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Jack Dorsey Announces Web3 Competitor Web5 on The Bitcoin Network

Garrett Meifert

Summary: Jack Dorsey's Block Inc. subsidiary TBD has been creating a Bitcoin network-based decentralized web called Web5. Web5, a direct competitor to Web3, has been built on the assertion by Dorsey that Web3's goal of creating a decentralized internet is correct but is using the wrong blockchain network. Dorsey, a long-time proponent of Bitcoin, has been ...

Jack Dorsey's Block Inc. subsidiary TBD has been creating a Bitcoin network-based decentralized web called Web5. Web5, a direct competitor to Web3, has been built on the assertion by Dorsey that Web3's goal of creating a decentralized internet is correct but is using the wrong blockchain network.

Dorsey, a long-time proponent of Bitcoin, has been quoted saying, "I don't think there's anything more important in my lifetime to work on, and I don't think there's anything more enabling for people around the world." Dorsey, being a long-time "Bitcoin Maximalist," designed Web5 to be built on the foundation of the Bitcoin network. The other tech supporting Web 5 is borrowed from the crypto-centric areas, cryptography, and computer science. 

Web5 hopes to expand on that goal when Mike Brock of TBD said, "This is really a conversation about what technologies are built to purpose, and I don't think that renting block space, in all cases, is a really good idea for decentralized applications."

Web5 should allow no threat from government interference or central web service outages, among other possible advantages. Web5 also hopes to allow a "decentralized identity" for users, allowing access to myriad applications without needing to log in and out of each platform, according to their website. This "decentralized identity" should enable users to control what information is public and private instead of the use of centralized data storage.

This is accomplished through the use of two types of Web5 "wallets," one being Decentralized Web Nodes (DWNS) and the other being Decentralized Web Apps (DWAS). The DWNS hopes to be "personal datastores that hold public and encrypted data," and the (DWAS) is claimed to be web apps enhanced with decentralized identity and data storage capabilities, according to TBD's website.

This could be a significant step forward in internet freedom and privacy of data if Dorsey and TBD manage to accomplish their goals.

Author: Garrett Meifert

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