Web 5 on bitcoin: Jack Dorsey’s plan to challenge Ethereum-based web 3

Key facts:
  • Contrary to Web 3, Web 5 will focus on decentralized identity management.

  • It shows the way to a hyperconnected world supported by the Bitcoin blockchain.

TBD, a subsidiary of Jack Dorsey’s company Block, announced yesterday that it is building a new layer of decentralized internet. This is Web 5, which will be based on the Bitcoin network to create a new ecosystem with data storage and applications that will allow users to retain control of their personal information.

“This will probably be our most important contribution to the Internet. I’m proud of the Web 5 team. RIP [descansa en paz] Website 3”, wrote Dorsey on Twitter.

Your message is a clear signal that your web standard will avoid the existing concepts that Web 3 contemplates. This is largely based on Ethereum and other blockchain that allow the integration of smart contracts for application development.

Nevertheless, Bitcoin it is already a decentralized Internet, supported by multiple nodes deployed all over the world. So based on this network, Dorsey’s proposal is a website that does not depend on intermediaries or where users can interact without the possibility of being manipulated by unilateral interests.

Until now, bitcoin has not been considered an ideal ecosystem for application development, which is why it has been believed that web 3 is the perfect structure to support the metaverse which is in development. It is said that more than 1,000 million users will coexist in it by 2031.

It is already a decentralized Internet that works supported by multiple nodes deployed throughout the world. Font: TBD.

Now, with the announcement of Jack Dorsey and the construction of Web 5, the future becomes interesting, as it is then that the following questions will be answered: What will be the environment that will best support the hyperconnected world that is to come? Which will win the battle between Facebook (now Meta), Ethereum and Bitcoin as the ideal ecosystem for the metaverse to develop?

This will be the Web 5, a decentralized Internet based on Bitcoin

Jack Dorsey’s plan seems to be in the works, although he doesn’t have a release date. However, in a presentation the components are mentioned and an idea of ​​how it will be structured is given.

Web 5 will allow the storage of data and identities, as well as creating user experiences in decentralized applications. And, to achieve it, technically will use decentralized identifiers (DID), decentralized web nodes (DWN)self-sovereign identity service (SSIS), and a self-sovereign identity software development kit (ssi-sdk).

The platform will also use ION, a Bitcoin identity layer developed by Microsoft and the Decentralized Identity Foundation. The latter is an organization focused on developing the building blocks needed to establish an open ecosystem for decentralized identity.

In a practical sense, Web5 aims to solve the problem of protecting personal data online without selling that data to third parties.

Let us remember that, in December of last year, CriptoNoticias reported that the company Square, founded by Dorsey, was renamed Block, which in turn integrates the blockchain-based businesses Cash App, TIDAL and TBD.

With Block, Dorsey has also expressed plans to launch a hardware wallet for bitcoin and a decentralized exchange in the future. This demonstrates their ambitious plans and opens the possibility for all these projects to work in an integrated way in a virtual world.

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Web 5 on bitcoin: Jack Dorsey’s plan to challenge Ethereum-based web 3