Jack Dorsey is building ‘Web5’ powered by Bitcoin

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

The brand new undertaking, referred to as “Web5,” represents the newest Bitcoin-centric endeavor to be pursued by Dorsey  since stepping down as CEO of Twitter in November 2021.

Whereas Web3 incorporates blockchain expertise and tokenization to decentralize the web, Web5 is being envisioned as an identity-based system using only one blockchain: Bitcoin. Twitter consumer Namcios broke down the idea of Web5 in a collection of tweets that described a number of software program elements working collectively to reinforce the consumer’ expertise and allow decentralized identification administration.

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

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

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

Web5 is basically a decentralized net platform, or DWP, that enables builders to create decentralized net apps by way of DIDs and decentralized nodes, according to TBD’s prototype paperwork. Web5 will even have a financial community centered round BTC, which mirrors Dorsey’s perception that the digital asset will sooner or later become the internet’s native currency.

Associated: Jack Dorsey’s Block hits $1.3B in Q1 profits, $43M in BTC trading revenue

Dorsey’s motivation for pursuing a brand new net improvement mannequin might stem from his perception that Web3 will never achieve true decentralization. The Block CEO has publicly criticized Web3 and the enterprise capital neighborhood that helps its improvement. In December 2021, Dorsey tweeted that people don’t personal Web3 — VCs and their restricted companions do. “It should by no means escape their incentives,” he mentioned. “It’s finally a centralized entity with a special label.”