homecryptocurrency NewsMove over Web 3, Jack Dorsey’s TBD is working on a Web 5 Project

Move over Web 3, Jack Dorsey’s TBD is working on a Web 5 Project

Move over Web 3, Jack Dorsey’s TBD is working on a Web 5 Project
Profile image

By CNBCTV18.com Jun 13, 2022 8:19:00 PM IST (Published)

At a recent event, Jack Dorsey announced that TBD, the Bitcoin-focused arm of Block, is already looking past Web 3 and conceptualising a Web 5 platform. His project is said to be a combination of Web 2 and Web 3, hence the simple summation.

Jack Dorsey is not a fan of Web 3; it’s no secret. In the past, he has made his stance very clear through a handful of tweets, one of which read, “I have nothing to do with Web 3.” Now, he’s gone one step further and proposed an alternative: Web5.

Recommended Articles

View All

At a recent event, Jack Dorsey announced that TBD, the Bitcoin-focused arm of Block, is already looking past Web 3 and conceptualising a Web 5 platform. This isn’t to say he’s skipped Web 4. No, his project is said to be a combination of Web 2 and Web 3, hence the simple summation.
“We believe in a decentralised future that returns ownership and control over your finances, data, and identity. Guided by this vision, TBD is building infrastructure that enables everyone to access and participate in the global economy,” reads TBD’s Web 5 mission statement.
Dorsey does not believe that Web 3 is genuinely decentralised and is looking at it in his rear-view mirror. In his opinion, the VC-controlled Web 3 is not the real definition of decentralisation, and the ecosystem needs to be reworked.
“You don’t own ‘Web 3.’ The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralised entity with a different label. Know what you’re getting into,” he tweeted in December 2021.
Also Read:
So how is TBD’s Web 5 different? According to the website, it is an app platform that will “create a new class of decentralised apps and protocols that put individuals at the centre”. It will “empower them
To do this, apps developed for the Web 5 platform will store their data with you, as opposed to siphoning off your information and storing it on their servers. This decentralised identity and information model will also allow users to seamlessly move from application to application without needing to log in over and over again.
“Identity and personal data have become the property of third parties. Web 5 brings decentralised identity and data storage to individual’s applications. It lets devs focus on creating delightful user experiences, while returning ownership of data and identity to individuals,” wrote TBD in a statement shared with CoinDesk.
Web 5 will bank on the Bitcoin blockchain for this new identity management layer. It will be built on the ION network, which is a layer 2 Bitcoin protocol. Another distinguishing factor between Web 3 and TBD’s Web 5 is that the latter will not create any native tokens of its own. There will be no sale of tokens and hence no tokens to invest in.
TBD’s Lead, Mike Brock, made this very clear through a tweet that read, “Let me clear this up right now, everybody: No. There are no tokens to invest in with web5. Kthx.”
Brock also stated that TBD is hard at work trying to bring this project to life. However, it is still in its infancy and therefore there is no official release date.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers
    CurrencyCommodities
    CompanyPriceChng%Chng