Jack Dorsey is the former CEO of Twitter and current CEO of Block. He has presented an exciting initiative of a decentralized web, based on Bitcoin. He has coined this Web5: the decentralized web platform.
The project, called TBD, will create a new type of interaction on the Internet. TBD has published a presentation, which explains how Web5.0 will work.
Dorsey is an admirer of Bitcoin values. This new adventure represents a journey not only for the participants of the crypto ecosystem, but for the entire society that interacts with the internet.
“It will probably be our most important contribution to the Internet.”
RIP Web3.0: Web5.0 promotes more truthful decentralization
Web5 is based on the hypothesis that Web3 intends to create a decentralized web using blockchain technology and cryptocurrency derivatives. It has the right intentions. However the wrong tools are being used.
Web5 aims to utilize the blockchain technology used for Bitcoin. This is to mitigate the problem of double-spending to make peer-to-peer bitcoin digital money a reality. TBD’s Web5 will additionally consist of other essential technologies, such as decentralized identifiers (DID), decentralized web node (DWN), self-sovereign identity service (SSIS) and a self-sovereign identity software development kit (SSI-SDK).
The technical objective of Web5 is that these composite components allow developers to focus purely on an optimal user experience, because decentralized identity will already be an intrinsic part of Web5 helping the storage of data in applications.
Jack Dorsey and digital identity
The ultimate purpose of Web5 is to return digital ownership and power over digital identity as the data related to it to the individual, all through decentralized tools.
It remains to be seen whether The TBD team and Dorsey’s values remain intact in what seems like a widespread pursuit of good for the Internet user. Helping people own their own destiny in the digital age can only be a good thing, right?