Webpages has evolved from being only a page to being interactive (users for this matter) over the decades. Web 2.0 is the version with best user experience, but too centralized, whereas Web 3.0 is a decentralized network but a less efficient user experience. To solve this quandary in Web 3.0, former Tweeter CEO Jack Dorsey comes up with Web 5.0 a combination of Web 2.0 and 3.0.
Computer programmer, Vitalik Buterin, coined the term Blockchain Trilemma, such as security, decentralization and scalability. Of these three one has to be compromised, which in the case of Ethereum is the scalability. Some have claimed to solve this issue, yet in a manner not yet used by the majority of decentralized app developers.
Bitcoin blockchain is one of the slowest: it is a single purpose blockchain that is to run bitcoin, but it has served its purpose. Renowned computer scientist Dominic Williams built the Internet computer which is one of the fastest blockchain (2022). The launch of the network collided with the ban of cryptocurrency in China and the founder is not good at explaining the project. This was the major setback and such an event shows that a blockchain is a community run network.
In internet computers the apps are completely decentralized and hosting space is cheap as well, unlike Ethereum which primarily runs on other web services (for example- Amazon web-services). This is where the issue lies: tomorrow if Amazon wants to shut down its web services, Ethereum will be of no use.
Web 5.0 solved the trilemma to a certain degree (scalability can be solved in bitcoin with the use of lightning network-but its product delivery is still clueless to users in terms of usability). User experience in application will be as good as Web 2.0 while the users controlling their own data. Still, it is not decentralized enough and dependent on other hosting and web services provider. Therefore, web 5.0 can be a myth yet a blessing in disguise.
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