NEW BITCOIN-CENTRIC MODEL ‘WEB5’: JACK DORSEY
The TBD under Block has announced plans to build a new Bitcoin-based web (BTC) web site, underscoring the founder Jack Dorsey's belief that a massive blockchain network will play a major role in the evolution of the Internet.
The new project, dubbed “Web5,” represents the latest Bitcoin effort Dorsey will make since he stepped down as CEO of Twitter in November 2021.
Although Web3 combines blockchain technology and token generation to expand the Internet, Web5 is considered an identity-based system that uses only one blockchain: Bitcoin. Twitter user Namcios broke the Web5 concept in a series of tweets describing a few software components that work together to improve user experience and enable separate ID management across locations.
According to Namcios, Web5 uses ION, which they describe as "an open, public and unauthorized DID network running over the Bitcoin blockchain."
The Web3 Foundation defines DIDs as domain identifiers that allow for "guaranteed, distributed digital identity."
Web5 is actually a separate web-based platform, or DWP, that allows developers to create web-based DID applications with split nodes, according to the TBD example documentation. Web5 will also have a BTC-based financial network, reflecting Dorsey's belief that digital assets will one day become a traditional online currency.
Dorsey's motivation to pursue a new web development model may stem from his belief that Web3 will never achieve real distribution. Block CEO publicly criticized Web3 and the venture capital community for its development. In December 2021, Dorsey wrote on Twitter that people do not have Web3 - VCs and limited partners. "It will not escape their incentives," he said. "Ultimately it is a medium-sized business with a different label."