Jack Dorsey, the famous web developer and entrepreneur known for being one of the cofounders of Twitter, has recently announced the launch of “Web5.”
What is Web5?
Web5 is a new platform developed by The Block Head, one of the bitcoin business units belonging to Dorsey’s Block (formerly known as Square).
Dorsey’s announcement was made via his official Twitter account, where he said that this new platform is a combination of Web 3.0 and Web 2.0, which will be built on top of the bitcoin blockchain.
The promise of Web5 is to be able to give users the security of their personal data. “We struggle to secure personal data with hundreds of accounts and passwords that we can’t remember.
“Today, on the web, identity and personal data have become the property of third parties,” the company says on its website.
In other words, this platform offers two main uses. On the one hand, individuals will own their data and will also be able to control their identity. This is because both will be supported by wallets, web nodes and decentralized web applications.
TBH explained that if a user has a digital wallet that securely manages their identity, they will be able to use it to log into a new decentralized social network application. Therefore, this makes it unnecessary for the user to create a profile, plus all the connections, relationships, and posts they create in the application are stored with it, on their own decentralized web node.
One of the main reasons Dorsey is attacking Web3 is that, as is already known, he himself is a bitcoin enthusiast and staunch advocate. Given that one of BTC’s greatest strengths is its decentralization, Dorsey now wants to present a revolutionary new concept: an “extra decentralized” web platform.
This highlights interesting aspects of not relying on organizations in charge of issuing security and identity certificates.
With Dorsey’s announcement about Web5, the future becomes interesting. Questions will arise, such as: which environment will best support the next hyper-connected world? Will the ideal ecosystem to develop this metaverse be Meta (formerly Facebook), Ethereum or Bitcoin?
Considering that bitcoin is the cryptocurrency of choice worldwide, we can already get an idea of the success that awaits Web5.