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  5. Web3 RIP Jack Dorsey Announces Bitcoin-Based Web5 Platform

Web3 RIP Jack Dorsey Announces Bitcoin-Based Web5 Platform

Web3 RIP Jack Dorsey Announces Bitcoin-Based Web5 Platform

Bitcoin advocate Jack Dorsey has announced a web platform called Web5, a combination of the centralized Internet Web 2 and the decentralized Internet called Web3. The product is part of Square’s subsidiary TBD, which is trying to create a suite of BTC-based tools to transform the financial system.

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According to its official website, Web5 is an “extra decentralized web platform” that will give users power over their identity and data. The next step in the evolution of the Internet will be to eliminate third party control over the information of its users. The ad says:

Web5 brings decentralized identity and data storage to your applications. It allows developers to focus on creating delightful user experiences, while returning identity and data ownership to people.

In this regard, Dorsey proclaimed the death of Web3, backed by decentralized finance (DeFi) and blockchain-based platforms, and venture capitalists (VCs). The latter was accused of using Web3 to create a narrative and gain financial advantage.

When asked about the reason for creating a “Web5” platform, Dorsey responded by questioning the decentralized nature of Web3 products and who really benefits from them:

it is based on single point of failure systems (eth, solano, *) and lies are told to the people who own and control it.

TBD’s Web5 product will include Decentralized IDs (DIDs), Decentralized Web Nodes, Self Sovereign Identity Service, and Self Sovereign Identity SDK. The link to the DID that the Web5 platform will support points to ION.

Developed by Daniel Buchner, now part of Block’s decentralized identity team, ION is a second layer solution for DID compatible with the Bitcoin network. This solution works with the same vision behind Web5: permissionless, open, third-party validators, and tokenless.

Mike Brock, Product Manager for Square’s TBD, said:

Let me clear this up right now, everyone: No. There are no tokens to invest with web5 (…).

On the current state of Web5 and its development, Buchner said:

We are currently finishing the technical components of Web5 (which are not far from being finished).

Why do you need a Bitcoin-based web platform?

As mentioned, this web-based platform is designed to provide two main use cases: people will be able to “own their data” and they will be able to “control their identity”. These use cases will support wallets, decentralized web nodes (DWNS), and decentralized web applications (DWAS).

In this way, a user will be able to grant permissions to applications and manage their own data without the need for an external company. The wallets will also eliminate the need for users to remember long passwords, as they can simply use their wallet to unlock apps and still “take their data with them.”

According to the official website, this decentralized web platform will operate as TBD, as a public good:

Current financial systems leave people behind. We create systems for anyone with Internet access. And we created it like the Web itself: as a public good. Our projects are open source and, where appropriate, based on open standards.

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At the time of writing, the price of BTC is trading at $29,100 with a 3% loss in the last 24 hours.

BTC moving sideways on the 4 hour chart. Source: BTCUSD Tradingview

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