Jack Dorsey leaps ahead to Web5

Twitter co-founder Jack Dorsey’s TBD – a venture launched to develop blockchain-powered financial services – has announced that it plans to leap from Web3 to Web5.

Since TBD’s launch in July 2021, its overarching aim has been to produce “an open developing platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services” with Bitcoin (BTC).

Now, with its first offering, the TBD team promises users a way to gain control over their own data with a new version of the internet. In an announcement on Friday, June 11, it unveiled: “Web5: An extra decentralized web platform”.

Dorsey commented: “This will likely be our most important contribution to the internet. Proud of the team.”

He also used it as an opportunity to take a dig at Web3 (the new iteration of the internet that hosts decentralized apps on blockchain technology focusing heavily on user privacy and ownership of data). “RIP web3 VCs”, he tweeted.

Internet entrepreneur, programmer and philanthropist, Dorsey, hasn’t been shy when it comes to voicing his opinions on Web3 models that rely on venture capital funding.

In December 2021, Dorsey and Tesla CEO (and potential Twitter owner) Elon Musk took to the social media platform to take a jab at Web3.

Dorsey tweeted: “You don’t own web3. The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label. Know what you’re getting into…”. The tweet prompted a reaction from Musk, who said: “Has anyone seen web3? I can’t find it.”

When it comes to Web5’s actual purpose, the TBD website states that what Web3 is missing is an “’identity’ layer” and aims to create “a new class of decentralized apps and protocols”.

“On the web today, identity and personal data have become the property of third parties. Web5 brings decentralized identity and data storage to your applications. It lets devs focus on creating delightful user experiences while returning ownership of data and identity to individuals”, it says.

Web5 will not be a platform to create and sell tokens, TBD lead Mike Brock took to Twitter to clear up any confusion. “No. There are no tokens to invest in with web5. Kthx”, he tweeted.

So, as the world gets ready for a new Web5, it poses the obvious question: Why did we skip Web4?

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Updated: 06/13/2022 — 15:00