TBD, led by Jack Dorsey, announced its intention to revolutionize the Web with a new Bitcoin-based decentralized application called Web5.
Representatives of TBD, a subsidiary of former Twitter CEO Jack Dorsey, recently unveiled the concept of a new decentralized web platform called Web5.
The basis for the new decentralized app was the idea of its initiator, Jack Dorsey. He believes that Web 3.0 fails to provide users with “true decentralization” and ownership of their own data on the Web because companies provide accounts, and data is stored in their applications. Dorsey proposes creating a new class of decentralized apps and protocols focused on users.
To implement Web5 ideas, Dorsey proposes giving users the ability to identify themselves. Identity is the center of the new system based on only one blockchain, Bitcoin. The former head of Twitter still considers BTC to be the main currency of the Internet.
According to the product presentation, Web5 is a decentralized web platform (DWP) that will allow developers to create decentralized web applications (DWAs) using decentralized identifiers (DIDs) and decentralized web nodes (DWNs). This approach will be able to “take back” ownership and control of identities and data to users.
A Twitter user nicknamed Namcios took a detailed look at the proposed Web5 concept. According to him, the sole purpose of Web5 is to identify users. While Web 3.0 targets “blockchain” and “tokenization,” Web5 uses only one blockchain for one specific use — identification. Namcios says Web5 uses the public and permission-free ION DID network, which runs on top of the Bitcoin blockchain. Web5 is based on the Sidetree protocol, which does not require tokens, validators or additional consensus mechanisms.
Web analyst reports that TBD plans to release Web5 1.0 by July 1, 2022. The first version will make decentralized web nodes (DWNs) available to users. With their help, participants can search for data associated with a decentralized identifier (DID).
Judging by the community’s reaction to the news, the main outrage was caused by the name of the new blockchain project. Users did not grasp the point of the name, and the most frequent ironic question on Twitter was “where is Web4?”. Developers hastened to explain to the community that the name means a combination of the advantages of Web 2.0 and Web 3.0, which together made the name Web5.
Recall that this April, an innovative application based on the blockchain protocol KILT was launched to simplify digital identity in Web3.
