Jack Dorsey, co-founder of Twitter and Block, has returned to re-photographing Web3 as TBD, a Bitcoin (BTC)-focused subsidiary of Block, announced that it is building Web5 – a non-commercial Web Platform centralization (DWP) aims to enable ‘truly’ decentralized applications and protocols.
As described on the project’s website, Web5 will return data ownership to everyone using decentralized data and identity engines.
“Web5 brings decentralized identity and data storage to your applications. It allows [developers] to focus on creating enjoyable user experiences, while also returning ownership of data and identity to individuals,” they stated.
Key components of Web5, or DWP, include Decentralized Web Applications (DWAs) that will use Decentralized Identifiers (DIDs) and Decentralized Web Codes (DWNs), the initiative’s presentation shows.
The DID will include self-owned identifiers capable of routing and decentralized identity authentication and cryptographic verifiable (VC) credentials, while the DWN will act as the switch forward notification and standard for data storage – the foundation for decentralized applications and related protocols.
Furthermore in the presentation, TBD’s team also introduced the Web5 network topology, explaining that:
“The combination of Decentralized Identifiers and Decentralized Web Nodes creates a DID-secured messaging, data sharing, and credential exchange that can replicate one-time protocols ( encrypted messaging, photo sharing, etc.) with common standards for all kinds of data exchange semantics. ”
Meanwhile, neither the website nor the presentation specifically mention Bitcoin, but a report in Bitcoin Magazine claims that “Web5 leverages Bitcoin <…> and a lot of computer science technology good for creating a new decentralized identity ecosystem.“
“Web5 is based on the assumption that Web3, the idea of building a decentralized web with blockchain technology and cryptocurrencies, has the right intentions but is using the wrong tools,” according to the report.
It added that “fairly decentralized developments on the Internet over the past few decades such as BitTorrent and Tor have shown that blockchain technology is not a necessary ingredient for decentralization.”
Meanwhile, Jack Dorsey said that he hopes that the project “will likely be our most important contribution to the internet.”
Dorsey is a serious critic of Web3, arguing that Web3 is not centralized enough and is mostly controlled by venture capitalists in the so-called “Web3 wars“.