Jack Dorsey Plans To Build Bitcoin-Powered Web5
TBD, a subsidiary of Block, has declared its strategy to construct an exclusive decentralized web that would be focused on Bitcoin (BTC), emphasizing the belief of Jack Dorsey that the biggest network of blockchain will play an active role in the further progress of the internet. The unique project, named “Web5,” refers to the new Bitcoin-centric effort to be tracked on the behalf of Jack Dorsey (Twitter’s former CEO who stepped down from his post in November previous year).
While Web3 takes into account tokenization and blockchain technology for the decentralization of the internet, it is considered that Web5 is a system based on entities that just use one blockchain (Bitcoin). Namcios, a user on Twitter, described Web5’s concept in a thread of tweets pointing toward some software elements operating in collaboration with one another to broaden the experience of the consumers as well as permit the management of decentralized identities.
As per Namcios, a permissionless, public, and open DID network is used by Web5 that operates on the Bitcoin blockchain. DIDs are described by the Web3 Foundation as decentralized identifiers responsible for permitting the decentralized and verifiable digital identity. Fundamentally, Web5 is a decentralized web venue, or DWP, by which the developers are allowed to construct the applications that operate on the decentralized web through decentralized nodes and DIDs, as per the prototype documents of TBD.
Apart from this, a monetary network dealing with Bitcoin will also work under Web5, resembling the concept of Dorsey that one day the digital asset will turn into the native currency of the internet. The motivation of Dorsey for moving toward an exclusive model for web development may have been inspired by his faith that true decentralization will never be achieved on the behalf of Web3.
The CEO of the Block has openly condemned the idea of Web3 as well as the community of venture capitals that stands by its advancement. In December previous year, a tweet was posted by Dorsey in which he mentioned that the individuals have nothing to do with the ownership of Web3 rather Venture Capitals as well as the limited partners thereof have the privilege to own this space.
He moved on to say that all the benefits constructed out of Web3 would be taken away by these bodies, signifying that this will eventually turn this sector into a centralized field with a diverse tag.
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