An insight into Jack Dorsey’s Web5 powered by Bitcoin

Jack Dorsey, the co-founder and former CEO of Twitter and the founder and principal executive officer of Block, is planning to build a new decentralized web. Jack Dorsey’s Bitcoin-focused TBD business unit, which is also a subsidiary of Block Inc, plans to work on this new venture of the firm called Web5.

Web5 is based on the principles of Web3, a decentralized version of the internet that uses blockchain technology and cryptocurrencies. As per Bitcoin Magazine, Dorsey believes that Web3 is building the right firm but is using the wrong tools. 

The technology behind Web5?

Web5 will leverage Bitcoin, the pioneering decentralized blockchain network, along with numerous computer technologies to build the new version of the Web. TBD will use “decentralized identities, data storage, and applications in which the users are in control of their personal information.”

According to the report from Bitcoin Magazine, the first publication devoted exclusively to Bitcoin and founded by Vitalik Buterin:

“TBD’s Web5 is made up of software components and services such as decentralized identifiers (DIDs), decentralized web node (DWNs), self-sovereign identity service (SSIS), and a self-sovereign identity software development kit (ssi-sdk)”

Jack Dorsey on Block

According to CNBC, Jack Dorsey doesn’t want Block to be known as a payments company anymore. The San Francisco-based company had recently expanded into the music-streaming business with Tidal and plans to build an entire “ecosystem” in the near future. It seems that Web5 will be an integral part of this ecosystem. 

“Calling Block a payments company is like calling Amazon a bookseller,” Block CFO Amrita Ahuja told CNBC in a phone interview. “We’ve grown in so many different ways across multiple dimensions.”

While Dorsey is building Web5 and plans to leverage Bitcoin, he had earlier stated that there are concerns when it comes to using BTC as a payment method, as noted by TheCoinRise.