Block Inc. is hoping to sidestep Web3 completely and center around another Bitcoin-driven model for character the executives.
Block subsidiary TBD has announced plans to build a new decentralized web centered around Bitcoin (BTC), underscoring founder Jack Dorsey’s belief that the largest blockchain network will play a major role in the internet’s evolution.
The new project, called “Web5,” represents the latest Bitcoin-centric endeavor to be pursued by Dorsey since stepping down as CEO of Twitter in November 2021.
Whereas Web3 incorporates blockchain technology and tokenization to decentralize the internet, Web5 is being envisioned as an identity-based system that only utilizes one blockchain: Bitcoin. Twitter user Namcios broke down the concept of Web5 in a series of tweets that described several software components working together to enhance the user’s experience and enable decentralized identity management.
As per Namcios, Web5 uses ION, which they portray as an “open, public and permissionless DID arrange that runs on the Bitcoin blockchain.”
The Web3 Foundation portrays DIDs as decentralized identifiers that empower “undeniable, decentralized advanced personality.”
Web5 is basically a decentralized web stage, or DWP, that permits designers to make decentralized web applications through DIDs and decentralized hubs, as per TBD’s model records. Web5 will likewise have a money related network revolved around BTC, which reflects Dorsey’s conviction that the computerized resource will one day become the web’s local cash.
Related: Jack Dorsey’s Block hits $1.3B in Q1 benefits, $43M in BTC exchanging income
Dorsey’s inspiration for seeking after another web advancement model might come from his conviction that Web3 won’t ever accomplish genuine decentralization. The Block CEO has openly condemned Web3 and the investment local area that supports its turn of events. In December 2021, Dorsey tweeted that people don’t claim Web3 — VCs and their restricted accomplices do. “It won’t ever get away from their motivations,” he said. “It’s eventually a brought together element with an alternate mark.“