Former Twitter CEO Jack Dorsey has left the social media platform to focus his attention on working with the Bitcoin network. He has been serving as the CEO of Block Inc., formerly known as Square. The main objective of the company was to work on the layer-2 solution for the Bitcoin network called the Lighting network to improve the scalability features of the blockchain.
However, a recent article published by Block Inc. suggests that now Dorsey is working on overtaking the popular concept of Web3 with something called Web5. The article suggests that Web5 is a novel identity management system that will be supported by the Bitcoin blockchain. Block Inc. is working in tandem with its subsidiary TBD to work on the project.
The latest statement issued by Dorsey suggests that Web5 is going to revolutionize the internet transformation in the coming days. It seems that since stepping down from his position as the CEO of Twitter, he has been planning to work and expand on this novel technology. Web5 has been introduced as an identity-based network that will only operate with one baseline blockchain network.
To define the concept in simpler words, Twitter user Namcios shared a series of tweets recently explaining the baseline theme. In simpler words, the tweets suggest that a series of software are going to work in coordination and sync to maximize the user experience and maintain the decentralized identity.
Web5 Project will Grant Autonomy for Data and Transaction Credentials
Many people believe that decentralization is a fairy tale concept that does not exist yet. However, as per Namcios, Web5 will grant comprehensive autonomy to the user over their data and online identification. Furthermore, he also mentioned that Web5 makes use of ION, which is an open-sourced and permission-less DID protocol hosted on the Bitcoin ecosystem.
Dorsey has claimed in the past that Web3 does not do enough to ensure true decentralization for the users. He said that in reality, the Web3 is not owned by its community, but the Venture Capitalists and their other financial supporters enjoy these perks.
He has introduced Web5 as a decentralized web platform or DWB that will have options for creating and supporting the decentralized application and an underlying DeFi token that can become the internet’s native currency.