2 November 2024
Jack Dorseys TBD Unveils Web 3 Competitor: Web 5
Jack Dorsey’s TBD is working on the concept of building its decentralized web standard known as “Web5” on top of Bitcoin.
Currently, most of the projects have chosen to work with the Web3 concept, which provides an approach to building blockchain-based web applications. Web3 largely relies on Ethereum and other chains that support smart contracts, as it is suited for programmability and tokenized payments.
Dorsey’s Web5 project aims to build its components on top of the Bitcoin network—a strategy that is not typically seen as ideal for blockchain-based applications.
Web5 claims that it will focus on identity rather than tokenized payments. To do so, TBD will build a Decentralized Web Platform (DWP) that will allow developers to create Decentralized Web Apps (DWAs) with Decentralized Identifiers (DIDs) and Decentralized Web Nodes (DWNs).
It will use ION, a Bitcoin identity layer developed by Microsoft and the Decentralized Identity Foundation.
Practically, Web 5 will solve the problem of securing personal data online without selling that data to third parties. The motive of the project is to “bring decentralized identity and data storage” to web applications while returning data ownership to users.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.
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