Ex-Twitter CEO Jack Dorsey is saying goodbye to Web 3 as he announces Web 5. The new platform would be a combination of Web 2 and Web 3 and will be powered by Bitcoin.
“This will likely be our most important contribution to the internet,” Dorsey tweeted.
Web5 has been developed by TBD, a sister company to Dorsey’s Block. They aim to make the new platform safe in securing personal information.
“Identity and personal data have become the property of third parties. Web 5 brings decentralized identity and data storage to individual’s applications. It lets devs (developers) focus on creating delightful user experiences, while returning ownership of data and identity to individuals,” They said in a statement.
After the announcement, many Twitter users had questions and Jack Dorsey had the answers.
One Twitter user said, “We are still struggling with Web 3,” to which Dorsey responded, “Exactly.”
Another user questioned, “What makes Web 3, from your perspective, not decentralised enough that you believed there needed to be this next stage via what you’re calling Web 5?” Dorsey responded with, “It’s on single point of failure systems (eth, solano) and lies being told to people about who owns it and controls it.”
One user questioned who would control Web 5 while also referencing, that Web 2 was controlled by techno entrepreneurs and Web 3 was controlled by venture capitalists. Jack Dorsey says Web 5 will be controlled by the people, then continued with “RIP web 3 VCs.”