Web3 hasn't come out yet, Jack Dorsey has created Web5

 The Twitter co-founder wanted Web5 to be a Bitcoin-based decentralized identity and data store

In Dorsey's vision, with the current web model, users don't really own their data and identities. They are given accounts, data and stored in application stores by Internet companies. So Web5 was born to solve the problems of a decentralized Internet. On their homepage, TBD almost does not mention cryptocurrency, blockchain, only once they mention the Ion project - a digital identity network running on Bitcoin.

In an interview with CoinDesk, a TBD representative said: "Identities and personal data have become third-party assets. Web5 will store decentralized identity and data into personal applications. This allows app publishers to create more enjoyable experiences while users return ownership of their data and identities."

In fact, what TBD describes about Web5 has many similarities with Web3, but Dorsey wants to build is an Internet completely free of the appearance of venture capitalists who consolidate control or control. get rich by issuing or investing in crypto projects.

Therefore, the Web5 development mechanism does not involve the sale of tokens to raise capital. They use the Sidetree protocol with no need for trusted validators or any consensus mechanism. Web5's currency layer system will be built on the basis of Bitcoin and technologies related to cryptography and computer science.

One of the reasons Dorsey developed Web5, ignoring the role of venture capitalists was because he did not like these funds. He believes that Web3 and related projects are being dominated by investors with a series of cryptocurrency projects.

At the end of December last year, Dorsey once caused controversy when he wrote on his personal Twitter: "You don't own the Web3. Only venture capitalists and their partners really own the Internet. Users will never. out of their control. In the end everything is still a centralized entity under a new name. You should know what you're getting into."

The Twitter founder asserted that Web5 "may be our most important contribution to the Internet".

Not everyone agrees with Dorsey's vision, however. Some people agree with him about building a decentralized internet, without venture capital firms or cryptocurrency projects. But others are skeptical.

Jim My, founder and CEO of NFT42, thinks that CEO Block simply renamed Web3 to Web5. Jim My's comment received much support from the community. Kennyatta, a Web3 researcher, said: "I really wanted to know what led him to believe that Web3 lacks decentralization so much that we have to skip talking and jump to the next stage, which he describes as Web5 ?". In response, Jack Dorsey said: "Simply the current platform systems are flawed and people are still lying about who actually controls and owns user data."

The day after Dorsey's announcement about Web5, rapper Snoop Dogg posted a joking tweet: "Working on Web6". This shows that the future of the Internet, including Web3 and Web5, has not really taken shape, and the community continues to argue about the future of the Internet.

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