Jack Dorsey is not a supporter of Web3. In the past, Dorsey, alongside Elon Musk, has mocked the Web3 sector, saying that it does not focus on decentralization as its proponents claim. According to the former Twitter CEO, Web3 is owned by venture capital firms.
Dorsey has now turned his attention towards Web5. TBD, a subsidiary of Block, where Dorsey is currently CEO, has announced it will create Web5 on the Bitcoin network, which will be an “extra decentralized web platform.”
TBD was launched in July 2021. The goal of this company was to create “an open developer platform” that focuses on Bitcoin and decentralized finance (DeFi). The first offering promoted by TBD is a platform that offers a new version of the internet where users will have total control over their data.
“This will likely be our most important contribution to the internet. Proud of the team,” Dorsey said. In the tweet, Dorsey also attacked Web3 saying, “RIP Web3 VCs.” The Web3 sector has become increasingly popular over the past year, with the supporters arguing that the sector would restore data ownership to users via decentralized technologies like blockchain.
Dorsey has previously attacked venture capitals like Andreesen Horowitz, which offer funding to Web3 projects. The launch of Web5 could be another way that Dorsey addresses the concerns surrounding the Web3 sector.
Jack Dorsey’s Web5
The TBD website has offered an insight into what Web5 plans to do. The site says that the Web5 sector would focus on restoring the missing identity layer on the internet to enhance user experiences and allow people to be in charge of their data.
“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,” the TBD website says.
TBD further says that the platform would comprise “a new class of decentralized apps and protocols.” Dorsey is a big supporter of Bitcoin, and the Web5 project will be built on the Bitcoin network. The Web5 platform will rely on ION, a layer-2 protocol created on the Bitcoin network.
Moreover, unlike Web3 applications that rely on networks like Ethereum, Dorsey’s Web5 will not create and issue any new tokens.
