Jack Dorsey's Block Inc. is planning to build a new decentralised web platform, Web5, backed by the Bitcoin blockchain
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.”
Web5 is envisioned as an entirely Bitcoin-centric project solving identity-based issues, contrary to Web3, which combines blockchain technology and tokenisation to decentralise the internet. As stated by Block, the Web5 platform, “lets developers focus on creating delightful user experiences while returning ownership of data and identity to individuals.”
Web5 is developed by the Block Head (TBH), one of Dorsey’s Block’s business units. The Product Lead at TBD, Mike Brock, clarified that, “there are no tokens to invest in with Web5.” In Web5, individuals will have ownership of their data and control over their digital identity, supported by decentralised web nodes (DWNS), decentralised web apps (DWAS), and wallets.
The platform is essentially a DWP i.e., a decentralised web platform. TBD’s prototype documents show that Web5 will allow its users to create decentralised web apps and nodes via DID. DIDs, as described by the Web3 Foundation, are decentralised identifiers that enable ‘verifiable, decentralised digital identity.’ Dorsey believes that digital assets will one day become the internet’s native currency. Hence, the platform will also have a monetary network centred around Bitcoin.