Jack Dorsey Mulling Over Building ‘Web5’ Powered By Bitcoin

TBD, a subsidiary of Block has recently declared plans to build a new decentralized web centered around BTC, accentuating founder Jack Dorsey’s point of view that the largest blockchain network will play a key role in the internet’s evolution.

The new project, dubbed “Web5,” represents the latest BTC-centric endeavor to be pursued by Dorsey since stepping down as the chief executive officer of Twitter last year in the month of November.

Whereas Web3 incorporates blockchain tech and tokenization to decentralize the internet, Web5 is being conceived of as an identity-based system that only utilizes one blockchain, i.e, Bitcoin. Namcios, a Twitter user broke down the concept of Web5 in a series of tweets that described a couple of software components working together to elevate the user’s experience and permit decentralized identity management.

As per Namcios, Web5 utilizes ION, which they define as an “open, public and permissionless DID network that runs atop the Bitcoin blockchain.”

Dorsey’s motivation for going after a new web development model may stem from his opinion that Web3 will never achieve true decentralization. In the month of December last year, Dorsey tweeted that retail users don’t own Web3. Instead, VCs and their limited partners do. He concluded that it’s ultimately a centralized entity with a different label.