Jack Dorsey’s TBD has announced that it will build a decentralized web platform called Web5 on top of Bitcoin. Ethereum and Web3 focus on tokenization, while Web5 will focus primarily on identity management. Dorsey said he believes Web5 will be his team’s most significant contribution to the Internet.
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Jack Dorsey’s TBD plans to eschew existing Web3 concepts by building its decentralized web standard dubbed “Web5” on top of Bitcoin.
Bringing the Decentralized Web to Bitcoin
TBD has announced plans to create a decentralized web platform called “Web5” on the Bitcoin network.
Web2, Web3 → Web5 pic.twitter.com/klzqJ4yvBm
— TBD (@TBD54566975) June 10, 2022
In contrast, most competing projects have opted to use the Web3 concept, which provides a way to build blockchain-based web applications. Web3 relies heavily on Ethereum and other smart contract enabled chains that are well suited for programmability and tokenized payments.
As such, Dorsey’s Web5 project is noteworthy because it seeks to build its components on top of the Bitcoin network — a strategy not typically seen as ideal for blockchain-based applications.
Technically, Web5 will focus on identity rather than tokenized payments. To this end, TBD plans to build a Decentralized Web Platform (DWP) that will allow developers to create decentralized web applications using Decentralized Identifiers (DIDs) and Decentralized Web Nodes (DWNs), according to TBD’s web demo (DWA).
The platform will specifically use ION, the Bitcoin identity layer developed by Microsoft and the Decentralized Identity Foundation.
In a practical sense, Web5 aims to Addresses the issue of protecting personal data online without having to sell that data to third parties. The project aims to bring decentralized identity and data storage to web applications while returning data ownership to the user.
Web5 will be developed by TBD
TBD is a business recently created by Dorsey’s Block, Inc. to focus on developing Bitcoin infrastructure.
Block itself — best known for its Square payments app — has also said it plans to launch a bitcoin hardware wallet and decentralized exchange in the future.
However, Dorsey now emphasizes that Web5 may be bigger than other plans. He tweeted that Web5 “may be [my team’s] The most important contribution to the Internet. “
Dorsey, a longtime Web3 critic, then attacked Web3 investors by writing “RIP web3 VCs.” Dorsey himself has come under fire for his Bitcoin minimalism and his criticism of Ethereum.
Dorsey also helped Twitter embrace encryption before stepping down as CEO of the social media company last year.
Disclosure: At the time of writing, the author of this article owns ETH and several other cryptocurrencies.
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