Jack Dorsey announced at Consensus 2022 that TBD, the Bitcoin arm of Block, is working on a new vision for the internet – something it is calling web5. The potentially revolutionary technology will be designed to allow users to take control of their own data rather than giving it away to third parties. The mission statement for TBD reads,
“We believe in a decentralized future that returns ownership and control over your finances, data, and identity. Guided by this vision, TBD is building infrastructure that enables everyone to access and participate in the global economy.”
The evolution of the web
TBD believes that the evolution of the internet puts “individuals at the center.” In the first web version, most of the content was static HTML except for forums and chat protocols such as IRC. The social media evolution led to what is known as web2 and allowed users to interact with centralized applications such as Facebook.
Twitter and MySpace to create their own content and share information in real-time. With the invention of Bitcoin and blockchain, the world is now moving towards web3, which centers around decentralized applications using zero-knowledge proofs to secure data, tokenized content, and protect users’ identities.
While web3 has yet to establish itself as the dominant technology of the internet, Jack Dorsey believes it is already time for a change. This change comes from what he calls web5, which will be built on top of Bitcoin, where data is stored with the user, not the application. The amalgamation of web2 and web3 creates web5 for those confused about where web4 went. The slide below illustrates the difference between the current internet and web5.
No tokens in web5
Web5 will be built on top of Bitcoin and will not require any other tokens to function. The idea of web5 is a Bitcoin maximalist approach to innovation that, if successful, could eliminate the need for any cryptocurrency other than Bitcoin. Mike Brock, Head of TBD, confirmed, “No. There are no tokens to invest in with web5. Kthx.” He also took a shot at web3, saying,
“Some people seem to think we are joking about web5 and we are not for real working on it. I promise you, that we are for real working on it. It will actually exist, unlike web3.”
Dorsey backed up this sentiment declaring, “this will likely be our most important contribution to the internet. proud of the…
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