wallet gadget and take them away without these troubles.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"177\" height=\"102\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2022\/09\/w-1600x1200-1.jpg\" alt=\"web5\" class=\"wp-image-13795\"\/><figcaption class=\"wp-element-caption\">credit: block<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Support_Bitcoin_only\"><\/span>Support Bitcoin only<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The difference between Web5 and Web3 is that Web5 only supports Bitcoin, while Web3 uses the blockchain of Ethereum and other smart contracts. This is not surprising, Jack Dorsey is an avid supporter of Bitcoin, you can refer to another article I wrote &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/06\/jack-dorsey-bitcoin\/\" target=\"_blank\" rel=\"noreferrer noopener\">Incredible Bitcoin fanatical supporter, Jack Dorsey<\/a>&#8220;.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Related_articles\"><\/span>Related articles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/12\/01\/what-is-metaverse\/\" target=\"_blank\" rel=\"noreferrer noopener\">What is the metaverse? any related companies? Are there any related companies?<\/a> &#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/10\/what-is-a-nft\/\" target=\"_blank\" rel=\"noreferrer noopener\">What is a non-fungible token (NFT)? Any related stocks?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/20\/what-is-web5\/\" target=\"_blank\" rel=\"noreferrer noopener\">What is Web 5?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/02\/20\/what-is-web3\/\">What is Web3? What are the related companies?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/06\/22\/introducing-jack-dorsey\/\">Introducting Jack Dorsey, the low-key Silicon Valley leader<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/06\/jack-dorsey-bitcoin\/\" target=\"_blank\" rel=\"noreferrer noopener\">Incredible Bitcoin fanatical supporter, Jack Dorsey<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/09\/12\/you-should-know-the-company-square\/\">You should know the company Square (rebraned to Block)<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/08\/16\/why-acquired-afterpay\/\" target=\"_blank\" rel=\"noreferrer noopener\">Is Afterpay Worth Block (Square) $29 Billion M&amp;A?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/09\/16\/the-most-popular-news-credit-method-bnpl\/\">The most popular news credit method BNPL<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<p><em><strong>Disclaimer<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>The content of this site is the author\u2019s personal opinions and is for reference only. I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.<\/em><\/li>\n\n\n\n<li><em>I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers&#8217; direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>What is Web5? Why is there Web5? Jack Dorsey proposed Web5 because he opposed Andreessen Horowitz&#8217;s monopoly on Web3. <\/p>\n","protected":false},"author":1,"featured_media":13795,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[114,86,91,420],"tags":[1419],"class_list":["post-10461","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-new-technology","category-digital-asset","category-entrepreneur","category-founders","tag-xyz"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/10461","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/comments?post=10461"}],"version-history":[{"count":14,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/10461\/revisions"}],"predecessor-version":[{"id":33190,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/10461\/revisions\/33190"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media\/13795"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media?parent=10461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/categories?post=10461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/tags?post=10461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}