“Web5?” Jack Dorsey Plans Web3 Competitor Built On Bitcoin
Jack Dorsey, the founder of Twitter and Square, has been a big critic of evolving Web 3.0 ecosystem. In a bid to counter that Dorsey has launched its competitor Web5.
How Web5 can outsmart Web3?
As per the report, Web 5 will be a new approach to building Web 3 on the Bitcoin blockchain. The reason behind developing Web 5 on the BTC chain is that it is considered the most decentralized network. As this space is assured to be a decentralized system, the Twitter founder has mentioned that it is now acquired by venture capitalists.
Web 5 will work with over the ownership of data and identity of a user. According to the blog, the Web2 ecosystem evolves around big companies owning users’ data. It stored by corporations across databases. Data privacy regulations have somehow failed to provide assurance to the customer. Web 5 aims to resolve it by building an “extra decentralized web”. It will try to give control to users of their data.
Meanwhile, these same features were also promised by Web3 as well. The blog asserts that its data is portable, unlike Web2. Web 3 includes storage and identity protocols. However, in Web 5 these are part of its foundation. This will serve the users with less centralization and a better experience. From Web 5’s perspective, Web 3 is working with the right intentions but with the wrong tools.
will work on these concepts
Web 3’s competitor has a few key concepts like Decentralized Identifiers (DIDs), Decentralized Web Nodes (DWNS) and Decentralized Web Apps (DWAS).
DIDS will let the user own their digital identity proving it a better dapp experience. DWNS will be personal datastores holding public encrypted data. The blog highlights that these are emerging standards for data storage. It enables entities to exchange more encrypted messages. While DWAS will act as the web apps built with decentralises storage capabilities.
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