🗞 This Week in Web3 Issue #15—What is Web5?

GM folks!

This Week In Web3 is back with Web3 updates that matter, the current prime focus of the community and opportunities for you to get working in Web3! 🚀

Here’s what we cover in today’s issue:

  • Jack Dorsey proposes Web5

  • The Merge execution on Ropsten Testnet

  • Wealth for web3

  • Work in web3

  • Interesting Reads

  • Sketchnote: DeFi 101

  • The WAGMI dance 💃🏻

Estimated reading time: 3 minutes

This week in crypto 📈

Web4 is the middle child, we all know how that works. 🤭

Jack Dorsey presents Web5 but is it better?

If you haven’t been on Twitter, the internet, or you’re living under the rock (no judgement, Patrick), Jack Dorsey’s block subsidiary TBD has announced plans to build a new decentralized web centred around Bitcoin. And it’s called ✨ Web 5. ✨

Let’s understand what we know until now.

  • If Web3 is about decentralization through different blockchains and tokenization, Web5 is presented as having a single-use case, i.e., identity. Also, Web3 uses only one blockchain: Bitcoin.

  • Web5 utilizes ION, which, for now, is described as an open, public and permissionless DID, decentralized identifiers that enable “verifiable, decentralized digital identity.”

  • Web5 is essentially a decentralized web platform (DWP) for developers to create decentralized web apps via DIDs and decentralized nodes.

  • Web5 will also have a monetary network centred around BTC, which mirrors Dorsey’s belief that the digital asset will one day become the internet’s native currency. In an interview in September, Dorsey said,

“I think the internet warrants a [...] native currency and [...] Bitcoin is probably the best manifestation of that thus far. I can’t see that changing given all the people who want the same thing and build it for that potential.”

But this must not have been a hasty decision. While Web3 communities have been saying “you own Web3”, Dorsey hasn't been a big fan. 

Even if many things need to be talked about more and dwelled on deeper, here's the takeaway:

  • In Web5, your data is portable.

  • Identity and storage protocols are at Web5's core.

  • DIDs, DWAs and DWNs will give you control and ownership.

  • There are no tokens in Web5.

And people on the internet are having the time of their lives.

Weekly web3 wrap 🗞

Ethereum Successfully Executes Merge on Ropsten Testnet

Ethereum developers celebrated the Merge this week, indicating Ethereum's transition from a Proof-of-Work to a Proof-of-Stake model. While this is a huge step toward a better Ethereum, there are some problems that we highlighted in our 12th Issue.

Here are some pros The Merge offers:

  • Reduces the network's energy consumption by 99% and its issuance of new Ether by 90%, making it increasingly scarce over time.

  • Removes the pressure created by miners who have to sell their earned Ether to fund real-world expenses.

  • ETH staking APY goes up.

However, The Ropsten Merge encountered some hiccups along the way, but with a few quick fixes, it was set to go.

The Testing Report

Miga Labs released a paper evaluating the Ethereum 2 Consensus Layer (CL) clients under different hardware and multiple setup configurations. Here's what the overall evaluation says:

  • The consensus layer runs well on different hardware platforms and configurations.

  • Overall, the evaluation demonstrates that these efforts have pushed the Ethereum ecosystem toward more sustainable and scalable blockchain technology. 

You can read the full report here.

Ethereum's core developers will deploy the chain merge on two more public testnets—Sepolia and Goerli—plus complete several more shadow forks on dedicated closed testnets. Once this is done, the Merge will be ready for mainnet.

Lastly, Vitalik has said If the Ropsten test goes well, it's likely that the Merge will happen by August. Fingers crossed! 🤞

More Web3 news you should know about 👇

💰 Binance Labs Makes Undisclosed ‘Strategic Investment’ in PancakeSwap.

🥷🏻 Bored Apes Co-Founder Criticizes Discord After NFTs Worth 200 Ethereum Snatched in Exploit.

📄 Japan Passes Stablecoin Bill Aimed at Protecting Crypto Investors.

💻 Samsung launches a Discord server to support their Web3 plans and future NFT distributions.

🦍 Snoop Dogg is Opening a Bored Ape NFT-Themed Dessert Restaurant.

🎮 Epic Games Store readying up for its first NFT foray with Wild-West battle royale Grit.

Work in Web3 👩‍💻

Here are some work opportunities in web3 that might interest you:

🛠 Web3 Solidity Engineer at Tapioca

Wealth for Web3 💰

  • Samudai, a DAO platform for building and managing communities in the Web3 closed a $2.5 million pre-seed funding round from well-known investors like FTX Ventures, Sino Global Capital and Coinbase Ventures.

  • Request Finance, a Web3 enterprise crypto payments startup closed a US$5.5 million seed funding round.

Interesting reads from this week 🤓

What the new Baylor Bitcoin study really says (and what it really doesn’t) about Satoshi & Co.

Read this guide to understand the differences between traditional venture capital and investment DAO models.

Sketchnote ✍️

For this week's sketchnote, we have DeFi 101 for you!

Hop on to Web3 Fundamentals—a masterclass with seasoned web3 builders where you can learn more about DeFi and all things web3!

Here's something cool and exciting to make your Sunday better. Head over to Spacekayak and stay tuned while you do the wagmi dance! 🕺

That’s a wrap for This Week in Web3, see you next week!

🚀 Check out The Product house to start your Web3 journey with live learning masterclasses & workshops by seasoned web3 builders!

💻 And if you’re an early-stage Web3 builder going from 0 to 1, holler at our creative-capital studio Spacekayak and let’s great something extraordinary, through design!

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Share our issue with your curious peers and be the cool friend who spreads the web3 word around! ✨