Bitcoin supporter Jack Dorsey has announced a web platform called Web 5, a combination of a centralized Internet Web 2 and a decentralized Internet dub Web 3. The product is part of Square’s subsidiary TBD which seeks 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 their data. The next step in the evolution of the Internet, it will aim to remove third party control over the information of their users. The declaration claims:
Web5 brings decentralized identity and data storage to your applications. This allows developers to focus on creating a pleasurable user experience while returning data and identity ownership to individuals.
In that sense, Dorsey announced the demise of Web3, backed by decentralized financing (Defi) and blockchain-based platforms and Venture Capitalists (VCs). The latter has been accused of using Web3 to create a narrative and gain financial advantage
When asked about the reason for creating a “Web 5” platform, Dorsey The answer With the following questions about the decentralized nature of Web3 products and who actually benefits from them:
It is based on a single point of failure system (eth, solano, *) and people are being lied to about who owns and controls it.
TBD’s Web5 products will include Decentralized Identification (DID), Decentralized Web Nodes, Self-Sovereign Identity Services, and Self-Sovereign Identity SDK. The DID link that will support the Web5 platform points to the ION
Developed by Daniel Buchner, now part of the block’s decentralized identity team, ION is a second tier solution for DIDs supported by the Bitcoin network. This solution works with the same approach behind Web5: unauthorized, open, without third party verifiers and without tokens.
Mike Brock, Product Lead at Square TBD, says:
Let me clean it up now, everyone: no. There is no token to invest with Web5 (…).
About the current state of Web 5 and its development, Buchner Says:
We are currently finalizing the technical components of Web5 (not too far from completion).
Why do you need a bitcoin-based web platform?
As mentioned, this web platform is designed to serve two main uses: individuals will have the ability to “own their data” and they will be able to “control their identity”. This usage will be supported by Wallet, Decentralized Web Nodes (DWNS), and Decentralized Web Apps (DWAS).
That way, a user will be able to approve apps and manage their own data without the need for a third party company. Wallets will also eliminate the need for users to remember long passwords, as they can simply unlock apps using their wallet and always “carry their data with them”.
According to the official website, this decentralized web platform will act like TBD, in the public interest:
Today’s financial system leaves people behind. We create systems for anyone with Internet access. And we’re building it just like the web: for the public good. Our projects are open source and where appropriate, built on open quality
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At the time of writing, BTC is trading at $ 29,100 with a loss of 3% over the last 24 hours.