News Report
June 10, 2022

Twitter co-founder Jack Dorsey announces new Web5 platform built on Bitcoin blockchain

Bitcoin symbol on electronic screen background
Photo by Ivan Babydov

Jack Dorsey is ready to leave Web3 behind, skip Web4, and go right to Web5. The Twitter co-founder and current head of Block (formerly Square) and Bitcoin venture TBD used Consensus 2022 in Austin, Texas to spotlight the project, announcing it on Twitter with a little bit of swagger.

“This will likely be our most important contribution to the internet,” Dorsey tweeted, “proud of the team. (RIP web3 VCs).”

Dorsey linked the page for Web5, which is referred to as an “extra decentralized platform.” Here’s more from TBD:

The web democratized the exchange of information, but it’s missing a key layer: identity. We struggle to secure personal data with hundreds of accounts and passwords we can‚Äôt remember. 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.

To help users with less technical acumen understand how all this will work, the page describes a Web5 use case for identity control. Say someone has a digital wallet to securely handle “identity, data, and authorizations for external apps and connections.” The user signs into what TBD terms a “new decentralized social media app,” and because they have made that connection with a decentralized identity, there’s no need to create a new profile. According to TBD, “all the connections, relationships, and posts” made via that app are then collected and stored in the user’s decentralized web node. In theory, this should make switching apps and bringing along your established online presence a breeze.

Web5, then, is about ownership. It’s appropriate that Dorsey’s reveal happened during Consensus 2022 as during our time in Austin at DCentral and then Consensus, Metaverse Post has heard a constant drumbeat touting the future of the web as being all about data ownership.

As Coindesk reports, Block’s lead for TBD Mike Brock said during a Consensus 2022 interview that Web5 is ‚Äúreally actually is back to basics. We already have technologies that effectively decentralize. I mean, bittorrent exists, Tor exists, [etc].‚ÄĚ

RIP Web4. We hardly knew you.

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About The Author

Managing editor, mpost.io. Former Deputy Digital Editor, Maxim magazine. Bylines in Observer, Inside Hook, Android Police, Motherboard. Author of official "Better Call Saul" tie-ins "Don't Go to Jail," and "Get off the Grid."

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Steve Huff
Steve Huff

Managing editor, mpost.io. Former Deputy Digital Editor, Maxim magazine. Bylines in Observer, Inside Hook, Android Police, Motherboard. Author of official "Better Call Saul" tie-ins "Don't Go to Jail," and "Get off the Grid."

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