Jack Dorsey, founder and former CEO of Twitter and current CEO of Block, has unveiled an exciting Bitcoin-based decentralized web initiative — he has coined it Web5: An Extra Decentralized Web Platform.
Why Web5? — Two plus three equals five; Jack Dorsey would like to use this logic to solve the problems of Web 2.0 and Web3.
Dorsey’s TBD, a subsidiary company within Block, will be in charge of creating this new way of interacting on the internet. TBD has published a presentation detailing the characteristics of the birth of the new Web5.0.
TBD believes that the evolution of the internet puts “individuals at the center.” In the first web version, most contents were static HTML, except for forums and chat protocols like IRC.
The evolution of social networks led to what is known as Web2 and allowed users to interact with centralized applications such as Facebook, Twitter and MySpace to create their own content and share information in real-time.
With the invention of Bitcoin and blockchain, the world is now moving towards Web3, which focuses on decentralized applications that use zero-knowledge proofs to secure data, tokenize content, and protect user identities.
While Web3 has yet to establish itself as the dominant technology of the internet, Jack Dorsey believes it is time for a change. This change stems from what he calls Web5, which will be built on top of Bitcoin, where data is stored with the user, not the app. Merging Web2 and Web3 creates Web5 for those who don’t know where Web4 went.
Although for now, the supposed solution in the form of Web5 still only exists in a PowerPoint presentation and a few Github repositories.