Former Twitter CEO Jack Dorsey is using blockchain technology to create a decentralized web. Called Web5, the platform will focus on digital identity verification and may use a monetary network based entirely on bitcoin.
The news was recently announced by Block subsidiary TDB. Through the Web5 platform, users will be able to develop decentralized applications through decentralized identifiers (DIDs).
According to Jack Dorsey’s proposal, in addition to using crypto assets to monetize the business, the entire Web5 ecosystem will be created out of the Bitcoin network.
Web5 will be created out of the Bitcoin network
Web5 represents the genuine concept of internet decentralization advocated by Jack Dorsey. For him, the Web3 project will never fully achieve data decentralization.
While Web3 uses blockchain technology to create an internet decentralization movement, Web5 will be different. The platform the former Twitter CEO is building will be centralized only on the Bitcoin blockchain network.
Recently, user Namcios explained on Twitter how Web5 would work in practice. The platform being developed by Jack Dorsey aims to return control of data management to the users themselves.
“In the current web model, people are users who don’t own their data or identify themselves. Instead, they get accounts from companies, and their data is held ‘captive’ in siloed apps. To create a new class of decentralized applications and protocols that put individuals at the center, we must empower them with their own identity and restore control over their data”.
Only one blockchain
In a sequence of tweets about Web5, Namcios points out that all data will be stored in a decentralized manner in applications created on the platform. He further reinforces that the system will use only one blockchain network.
“Web5 is made up of software components. These pieces allow developers to focus on creating user experiences while enabling the decentralized storage of identity and data in applications. It leverages existing decentralized technology without blockchains other than Bitcoin”.
Jack Dorsey argues that bitcoin will play an essential role as the money of the internet in the future. The network will support the development of Web5, and the crypto asset will take over the monetization of the entire ecosystem of the platform.