Jack Dorsey Launches Bitcoin Blockchain based ‘Web 5’ Platform
Former Twitter CEO Jack Dorsey has announced the launch of a whole new platform on Twitter that will be known as “Web5.” Web5 is a blend of Web3 and Web 2.0, and it will be based on the blockchain for Bitcoin. The platform makes the assurance that it will address the problem of ensuring the safety of individual data. “We have hundreds of accounts and passwords that we can’t remember, which makes it very difficult for us to keep personal information protected. Third companies now own our personal information and our identities”, according to a business statement on its website.
The Block Head (TBH), one of the Bitcoin business groups within Dorsey’s Block, is responsible for the development of Web5 (formerly Square). Applications may now take use of decentralized identification and data preservation thanks to the platform. As per the firm, “it allows programmers to concentrate on developing best customer experience while restoring control over the information and identity to people.”
A Twitter user queried Dorsey: “From your point of view, what aspects of Web3 prevent it from being sufficiently decentralized, leading you to conclude that there is a requirement for this subsequent stage, which you refer to as Web5?”
Dorsey has reacted by stating: “It serves as the foundation for systems with a single point of failure (eth, solano, and *), as well as the falsehoods that are made to individuals about who legally owns and administers it.” According to one of the co-founders of Twitter, Web 3 is not really “decentralized” and is not controlled by its users; rather, it is operated by a number of venture capital firms and controlling shareholders.
Individuals will have the opportunity to “own their information” and they will be allowed to “manage their identity,” as was previously said, thanks to the construction of this web platform, which is designed to enable two key use scenarios. Wallets, decentralized web nodes (DWNS), and decentralized web applications will be able to support the aforementioned use cases (DWAS).
TBH discusses how Web5 envisions a future in which people would be able to “own their data.” Take Alice as an example. She may have a digital wallet that helps her administer her identity, information, and certifications for third-party applications and links in a safe and secure manner. Alice logs on to a brand-new decentralized social networking application with the use of her wallet. Alice does not require to establish a profile since she has already linked to the app with her decentralized identity.
Additionally, all of the links, associations, and postings that she generates using the app are saved with her, on her decentralized web node. Alice is able to move between applications anytime she wants thanks to Web5, and she will keep her social profile intact.
Another example is Bob, a music enthusiast who despises the idea of having his data confined to a single provider. It compels him to play the same songs and playlists again and over again on a variety of different music applications. Bob may store all of this information on his own decentralized web node, which is thankfully an escape route from this complex network of vendor-locked silos.
Because of this, Bob is able to provide any music app with access to his settings and preferences, which enables him to carry his customized music experience everywhere he goes. As a result, people will have control over their data once Web5 is implemented. While this was going on, the Product Lead at TBD, Mike Brock, said unequivocally that “there are no tokens to invest in using web5.”
Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.