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Web5: The Future of the Bitcoin-Based Internet with Polycarp Nakamoto (WiM512)
The "What is Money?" Show
The Evolution toward Web 5: A Decentralized Future
The Internet has evolved through distinct phases, each marked by fundamental changes in data ownership and communication structures. Web 1 was the nascent phase, characterized by basic connections of computers and databases, primarily controlled by banks and universities. Web 2 introduced user identities, enabling data tied to individuals through platforms like Facebook and Uber, allowing users to read and write data while maintaining some control over their identity. Web 3 advanced this concept significantly by introducing cryptocurrencies such as Bitcoin and Ethereum, providing users true ownership of their identity through private keys and enhancing individual agency over personal data. The transition to Web 4 involves decentralized communication methods, utilizing mesh networks and IoT technologies, promoting peer-to-peer interactions that bypass traditional internet infrastructures and gatekeepers. Finally, Web 5 envisions a network of Bitcoin nodes connecting via mesh networks, further decentralizing the internet by empowering individuals to own their data and interact freely. This stage aims to harness five specific protocols laid out by Jack Dorsey, facilitating a decentralized internet ecosystem where connections are made voluntarily among participants without reliance on centralized internet service providers.
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