Why Web 5.0 is given more importance than Web 3.0?
Two years ago, the digital environment was totally disrupted by the massive hype of Web 3.0. This also creates a flood of different concepts and understanding with regard to its structure and machine algorithmic functions. Most of the digital community understood that Web 3.0 is different from blockchain and it is another platform that is decentralized but based on research and analysis, Web 3.0 is merely a concept of the new internet of things.
Gavin Wood, a computer scientist coined the term “Web 3.0” in 2014, laying out his vision for the future of the internet. Web 3.0 has a function that allows internet users to READ + WRITE + EXECUTE certain computer commands. Web 3.0 opens a door to decentrality wherein internet users are given a right to check and examine the source code behind every frontend code. This explains that, in technology, the user only sees the front of every digital application but not the back at which execution does happen.
On the other hand, the development of Web 5.0 immerges the analysis of the failure of the Web. 3.0 to address data. privacy and authenticity.
According to Rupert Barksfield, article on Cointelegraph, Jun 08, 2022; as with Web2, cyber-criminals are around and looking to exploit Web3 for their own financial gain.
- Fraudsters managed to siphon $615million worth of Bitcoin from Exchange (2014)- Private Key was Stolen
- Binance exploits (2019) through the hot wallet and withdraws $40million worth of bitcoin. Fraudsters use API and log-ins to breach security measures.
- Luna Collapse (Terra Chain Peg) lost more than $ 1 billion. The security of Terra Chain is Vulnerable to hacking.
Web 5.0 — Identer Blockchain Technology
Security is vital in every technology. It is no joke to be treated as the most important part of developing blockchain technology. For the past two years, internet users are not paying attention to check the blockchain architecture and its vulnerability resulting in the failure of Web3 to address the investors' safety.
Therefore, Web5 was conceptualized and given a technical framework to solve the problem that could give protection to investors and blockchain technology users.
In Blockchain Law- the chain architecture has 4 categories, 1.) Centralized, 2.) Decentralized, 3.) Distributed, 4.) Decentralized-Distributed. Bitcoin is a decentralized-distributed case, this made a blockchain immutable. And if any changes do happen and algorithmically tampered with the original SHA256 code results in a spiral contradiction. instead of synchronous data flow. Therefore, the chain that is hackable is not “decentralized-distributed”. Hence it has a different motif to acquire money instead of following the ethical standard of “blockchain-as-a-technology”.
Thus, Identer Blockchain Technology finds the flaws of previous blockchain architecture and fixes them by developing a hybrid blockchain that gives priority to “security”.
If you want to know more about Identer Blockchain, join the community.
