Jack Dorsey plans to build 'Web5' based on Bitcoin
Jack Dorsey's Block Inc. is planning to build a new decentralised web platform, Web5, backed by the Bitcoin blockchain
By Shashank Bhardwaj
Image: Marco Bello/ AFP
Jack Dorsey, the former Twitter CEO, announced his plans on Twitter to build a new platform, ‘Web5’, which will be a combination of Web3 and Web2, on the Bitcoin blockchain. The platform aims to fix the issue of securing personal data.
The company stated on its website, “We struggle to secure personal data with hundreds of accounts and passwords we can’t remember. On the web today, identity and personal data have become the property of third parties.”
He tweeted in December 2021 that people don’t own Web3; the VCs and their limited partners do. “It will never escape their incentives,” said Dorsey, “It’s ultimately a centralised entity with a different label.”
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