FTX just imploded, and Jack Dorsey wants to talk about the next stage for crypto?
It's barely been a decade since the launch of Web3, and some are already talking about the next generation of the web Web5.
The concept of Web5 first emerged earlier this year with Jack Dorsey’s announcement about plans to build a decentralized web on Bitcoin's blockchain through Block subsidiary TBD. According to Dorsey's TBD white paper, Web5 will be “a trustless, decentralized internet platform where users own their data” as opposed to Web3, which is mostly centered around Ethereum and a select few centralized blockchain networks.
It's easy to see why there is a need for change, but is Web5 the answer? With Web3 barely off the ground, surveys suggest that little more than 10% of people in the world think they know what it means — including more than half of Americans. Maybe it is still too soon to start thinking about Web5 as the next generation of the web, and here are three reasons why.
Web2 is still the dominant force on the internet, with social media, e-commerce, and video streaming platforms growing in popularity. With a combined market capitalization of top Web3 networks amounting to only $2.7 billion, it is clear that there is still a long way to go before Web3 can even begin to rival Web2.
Related: Facebook is on a quest to destroy the Metaverse and Web3
Behemoths of the Web2 internet such as Facebook, Google and Amazon, not to mention the gaming world, still have a firm grip on the internet, given their combined market cap of more than $14 trillion.
While this clearly shows that it would take a lot for Web3 to catch up, it also indicates that Web3 and the metaverse have a huge potential yet to be realized.
One of the biggest bottlenecks that Web3 is facing is the lack of developer talent. The industry is still in
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