TBD Block subsidiary has announced plans to build a new decentralized network focused on Bitcoin (BTC), underlining the belief of founder Jack Dorsey that the largest blockchain network will play a major role in the evolution of the internet.
The new project, called “Web5,” represents the latest bitcoin-centric venture that Dorsey has been embracing since resigning as CEO of Twitter in November 2021.
While Web3 incorporates blockchain and signage technology to decentralize the Internet, Web5 is envisioned as an identity-based system that uses one blockchain: the Bitcoin network. Twitter user Namcios explained the concept of Web5 in a series of tweets outlining a number of software components working together to enhance user experience and enable decentralized identity management.
According to Namcios, Web5 uses ION, which it describes as “an open, public, unauthorized DID network that runs on the Bitcoin blockchain.”
1 / Jack Dorsey @ TBD54566975 The Unit has just announced that it is building “Web5”.
This new decentralized network leverages #Bitcoin put users back in control of their data and identities – once and for all.
Here’s a thread with all the information you need… pic.twitter.com/TpW8OvuyKX
– Namcios (@namcios) June 10, 2022
1 / Jack Dorsey @ TBD54566975 unit has just announced that it is building “Web5”. This new decentralized network relies on #Bitcoin to put users back in control of their data and identities – once and for all. Here’s a thread with everything you need … pic.twitter.com/TpW8OvuyKX – Namcios (@namcios) June 10, 2022
The Web3 Foundation describes DIDs as decentralized identifiers that enable “verifiable, decentralized digital identity.”
Web5 is essentially a decentralized web platform, or DWP, that allows developers to build decentralized web applications via decentralized DIDs and nodes, according to TBD prototype documents. Web5 will also have a BTC-centric currency network, reflecting Dorsey’s belief that this digital asset will one day become the native currency of the internet.
READ ALSO: Block, Jack Dorsey Company, Makes $ 1.3 Billion R1 Profit and $ 43 Million in BTC Transaction Revenue
Jack Dorsey ‘s motivation to embark on a new model of web development may have stemmed from his belief that Web3 will never achieve true decentralization. The CEO of Block has publicly criticized Web3 and the venture capital community that supports its development. In December 2021, Dorsey tweeted that Web3 is not about individuals, but venture capitalists and their limited partners. “He will not escape his incitement forever,” he said. “It’s finally a centralized entity with a different label.”
Web3 is not yours.
The VCs and their LPs do. He will never escape their incentives. It is finally a centralized entity with a different label.
Know what you are doing …
—Jack (@jack) December 21, 2021
You do not have “Web3”. Venture capitalists and their sponsors. He will never escape their incitements. It is finally a centralized entity with a different label. Know what you’re doing … – jack (@jack) December 21, 2021