Twitter co-founder says Web5 is coming

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In recent months, much has been said about the arrival of the web3, that new theoretically decentralized internet that got rid of intermediaries and was closely linked to cryptocurrencies. Jack Dorsey, creator of Twitter, criticized it in the past, but it is also was preparing its own alternative: the Web5.

This iteration wants to go further and add a layer that is crucial for them: that of identity. “On today’s web, identity and personal data have become the property of third parties,” explain those responsible for the project. Here that identity and that data will also be decentralized and according to them “will return the ownership of that data and identity to people.”

“This will be our most important contribution to the internet”

Dorsey’s concept does take advantage of some of the principles on which Web3 is basedbut it goes a little further. There is also talk of a “Decentralized Web Platform” (DWP) with developers creating “Decentralized Web Applications” (DWAs) using “Decentralized Identifiers” (DIDs) and “Decentralized Web Nodes” (DWNs).

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Source: TBD

The essence is not so different from what was proposed in Web3, but here those decentralized identifiers they would be that pillar of a Web5 in which identity is very important and becomes a fundamental part of data ownership management.

In the official presentation of Web5 It is explained in several slides how a protocol would be created that would make it so that in the browser we no longer write “https://[URL]” , else “did:// [URL]”. Those identifiers would be self-generated and would not be provided by a trusted entity.

In addition we would have the calls “Verifiable Credentials” (VCs) that would allow you to prove that you are who you say you are in this new iteration of the internet, and that would avoid possible identity theft and security in transactions of all kinds.

There are other relevant components, such as those decentralized web nodes that, among other things, they would offer a semantic discovery option —search for any type of data according to its semantic type— and that they would allow decentralized applications and protocols to be created for the exchange of all kinds of information and with these nodes as a base.

The project has been created by TBD, the subsidiary of the company Block (formerly Square) founded by Jack Dorsey, also a co-founder of Twitter. At a recent event called the Consensus Festival, Dorsey Indian that “this will probably be our most important contribution to the internet“, a certainly striking statement coming from Dorsey.

Goodbye, venture capital firms

One of the goals of Web5 is avoid that stranglehold that big venture capital firms had starred in investing large amounts of money in Web3 projects.

Dorsey himself had criticized those moves indicating in december that “You are not the owner of Web3. Venture capital firms and their limited partners are“. This weekend he reconfirmed his critical stance against that Web3 saying “RIP web3 VCs”, giving up for dead those who have made those investments in that platform that has not materialized at the moment.

Curiously in that presentation no direct mention of cryptocurrencies and of that underlying economy in this platform, something that for example was clear in the bases of Web3.

Here the monetary layer is based entirely on bitcoinsomething logical considering that Dorsey is a very vocal “maximalist” of cryptocurrency, but there does not seem to be as clear an approach as Web3 has in this idea that users and creators can earn money (cryptocurrencies) through the use of this type of technology.

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The central idea seems therefore to be that of offer Web5 users a decentralized identity. One that allows them to move from app to app without signing in. User data would no longer be stored by third-party services, but controlled solely by users, who would be the ones who would or would not allow their exposure and use.

In recent months, much has been said about the arrival of the web3, that new theoretically decentralized internet that got…

In recent months, much has been said about the arrival of the web3, that new theoretically decentralized internet that got…

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