TBD, a subsidiary of Twitter founder Jack Dorsey’s financial services company Block, has announced that it will establish a Bitcoin-based ‘Web5’ ecosystem. It was stated that Web5 will be based only on the Bitcoin blockchain and will be identity-based.
Cryptocurrency and NFTs are getting more and more popular day by day. For this reason, many tech giants are developing what is seen as the next version of the internet. to web3 making moves towards it. Web3, decentralized, decentralized based on blockchain means an internet version.
Twitter founder, now known for his interest in cryptocurrencies from Jack Dorsey There is a new move on this subject. According to the news, Dorsey, while Web3 is just starting to become widespread, a ‘Web5′ started building the platform.
A Bitcoin-only internet environment
A Bitcoin startup owned by Dorsey’s financial services company, Block. TBDannounced its plans to build a new decentralized internet environment centered on the leading cryptocurrency. The name of the project isWeb5′ will be stated. In addition, in the statements made, it is stated that Web3, which uses cryptocurrencies and blockchain, has the right purposes; but it was reported that he used the wrong tools.
Accordingly, Web5, unlike Web3, only a single blockchain; ie it will base Bitcoin and identity-based It will be a system. According to a Twitter user named Namcios, this new alternative is “A public DID network running on the Bitcoin blockchain” will use the ION described as DID stands for Decentralized identifier.verifiable, decentralized digital identityLet’s add that it is defined as ‘.
Dorsey has been critical of Web3 in his previous statements, and that this version of the internet has never really been ‘decentralized’. can’t reach He had said he was thinking. For this reason, it can be said that the famous billionaire turned to the project called ‘Web5’.
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Finally, the new Web5 ecosystem will be resistant to censorship, and users will have their own control of their data and identity It was also among the statements that it promised to provide a decentralized application to developers, and that it would have a BTC-based money network. In addition, it was stated that Web5 will benefit from DWN (Decentralized Web Node), which is the data collection message transmission mechanism so that users can use data tied to a certain DID.
Source :
https://cointelegraph.com/news/jack-dorsey-is-building-web5-powered-by-bitcoin