Forget Web3, says Dorsey’s TBD. Web5 is now the future.
Key receivers
Jack Dorsey TBD has announced that he is going to build a decentralized web platform on top of Bitcoin called Web5. While Ethereum and Web3 focus on tokenization, Web5 focuses mostly on identity management. Dorsey said Web5 believes his team will make a significant contribution to the Internet.
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Jack Dorsey's TBD plans to eschew existing Web3 concepts by building “Web5,” the decentralized web standard on top of Bitcoin.
Taking the Decentralized Web to Bitcoin
TBD 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 chosen to work with the Web3 concept, which provides an approach to building blockchain-based web applications. Web3 relies heavily on Ethereum and other blockchains that support smart contracts, which are ideal for programming and dynamic payments.
Likewise, Dorsey's Web5 project is notable for attempting to build its components on the Bitcoin network—a strategy not typically seen as suitable for blockchain-based applications.
More technically, Web5 focuses on identity rather than tokenized payments. To do this, TBD plans to build a Decentralized Web Platform (DWP) that will allow developers to create Decentralized Web Applications (DWAs), Decentralized Accounts (DIDs), and Decentralized Web Nodes (DWNs).
The platform specifically uses Bitcoin's authentication layer, ION, developed by Microsoft and the Decentralized Identity Foundation.
In practical terms, Web5 is the aim. Solve the problem of protecting personal data online without selling that data to third parties. The project aims to “bring decentralized identity and data storage” to web applications while returning data ownership to users.
Web5 will be developed TBD.
TBD is a business recently created by Dorsey Block Inc. to focus on developing the Bitcoin infrastructure.
Blockchain itself—also known as the Square Payments app—has also revealed plans to launch a Bitcoin hardware wallet and decentralized exchange in the future.
However, Dorsey now emphasizes that Web5 may be a bigger effort than those plans. “It will happen,” Web5 said on Twitter. [my team’s] “The Most Important Contribution to the Internet.”
Dorsey, a longtime critic of Web3, then took a jab at Web3's investors, writing, “RIP web3 VCs.” Dorsey himself has been criticized for his highs on Bitcoin and Ethereum.
Dorsey was instrumental in helping Twitter adopt crypto before stepping down as the social media company's CEO last year.
Disclosure: At the time of writing, the author of this article owns ETH and several other cryptocurrencies.
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