Goodbye Web3, Jack Dorsey Proposes Bitcoin-Powered “Web5” Platform
The former Twitter CEO plans to develop a Bitcoin-based Web5 to displace Web3. Accordingly, the new web platform will combine the centralized and decentralized internet, Web2 and Web3.
The new project is part of the block subsidiary, TBD. It underscores the belief held by Jack Dorsey about Bitcoin’s role in the evolution of the internet.
Meanwhile, the Web5 project represents Dorsey’s drive to build a Bitcoin-based product after he left Twitter last November.
Web5 is an Upgrade to Web3
The two internet entities are different, with many features that set them apart. Web3 uses blockchain technology to decentralize the web. The upcoming Web5 adopts an identity system using a single blockchain, Bitcoin.
In several tweets, @namcios simplifies the concept of Web5. His Twitter post highlights several of the software that will be used to enhance users’ experience and allow the decentralization of identity.
Moreover, the Twitter user also disclosed the use of ION in Web5, described as an “open” and permissionless network operating on the Bitcoin blockchain.
1/ Jack Dorsey’s @TBD54566975 unit has just announced it is building “Web5”.
This new decentralized web leverages #Bitcoin to put users back in control of their data and identity – once and for all.
Here’s a thread with all you need to know 🧵… pic.twitter.com/TpW8OvuyKX
— Namcios (@namcios) June 10, 2022
However, there is a clear difference between the DID network in Web3 and Web5. At the same time, DID in Web3 is a decentralized protocol that permits verifiable digital identification. Compared to the former, Web5 is a complete decentralized web platform (DWP) that developers can use to create decentralized web applications using DID.
Meanwhile, the prototype document from the TBD shows that Web5 is more than just an upgrade to Web3. With the general use case it comes with, the new product seems to have what the Web3 did not even consider developing.
There will be a monetary system in the Web5 linked to Bitcoin, transmitting Dorsey’s idea of BTC becoming the currency of the internet.
Dorsey’s Drive to Develop Alternative Web Model
The former Twitter head is passionate about creating another model of the web to replace the existing ones. Dorsey has a long-held belief that Web3 cannot achieve total decentralization of the internet.
Moreover, Dorsey previously slammed the Web3 technology and the venture capital industry for financing its development. Dorsey believes that Web3’s much-talked-about decentralization is a joke.
Last December, he posted a thread on his Twitter handle revealing that Web3 is owned by Venture Capitals and their partners, not individuals. He added that Web3 is a centralized platform using different labels to disguise its real motive.
According to Dorsey, the features of Web5 are what the so-called decentralized Web3 lacked.
There will always be doubt about a new product and whether it will serve the purpose intended for it or not. However, Web5 is designed to provide solutions to two use cases. Individuals can manage their data and control who has access to their identity.
As a result, the two cases will be supported by a combination of wallets, decentralized web apps, and nodes.
Doing this will allow users to control and authorize any app of their choice without relying on the service of a third-party entity.