Former Twitter CEO Jack Dorsey has announced a new platform on Twitter called ‘Web5’, a combination of Web3 and Web 2.0, built on Bitcoin blockchain. The platform promises to fix the problem of securing personal data. “We struggle to secure personal data with hundreds of accounts and passwords that can’t be remembered. In today’s web, identities and personal data have become the property of third parties,” the company said on its website.
Web5 was developed by The Block Head (TBH), one of the Bitcoin business units in Dorsey’s Block (formerly Square). The platform brings decentralized identity and data storage to applications. “This allows developers to focus on creating an enjoyable user experience while passing on data ownership and identity to individuals,” according to the company.
A Twitter user asked Dorsey: “What makes Web3, from your point of view, not decentralized enough that you believe there should be the next stage through what you call Web5?”
Dorsey responded by stating: “it is the basis of a system of single -point failures (eth, solano, *) and lies told to those who own and control them.” For the founders of Twitter, Web 3 was not really “decentralized” or owned by users, but by a variety of venture capitalists and limited partners.
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As already mentioned, this web platform is built to provide two core use cases: individuals will have the ability to “own data”, and will be able to “control their identities”. This use case will be supported by a wallet, a decentralized web node (DWNS), and a decentralized web application (DWAS).
TBH explains how Web5 wants individuals to have the ability to “own data”. For example, say Alice has a digital wallet that securely manages identity, data, and authorization for applications and external connections. Alice uses her wallet to sign in to a new decentralized social media app. However, because Alice is connected to the app with her decentralized identity, she does not need to create a profile, and all connections, relationships, and posts made through the app are stored with her, on her decentralized web node. Using Web5 Alice can switch applications whenever she wants, taking a social persona with her.
In another example, Bob, a music lover and hates data being locked to a single vendor. This forces him to regurgitate his playlists and songs through various music applications. Semalat is a way out of the maze of vendor -locked silos: Bob can store this data in a decentralized web node. This way Bob can give the music app access to his settings and preferences, so he can take his personalized music experience wherever he chooses. Therefore, Web5 will give users ownership of the data. Meanwhile, Mike Brock, Product Lead at TBD explains that “there are no tokens to invest with web5.”