If you've been around the Internet for the past decade, you probably know who Jack Dorsey is.
Former Twitter CEO, Co-Founder of the blue bird social media platform, Entrepreneur, Programmer, and Philanthropist…
But also an avid idea man aware of Blockchain technology's benefits and how Blockchain applications could benefit humankind.
He made an exciting announcement not long ago, which could potentially change the Internet as we know it.
But, what is it?
A new web platform? A decentralized structure for Web3 applications? Are we witnessing the new big thing on the Internet?
Don't sweat it — we'll explain what all of this means in today's blog.
So sit tight, read carefully, and enjoy!
Jack Dorsey is mainly known for being one of Twitter's Co-Founders in 2006 and CEO of the company from 2015 to late 2021.
According to Crunchbase, Jack Dorsey has had other 4 roles in the Internet Industry — mainly in the Web2 digital economy.
This entails being Co-Founder & CEO of Cash App, Co-Founder & CEO of Block (formerly known as Square), and several other investment ventures, such as…
Some other facts, as Forbes lays out, include:
Jack Dorsey is also an avid investor, given his keen eye for early entries and entrepreneurial efforts.
An idea man, like some people say.
And lately he's been more active than usual… Sharing shocking news for the Web3 community. Exciting news, to say the least.
Before deep diving into the subject… Let's set some foundations.
As you probably know, Web3 is still in the build.
That means we're witnessing the early rise of an entire Blockchain-based digital economy. Many genius minds are working together to decentralize the Internet. Web3 designers, copywriters, UX experts, and investors are pushing in the same direction.
But that won't stop visionaries from ideating the next generation of tech.
That is words less, words more, what Jack Dorsey hinted.
See — the whole point of Web3 is making transactions straightforward.
Faster. Safer. With way less friction.
And it's not only about Crypto. It's also about information exchange. Identity protection. And, furthermore, personalization.
Web3 is here to fix what Web2 ruined — and this century's great minds are already plotting ways to make all of this happen sooner.
Now, Jack Dorsey has raised the bar in that sense.
On June 10th, one of Block's subsidiaries released a statement saying that they are building a web platform called Web5, designed to decentralize data and give users the ability to control their identity.
More on that, Jack Dorsey has spoken against Web3 as it is currently conceived, just like Barron's says in their article:
"Dorsey has also been an outspoken critic of "Web3," an amorphous sector of venture-capital-backed companies, blockchains, and tokens that is attempting to rebuild much of the modern Internet in a more decentralized manner. Dorsey and others think that Web3 is in reality just pseudo-decentralization, with power concentrated in a few major platforms and VC firms. (There is no "Web4"; Dorsey just skipped that number.)
Block says they want to build Web5 on top of the Bitcoin network, giving users control over their own finances and data. That might sound good, but for now, investors aren't getting much more than a slide deck and a few snarky tweets. (Dorsey wrote "RIP web3 VCs" in one missive.) They are nonplussed."
Does this mean that Jack Dorsey is trying to fix Web3, by creating a revamped version?
It pretty much seems like it.
Again, this is all in the building phase. So what we say from now on will be backed by Jack's pitch deck for the Web5 project.
Now, talking about Jack Dorsey's Web5 project…
It'll be entirely and heavily based on Crypto and Blockchain technology. In fact, we could safely say it's the backbone of the entire Web5 project.
Just like he said… In his opinion, it'll be the most significant contribution to the Internet.
But enough preambles here.
Euro News explains Web5's expansion plans here:
"According to the launch plans, the Web5 project will provide a decentralised web platform that enables "developers to leverage Decentralised Identifiers, Verifiable Credentials, and Decentralised Web Nodes to write Decentralised Web Apps, returning ownership and control over identity and data to individuals".
In essence, the project is based on the idea that Web3 – which aims to create a decentralised web using blockchain, crypto and similar tech – has the right intention but the wrong execution.
Web5 supposedly aims to tackle this problem by using different tools than Web3, which gives more power and control to the everyday internet user."
Essentially, Jack Dorsey and his team believe that Web3 has a great potential to change the Internet. However… The execution is wrong.
Because it lacks to address the Identity side of it.
There's a void.
And that void should be filled by building an extra-decentralized web platform that puts the user in real control of their data and, overall, identity.
In fact, they deep dive into the subject, explaining that currently, Web3 relies on centralizing identity and data — yet, with Web5, the user would be in absolute control of their data and identities through web nodes. Decentralized web nodes.
Following up with Euro News here in regards to Web5's potential benefits…
"One key example could be a digital wallet that securely manages identity, data, and authorisations for external apps and connections.
The wallet would then be used to sign in to a new decentralised social media app, negating the need to create an entirely new profile.
Instead, all the connections and relationships and posts it creates will then be stored through the decentralised web node for future use on different apps.
This gives power back to the consumer, rather than third-party companies, and allows better control over the flow of our data."
That said… Web5 aims to build a new phase of Web3, fixing most of their most passionate critics' objections.
All through the power of Bitcoin and Blockchain technology.
Like Forbes India says:
"Web5 is developed by the Block Head (TBH), one of Dorsey's Block's business units. The Product Lead at TBD, Mike Brock, clarified that, "there are no tokens to invest in with Web5." In Web5, individuals will have ownership of their data and control over their digital identity, supported by decentralised web nodes (DWNS), decentralised web apps (DWAS), and wallets.
The platform is essentially a DWP i.e., a decentralised web platform. TBD's prototype documents show that Web5 will allow its users to create decentralised web apps and nodes via DID. DIDs, as described by the Web3 Foundation, are decentralised identifiers that enable 'verifiable, decentralised digital identity.' Dorsey believes that digital assets will one day become the Internet's native currency. Hence, the platform will also have a monetary network centred around Bitcoin."
What's more — Web5 will use Bitcoin's identity protection system to provide real data security and next level control over personal information.
But why Bitcoin?
Because that's where real decentralized systems are — according to Jack Dorsey's latest claims.
Like Cointelegraph says, quoting Jack Dorsey:
"Dorsey's motivation for pursuing a new web development model may stem from his belief that Web3 will never achieve true decentralization. The Block CEO has publicly criticized Web3 and the venture capital community that supports its development. In December 2021, Dorsey tweeted that individuals don't own Web3 — VCs and their limited partners do. "It will never escape their incentives," he said. "It's ultimately a centralized entity with a different label."
However… Will it succeed?
That's on us to find out. Time will tell. But if someone knows about innovation and thinking ahead of time… That's one of our pal's best attributes. Better call Jack here.
And you’ll find out here first.
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