Blockchain subsidiary TBD has announced plans to create a new decentralized network based on bitcoin (BTC), highlighting founder Jack Dorsey’s belief that the largest blockchain network will play an important role in the evolution of the Internet.
The new project, called “Web5,” represents the latest bitcoin-focused endeavor that Dorsey has pursued since stepping down as Twitter CEO in November 2021.
While Web3 includes blockchain technology and tokenization to decentralize the Internet, Web5 is seen as an identity-based system that uses only one blockchain: Bitcoin. Twitter user Namcios broke down the concept of Web5 in a series of tweets describing several software components working together to improve the user experience and enable decentralized identity management.
According to Namsios, Web5 uses ION, which they describe as “an open, public, and permission-free DID network running on top of the Bitcoin blockchain.”
1/ Jack Dorsey @TBD54566975 the division has just announced that it is building “Web5”.
This new decentralized network uses #Bitcoin take back users control over their data and identities once and for all.
Here’s a thread with everything you need to know… pic.twitter.com/TpW8OvuyKX
— Namsios (@namcios) June 10, 2022
Web3 Foundation describes DIDs as decentralized identifiers that provide a “verifiable decentralized digital identity”.
Web5 is essentially a decentralized web platform or DWP that allows developers to build decentralized web applications using DIDs and decentralized nodes. according to the TBD prototype documents. Web5 will also have a BTC-based money network, reflecting Dorsey’s belief that the digital asset will one day become the Internet’s native currency.
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Dorsey’s motivation to embrace the new web development model may be related to his belief that Web3 will never achieve true decentralization. Block’s CEO has publicly criticized Web3 and the venture capital community that supports its development. In December 2021, Dorsey tweeted that Web3 is not owned by individuals, but by venture capitalists and their limited partners. “It will never escape their incentives,” he said. “Ultimately it’s a centralized organization with a different label.”
You don’t have “web3”.
Venture capitalists and their LPs do. He will never elude their incentives. Ultimately, it is a centralized organization with a different label.
Know what you’re getting into…
— Jack (@jack) December 21, 2021
Credit : cointelegraph.com