24/7 Cryptocurrency News

“Web5?” Jack Dorsey Plans Web3 Competitor Built On Bitcoin

Jack Dorsey, the founder of Twitter and Square, intends to launch "Web5", a potential competitor to Web3, using Bitcoin as a base.
Published by
“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.

Advertisement

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.

Advertisement

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.

Share
Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at ashish@coingape.com

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Senate Banking Committee Releases Updated Draft Crypto Market Structure Bill

The U.S. Senate Banking Committee has released an updated version of the draft Crypto Market…

September 6, 2025
  • 24/7 Cryptocurrency News

Michael Saylor’s Strategy Fails To Make S&P 500 Listing, MSTR Stock Drops

Strategy, led by Executive Chairman Michael Saylor, has been left out of the latest S&P…

September 6, 2025
  • 24/7 Cryptocurrency News

Solana Treasury Company SOL Strategies Gets Approval To List On Nasdaq

SOL Strategies Inc. has received approval to be listed on the Nasdaq Global Select Market.…

September 6, 2025
  • 24/7 Cryptocurrency News

Fidelity, Grayscale, VanEck Dump Ethereum Amid ETH Price Crash

Ethereum (ETH) price fell sharply as Fidelity, Grayscale, and VanEck drove heavy ETF outflows, but…

September 6, 2025
  • 24/7 Cryptocurrency News

Ethereum Treasury Firm SharpLink Confirms Compliance Amid Nasdaq Oversight

SharpLink has reaffirmed its full compliance with Nasdaq rules, dismissing speculation about shareholder approval requirements.…

September 5, 2025
  • 24/7 Cryptocurrency News

Trump Media Acquires 684M CRO for Cronos Treasury, Strikes Deal with Crypto.com

A deal with Crypto.com has led to the establishment of a Cronos Treasury by the…

September 5, 2025