Cryptocurrency and NFTs are getting more and more popular. For this reason, many technology giants are making moves towards Web3, which is seen as the next version of the internet. Web3 stands for a decentralized, blockchain-based version of the internet that removes centralized authorities.
Now, a new move has come from Twitter founder Jack Dorsey, who is known for his interest in cryptocurrencies. According to the news, Dorsey started to set up a ‘Web5’ platform just before Web3 started to become widespread.
A Bitcoin-only internet environment
TBD, a Bitcoin subsidiary owned by Dorsey’s financial services company, Block, is launching a new cryptocurrency centered on the leading cryptocurrency. announced plans to establish a decentralized internet environment. It was stated that the name of the project would be ‘Web5’. In addition, in the statements made, it is stated that Web3, which uses cryptocurrencies and blockchain, has the right purposes; but it was reported that he used the wrong tools.
Accordingly, Web5, unlike Web3, only a single blockchain; In other words, it will be based on Bitcoin and will be an identity-based system. According to a Twitter user named Namcios, this new alternative will use ION, which is described as a “public DID network running on the Bitcoin blockchain.” Let’s add that DID, which stands for decentralized identifier, is defined as ‘verifiable, decentralized digital identity’.
Dorsey had criticized Web3 in his previous statements and stated that he thought this version of the Internet would never truly reach the concept of ‘decentralization’. For this reason, it can be said that the famous billionaire turned to the project called ‘Web5′.
Finally, it was also among the statements that the new Web5 ecosystem will be resistant to censorship, promise to provide control of users’ own data and identities, enable developers to create decentralized applications, and have a BTC-based money network. In addition, it was stated that Web5 will benefit from DWN (Decentralized Web Node), which is the data collection message transmission mechanism so that users can use data tied to a certain DID.
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