What is Web 5? Jack Dorsey announces a new platform built on Bitcoin Blockchain

Jack Dorsey tbd web theblock: Jack Dorsey, the former Twitter CEO, announced a new platform on Twitter called ‘Web5’. It is a combination of Web3 and Web2.0 built on the bitcoin blockchain. Web5 promises to fix the issue of securing personal data. As per Twitter, “We struggle to secure the personal data hundreds of accounts and passwords we can’t remember. On the web today, identity and personal data have become the property of third parties.” Web5, the potentially revolutionary technology will be designed to allow the users to take control of their own data rather than giving it away to the third parties.

this will likely be our most important contribution to the internet. proud of the team. #web5

(RIP web3 VCs 🤫)https://t.co/vYlVqDyGE3 https://t.co/eP2cAoaRTH

— jack (@jack) June 10, 2022

What is Web5?

Web5 is developed by The Block Head (TBH) which is one of the Bitcoin Business units at Jack Dorsey’s block (formerly square).

Web5 brings decentralized identity and data storage to applications. As per Twitter, Web 5 lets developers focus on creating delightful user experiences while returning the ownership of data and the identity to individuals.

Web5 platform: Key Detail

Web5 platform is built to provide two core use cases: individuals will have the ability to ‘own their data’, and they will be able to ‘control their identity’. These use cases will be supported by wallets, decentralized web nodes (DWNS), and decentralized web apps (DWAS).

Explaining how Web5 wants individuals to have the ability to ‘own their data’

A new platform on Twitter ‘Web5’ wants individuals to have the ability to ‘own their data’. For example, Alice holds a digital wallet that securely manages her identity, data, and authorizations for the external apps and connections. Alice uses her wallet to sign in to a new decentralized social media app.

However, as Alice has connected to the app with her decentralized identity, she does not need to create a profile, and all the connections, relationships, and posts that she creates through the app are stored with her, in her decentralized web node.

With the use of Web5, Alice can easily switch apps whenever she wants, taking her social persona with her.

Web5: What is the difference between traditional Web2 and new Web5 ecosystem?

The difference between the traditional Web2 applications and the new Web5 ecosystem is that in Web2, progressive web apps relay information directly to the centralized servers within the minimal cached details stored with the users. While Web5 works through the decentralized web nodes that are owned by the users instead of a centralized server.