Web5, a new decentralized network that will only work thanks to the bitcoin blockchain

TBD, a company launched by Jack Dorsey, CEO of Block, to develop financial services powered by the bitcoin blockchain, this week announced a new software platform called Web5. TBD has announced its intention to build a new decentralized network centered around Bitcoin. Convinced that bitcoin will play a major role in the evolution of the internet, the company is seeking to bypass Web3 entirely and focus on a new bitcoin-centric identity management model. But she has shared very little information about it and there is no official release date yet.

While we were only just beginning to understand Web3 and its self-promotion of crypto-related projects, Jack Dorsey, CEO of Block (formerly Square), an American mobile and electronic payment company, announced on Friday that there was a new development: Web5 . TBD, a subsidiary of Block that handles Bitcoin’s blockchain-based financial services, has positioned Web5 as a competitor to Web3 and a viable alternative to Web2. In fact, Dorsey never found Web3 convincing, believing that it was in the hands of venture capitalists.

But why Web5 and not Web4? Well, TBD explains it on their ddi website their new project: Web5 = Web2 + Web3. (Web 2), (Web 3) -> (Web 5), is also reading a slide from a Google Doc presentation shared by Dorsey outlining his vision. The Decentralized Web Platform (DWP) allows developers to write decentralized web applications (DWAs) using decentralized identifiers (DIDs) and decentralized web nodes (DWNs), bringing ownership and control over identity and data to individuals. We’re calling it Web5,” as stated in the offer document.

While Web3 incorporates blockchain technology and tokens to decentralize the Internet, Web5 is envisioned as an identity-based system that uses only one blockchain: Bitcoin. In other words, Web5 is a complete vision of a decentralized web, and TBD runs on it. The only reference to blockchains or cryptocurrency on the project’s website is an exact reference to Ion, a digital identity network powered by Bitcoin. In a statement shared with reporters, TBD wrote that “identity and personal data have become the property of third parties.”

Web 5 provides decentralized identity and data storage for individual applications. It allows developers to focus on creating enjoyable user experiences, while giving back ownership of data and identity to individuals,” says TBD. Dorsey and TBD claim to be pursuing a truly decentralized internet without the ability for players like venture capitalists to step in and consolidate control or wealth – the main way they do Currently it is by issuing or investing in tokens, which Mike Brock, CEO of TBD, Web5 says no.

It’s really a conversation about technologies built for a purpose, and I don’t think leasing a lot of space, however, is a very good idea for decentralized applications, Brooke said during the CoinDesk Consensus Austin Festival. I think what we’re pushing forward with Web5 – and I admit it provocatively challenges a lot of assumptions about what it means to decentralize the Internet – is actually a return to basics. We already have technologies that are effectively decentralizing. I mean, torrent is there, Tor is there, [et cetera] he added.

Part of the motivation appears to come from the fact that Dorsey appears to hate venture capitalists (even though the company has received plenty of venture capital funding and opened its own venture capital fund under his leadership) and Web3, which sums up a series of crypto-ventures. related to the support of its financing. Web3 does not belong to you. This is the case for venture capital firms and their financial partners. He will never escape their temptations. It is ultimately a central entity with a different tag. See what you’re getting into, Dorsey tweeted in late December.

According to Block and its subsidiary TBD, Web5 is built on the idea that the current competitors of the “decentralized Internet” are going the wrong way. Although the new TBD project was announced on Friday, it is still in open source development and has no official release date. Earlier this year, when someone asked if Web3 was a new word for blockchain, Dorsey replied, “Web3 and blockchain are new words for what you want them to be.” To summarize, like Web3, Web5 is all about giving people back ownership and control over their identity and data.

But Web5 wants to do it with a different technology and more acronyms: DWP (Decentralized Web Platform), DWA (Decentralized Web Applications), DID (Decentralized Identifiers), and DWN (Decentralized Web Nodes). Apparently, these terms are more suitable for developers. Like other attempts to create a decentralized layer on top of the web, Web 5 will also aim to provide users with a “decentralized identity” that will allow them to seamlessly transition from one application to another without having to communicate explicitly. TBD gives this “use case”:

Alice has a digital wallet that securely manages her identity, data, and permissions for apps and external communications. Alice uses her wallet to log into a new decentralized social media app. Since Alice is logged into the application with her decentralized identity, she does not need to create a profile, and all connections, relationships, and shares that she creates through the application are stored with her, in her web node. Alice can now switch apps whenever she wants, taking her social personality with her .

User data, rather than being stored in third-party products and services, will be controlled by users and will only be disclosed with their permission. Web5 wants to be based solely on the bitcoin blockchain. It’s unclear exactly how TBD will get started on this, but its Web5 risks alienating millions of internet users who aren’t fans of Bitcoin, or don’t use it due to state or government restrictions.

Users of other popular cryptocurrencies such as Tether, Ether and Ripple may boycott the move, which could be seen as a way for TBD to sell more financial services based on Bitcoin.

Source: TBD Google Slides Presentation

And you?

What do you think about it?
What do you think of the Web5 concept that Dorsey introduced?
Do you think we need a new Web to solve Web2 problems?
Do you think Web5 is a viable competitor to Web2? Is there a real advantage over Web3?

See also

Twitter founder Jack Dorsey has said he is partly responsible for the centralization of the internet and he regrets it

Web3: The Venture Capital-Funded Stock Fraud Economy, Blockchain Analyst Says

Elon Musk: The metaverse is unconvincing and Web3 is more marketing than reality, thinks Web3 is a ‘vague’ concept

Web 3.0 and the future of coding: Developers submit their ideas in a survey

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