Jack Dorsey Is Constructing Bitcoin-Powered ‘Web5’

Jack Dorsey Is Constructing Bitcoin-Powered ‘Web5’

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Block subsidiary TBD has introduced plans to construct a brand new Bitcoin (BTC)-centric decentralized net, underscoring founder Jack Dorsey’s perception that the bigger blockchain community will play a big position within the evolution of the web.

The brand new venture, referred to as “Web5,” represents the most recent Bitcoin-focused effort to be undertaken by Dorsey since he stepped down as Twitter CEO in November 2021.

Whereas Web3 incorporates blockchain and tokenization expertise to decentralize the Web, Web5 is envisioned as an identity-based system utilizing just one blockchain: Bitcoin. Twitter consumer Namcios broke down the idea of Web5 in a sequence of tweets that described numerous software program elements working collectively to enhance the consumer expertise and allow decentralized id administration.

Block has a lofty imaginative and prescient of “evolving the Net” by prioritizing id administration. Supply: Block

Based on Namcios, Web5 makes use of ION, which they describe as an “open, public, permissionless DID community operating on prime of the Bitcoin blockchain.”

The Web3 Basis describes DIDs as decentralized identifiers that allow a “decentralized, verifiable digital id.”

Web5 is basically a decentralized net platform, or DWP, that enables builders to construct decentralized net purposes via DIDs and decentralized nodes, in response to prototype paperwork from TBD. Web5 can even have a BTC-centric foreign money community, reflecting Dorsey’s perception that the digital asset will at some point grow to be the web’s native foreign money.

Associated: Jack Dorsey’s Block hits $1.3B in Q1 revenue, $43M in BTC buying and selling income

Dorsey’s motivation to pursue a brand new mannequin of net growth could stem from his perception that Web3 won’t ever obtain true decentralization. Block’s CEO has publicly criticized Web3 and the enterprise capital neighborhood that helps its growth. In December 2021, Dorsey tweeted that the folks don’t personal Web3, however the enterprise capitalists and their restricted companions. “You’ll by no means escape your incentives,” he stated. “Finally, it is a centralized entity with a distinct label.”