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June 13, 2022   Digital Identity, Privacy, FinTech and Alternative Finance, Fintech International, Innovation and Resources, Voices, Web3, Decentralization, DAOs   No comments

Jack Dorsey’s is Building an Extra Decentralized ‘Web5’ on Bitcoin with Digital Identity Layer

Decrypt | Kate Irwin | June 10, 2022

Jack Dorsey web5 - Jack Dorsey’s is Building an Extra Decentralized 'Web5' on Bitcoin with Digital Identity LayerBut Jack, what happened to Web4?

Jack Dorsey thinks Web3 is a joke, so he’s making Web5 instead.  Dorsey’s TBD, a subsidiary company within Block (previously known as Square), announced today that it is building “Web5: An extra decentralized web platform.”

TBD launched in July 2021 with the aim of creating “an open developer platform” focused on decentralized finance and Bitcoin. Now TBD has its first offering: a platform that promises a new version of the internet in which users will have full control over their own data.

Dorsey has in the past been critical of current Web3 models that rely on venture capital funding, singling out Andreessen Horowitz in particular. His use of "Web5" appears to be another deliberate, and cheeky, way to publicly address those concerns.

See:  Jack Dorsey resigns as CEO of Twitter

In terms of what Dorsey's Web5 will actually do, TBD’s website states that the current iteration of the internet is still missing an “identity” layer.

“On the web today, identity and personal data have become the property of third parties. Web5 brings decentralized identity and data storage to your applications. It lets devs focus on creating delightful user experiences, while returning ownership of data and identity to individuals,” TBD’s website reads.

TBD says it wants to create a decentralized web platform to solve this problem. It will be made up of “a new class of decentralized apps and protocols,” according to its website.

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