Jack Dorsey To Launch Bitcoin-Based WEB5

Bitcoin backer Jack Dorsey has announced a new online platform called Web5, which is a hybrid of the centralized Web 2 and the decentralized Web 3.

The project is part of Square’s TBD subsidiary, which is working on a suite of BTC-based solutions to help revolutionize the financial system.

It will be the next step in the internet’s evolution, with the goal of removing third-party control over its customers’ data.

According To The Announcement: Web5 brings decentralized identity and data storage to your applications. It lets developers focus on creating delightful user experiences, while returning ownership of data and identity to individuals.

In this way, Dorsey declared the death of Web3, which is being backed by decentralised financing (DeFi) and blockchain-based platforms, as well as Venture Capitalists (VC). The latter has been accused of manipulating Web3 to build a narrative and profit.

When asked why he decided to build a “Web5” platform, Dorsey questioned the decentralised nature of Web3 goods and who actually profits from them, saying:

“it’s basis on single point of failure systems (eth, solano, *) and lies being told to people about who owns and controls it.”

Dorsey may be motivated to pursue a new web development model because he believes Web3 will never reach complete decentralisation.

Web3 and the venture capital community that supports its development have been publicly chastised by the Block CEO.