FTX just imploded, and Jack Dorsey wants to talk about what's next for crypto?

People need time to catch up before Jack Dorsey tries to launch the next generation of the internet.

Opinion

It's barely been a decade since the launch of Web3, and some are already talking about the next generation Web5 Web.

The concept of Web5 first surfaced earlier this year with Jack Dorsey's announcement of his intention to create a decentralized web on the Bitcoin blockchain through Block's subsidiary TBD. According to Dorsey's TBD whitepaper, Web5 will be "a decentralized, trustless internet platform where users own their data," as opposed to Web3, which is primarily centered around Ethereum and a few centralized blockchain networks.

It's easy to see why a change is needed, but is Web5 the solution? With Web3 barely launched, polls suggest that just over 10% of people worldwide think they know what it means - including more than half of Americans. It may still be too early to start thinking of Web5 as the next generation of the web, and here are three reasons why.

The potential of the third generation internet is not fully exploited

Web2 is still the dominant force on the Internet, with social media, e-commerce and video streaming platforms becoming increasingly popular. With the combined market capitalization of major Web3 networks standing at just $2.7 billion, it's clear there's still a long way to go before Web3 can even begin to compete with Web2.

Related: Facebook is on a quest to destroy the metaverse and Web3

Web2 Internet behemoths such as Facebook, Google, and Amazon, not to mention the gaming world, still have a solid grip on the Internet, given their combined market capitalization of over $14 trillion.

While this clearly shows that it would take a long time for Web3 to catch up, it also indicates that Web3 and the metaverse still have huge potential to be realized.

Talent shortage

One of the biggest bottlenecks Web3 faces is the lack of development talent. The industry is still...