Web5 is described as an “extra decentralized web platform.
The next phase in the internet’s growth will be to remove third-party control.
Bitcoin (BTC) will play a crucial part in the development of the internet, according to TBD, a subsidiary of Block, which has unveiled ambitions to establish a new decentralized web-based on the most extensive blockchain network.
Since his resignation as CEO of Twitter in November 2021, Jack Dorsey has been working on a new Bitcoin-focused project dubbed “Web5”. Web5 is described as an “extra decentralized web platform” that gives users control over their personal information and identity. The next phase in the internet’s growth will be to remove third-party control over the information that its users provide.
Web3 Will Never Attain Genuine Decentralization
Web3 uses blockchain technology and tokenization to decentralize the internet, but Web5 envisions an identity-based system that only uses one blockchain: the Bitcoin Blockchain. A series of tweets from Namcios broke down the notion of Web5 by describing several software components that work together to improve the user’s experience and allow decentralized identification management. The Web3 Foundation defines decentralized identifiers (DIDs) as “verifiable, decentralized digital identity.”
According to TBD’s concept docs, Web5 is a decentralized web platform (DWP) that enables developers to construct decentralized web applications using DIDs and decentralized nodes. Dorsey’s confidence that Bitcoin will one day become the internet’s primary currency is reflected in Web5’s monetary network, which is based on the digital asset’s current value.
This may be due to his opinion that Web3 will never attain genuine decentralization, which may explain why Dorsey is looking for an alternative web development strategy. In a recent interview, the CEO of Block openly denounced Web3 and the venture capitalists that fund its growth. In December 2021, Dorsey stated that VCs and their limited partners control Web3, not people. There will be no way around it, he added. This is a centralized organization that goes by another name.