Jack Dorsey’s Block subsidiary TBD, ditches the Web3 blockchain model and places BTC at the forefront but there’s still no official release date as yet so let’s read more today in our latest blockchain news today.
Jack Dorsey’s Block subsidiary will focus on something new rather than Web3 because its privacy-focused internet of the future became problematic as the Web3 which preceded it. The BTC-focused Subsidiary of Dorsey’s Block announced the new version of the decentralized internet layer on Friday and its name is Web5.
TBD explained the pitch for Web5 in a statement:
“Identity and personal data have become the property of third parties. Web 5 brings decentralized identity and data storage to individual applications. It lets devs focus on creating delightful user experiences while returning ownership of data and identity to individuals.”
this will likely be our most important contribution to the internet. proud of the team. #web5
— jack (@jack) June 10, 2022
While the new project from TBD was announced on Friday, it is still under open source development and doesn’t have an official release date. The play on Web3 moniker embraced in other corners of the blockchain space, Web5 will be built on the idea that the decentralzied internet contenders will go about things the wrong way. Appearing at the Consensus panel clad in black and BTC yellow tracksuit with the number 5, TBD lead Mike Brock explained that Web5 in addition to being better than Web3, will beat out other models by abandoning their blockchain-centric approach to an identity-focused and censorship-free experience. Brock added:
“This is really a conversation about what technologies are built to purpose, and I don’t think that renting block space, in all cases, is a really good idea for decentralized applications.”
“I think what we’re pushing forward with Web 5 – and I admit it’s a provocative challenge to a lot of the assumptions about what it means to decentralize the internet – really actually is back to basics. We already have technologies that effectively decentralize. I mean, bittorrent exists, Tor exists, [etc].”
Web5’s Monterey layer will be built on Bitcoin’s foundation which doesn’t come as a surprise given Dorsey’s BTC maximalism. The other technologies that underpin Web5 will be borrowed from other areas like computer science and cryptography. Web5 just like Web3 will enable users to interact with others without intermediaries and this means there will be no threat from the government censors or centralized service outages among other advantages.
Similar to other attempts to create a decentralzied layer on the web, Web5 will aim to provide users with a decentralized identity and will allow for a seamless move from application to application without having to log in. The user data will be controlled by users and exposed with their permission alone.
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