Web3 has been put forward as the blueprint for the latest version of the Internet but it doesn’t exist yet.
That hasn’t stopped former CEO of Twitter and current CEO of Block, Jack Dorsey, skipping ahead and announcing plans to build a new decentralised Internet platform, coining the term Web5 for the first time.
The initiative will be based heavily on current blockchain technology, with Dorsey announcing plans to use the Bitcoin network to build the project.
The move comes as Dorsey has voiced dissatisfaction with how the evolution of the Internet is progressing at present. On a number of occasions, the entrepreneur has openly denounced Web3, describing it as a centralised movement that benefits venture capital (VC) companies.
Web3 is a term for how developers think the Internet will look like throughout the next decade with non-fungible tokens (NFTs), metaverses, blockchain technology and crypto likely to be strong components.
Dorsey has openly expressed his support for Bitcoin but describes the rest of Web3 as a smokescreen for venture capitalists to consolidate money and power.
“You don’t own ‘Web3,’” Dorsey wrote in a tweet posted late last year.
“The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label. Know what you’re getting into”.
What exactly will Web5 do and what will it look like?According to the launch plans, the Web5 project will provide a decentralised web platform that enables “developers to leverage Decentralised Identifiers, Verifiable Credentials, and Decentralised Web Nodes to write Decentralised Web Apps, returning ownership and control over identity and data to individuals”.
In essence, the project is based on the idea that Web3 – which aims to create a decentralised web using blockchain, crypto and similar tech – has the right intention but the wrong execution.
Web5 supposedly aims to tackle this problem by using different tools than Web3, which gives more power and control to the everyday internet user.
The project will utilise the blockchain technology used for Bitcoin in a bid to cut spending while pushing to make peer-to-peer Bitcoin digital money a reality.
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