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 most important blockchain community will play a significant position within the web’s evolution.
The new undertaking, known 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 that solely makes use of one blockchain: Bitcoin. Twitter person Namcios broke down the idea of Web5 in a collection of tweets that described a number of software program elements working collectively to boost the person’s expertise and allow decentralized identification administration.
According to Namcios, Web5 makes use of ION, which they describe as an “open, public and permissionless DID network that runs atop the Bitcoin blockchain.”
1/ Jack Dorsey’s @TBD54566975 unit has simply introduced it’s constructing “Web5”.
This new decentralized net leverages #Bitcoin to place customers again answerable for their information and identification – as soon as and for all.
Here’s a thread with all you should know … pic.twitter.com/TpW8OvuyKX
— Namcios (@namcios) June 10, 2022
The Web3 Foundation describes DIDs as decentralized identifiers that allow “verifiable, decentralized digital identity.”
Web5 is actually a decentralized net platform, or DWP, that permits builders to create decentralized net apps by way of DIDs and decentralized nodes, in accordance to TBD’s prototype paperwork. Web5 may also have a financial community centered round BTC, which mirrors Dorsey’s perception that the digital asset will at some point develop into the web’s native forex.
Related: Jack Dorsey’s Block hits $1.3B in Q1 earnings, $43M in BTC buying and selling income
Dorsey’s motivation for pursuing a brand new net improvement mannequin might stem from his perception that Web3 won’t ever obtain true decentralization. The Block CEO has publicly criticized Web3 and the enterprise capital group that helps its improvement. In December 2021, Dorsey tweeted that people don’t personal Web3 — VCs and their restricted companions do. “It will never escape their incentives,” he mentioned. “It’s ultimately a centralized entity with a different label.”
You don’t personal “web3.”
The VCs and their LPs do. It won’t ever escape their incentives. It’s in the end a centralized entity with a unique label.
Know what you’re entering into…
— jack (@jack) December 21, 2021