In an effort to avoid Web3 totally, Block Inc. plans to implement a new Bitcoin-centric identity management paradigm.
Foreshadowing the importance that Jack Dorsey places on Bitcoin (BTC) and its blockchain network, TBD, a subsidiary of Block, has revealed ambitions to construct a decentralised web based on the Bitcoin blockchain.
Twitter CEO Jack Dorsey’s next Bitcoin-related initiative is named “Web5”, and it’s the latest since he left Twitter in November 2021.
For decentralisation, Web3 uses blockchain and tokenization; for identity-based authentication, Web5 uses just one blockchain: Bitcoin. A series of tweets from Namcios broke down the notion of Web5 by describing a number of software components that work together to improve the user’s experience and allow decentralised identification management.
An “open, public and permissionless DID network that operates on top of the Bitcoin blockchain,” according to Namcios, is used by Web5.
Decentralized identifiers (DIDs) are defined by the Web3 Foundation as “verifiable, decentralised digital identity” identifiers.
According to TBD’s concept docs, Web5 is a decentralised web platform (DWP) that enables developers to construct decentralised web applications using DIDs and decentralised nodes. Dorsey’s opinion that Bitcoin will one day be the internet’s primary currency will be reflected in Web5’s monetary network, which will be based on the digital asset.
It is possible that Dorsey’s new web development strategy is motivated by his opinion that Web3 would never reach genuine decentralisation. It’s no secret that Web3 and the venture capital community that backs its growth have been slammed by Block CEO. In December 2021, Dorsey tweeted that VCs and their limited partners control Web3 — people do not. He remarked, “It will never be able to escape their motivations.” In the end, it’s a centralised organisation with a new name.
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