Former Twitter Boss and Square CEO, Jack Dorsey, is challenging the concept of Web3 with a new platform called “Web5”.
Takeaway Points:
- Jack Dorsey’s TBD has announced the construction of a decentralized web platform called Web5.
- Web5 will focus heavily on identity management.
- The ION solution operates on a permissionless basis, and without third-party validators and tokens.
The platform is a combination of Web3 and Web 2.0, built on the Bitcoin blockchain which will serve as a privacy-focused internet censorship solution, on a decentralized network, which will create a new ecosystem of decentralized identities, data storage and user applications.
The new project represents Dorsey’s latest bitcoin-centric pursuit since stepping down as Twitter’s CEO in November last year.
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Taking the Decentralized Web Two Steps Further
Jack Dorsey’s abhorrence towards Web3 is well known. The billionaire has previously attacked the concept of Web 3 on various occasions.
To the Twitter co-founder, Web 3 is not really “decentralized” or owned by its users, but rather by multiple venture capitalists and limited partners. Hence, the need for innovation.
Square’s new Bitcoin Business TBD tweeted about the new project calling it ” An extra decentralized web platform.”
In the slide presentation, the company wrote that the current web model keeps user data and identity, which is why decentralized identifiers (DIDs) and web nodes (DWNs) that return data ownership and control over identity to individuals or organizations have now been created.
“The Decentralized Web Platform (DWP) enables developers to write Decentralized Web Apps (DWAs) using Decentralized Identifiers (DIDs) and Decentralized Web Nodes (DWNs), returning ownership and control over identity and data to individuals. We are calling this Web5”, the slide reads.
A Twitter user by name Namcios also broke down the concept of Web5 in a series of tweets describing several software components that work together to improve the user experience and identity management.
When asked why the “Web5” platform was created, Dorsey responded by questioning the decentralized nature of Web3 products and who benefits from them.
“Its basis on single point of failure systems (Eth, solano, *) and lies being told to people about who owns and controls it”, he said.
The Rise of DIDs
The TBD Web5 product will consist of Decentralized Identities (DIDs), decentralized web nodes, the self-sovereign Identity service, and the self-sovereign identity SDK.
The platform will specifically use the ION solution and the Bitcoin identity layer developed by Daniel Buchner and the Decentralized Identity Foundation.
This solution will operate without the involvement of third-party validators, and tokens, and will enable users to interact with each other without intermediaries.
In line with this and the current state and evolution of Web5, Buchner said that the Web5 crew is currently finishing out the technical components of the project and are not far from completing it.
