Jack Dorsey, co-founder of Twitter Inc TWTR and the current CEO of Block Inc SQ, and his Bitcoin-focused TBD decentralized exchange team unveiled what they’re calling Web5.
What happened: TBD is a Block subsidiary with the purpose to "make it easy to construct non-custodial, permissionless and decentralized financial services" for Bitcoin BTC/USD. TBD's Twitter account tweeted this on Friday morning.
“Identity and personal data have become the property of third parties. Web5 brings decentralized identity and data storage to individual applications. It lets [developers] focus on creating delightful user experiences while returning ownership of data and identity to individuals,” TBD told CoinDesk at the Consensus Festival.
Web5 would take out existing models by ditching their blockchain-centric approaches in favor of a censorship-free, identity-focused web experience, according to Mike Brock, who is leading the team at TBD.
The project is still under development and has no official release date.
TBD said with the current Web model, people are users who do not own their data or identity. They are given accounts by companies and their data is held captive in app silos.
The internet TBD wants to create will have a new class of decentralized apps and protocols (e.g. tbDEX) that put individuals at the center, to empower users with self-owned identity and restore control over their data.
Web5's monetary layer will be constructed on the foundation of Bitcoin. The other underlying technology in Web5 comes from a variety of encryption and computer science fields. Users will be able to engage with one another without the assistance of intermediaries in Web5, just as they did in Web3.
Photo: Frederic Legrand - COMEO via Shutterstock
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