If you’re a fan of Twitter, you probably know that Jack Dorsey is one of the co-founders. You might also know that he’s the CEO of Square Inc., which makes credit card readers for smartphones and tablets.
But did you know that he’s currently working on a new project? He’s been in talks with his team to develop a new internet protocol called Web5, which will be based on decentralised web nodes, wallets and decentralized web apps (DWAs).
Jack Dorsey, CEO of social media giant Twitter, announced ‘Web5’, a new platform that is built on the combination of Web2.0 and Web3. This new platform promises to ensure securing the personal data of users, a persistent concern with the ever-widening use of the internet.
According to Dorsey’s website, Web5 aims to bring decentralized identity and data storage to applications. “It lets developers focus on creating delightful user experiences while returning ownership of data and identity to individuals.”
What is Web5
Developed by The Block Head (TBH), Web5 is one of the Bitcoin business units at Dorsey’s Block, earlier called Square. The Web5 platform distinguishes itself from Web3 in how it claims to store user data. Unlike Web3 which uses blockchain technology and smart contracts for storing data, Web5 uses encrypted private keys that are never stored in any central location but instead distributed across all network participants’ computers or devices when creating an account with them.
According to Dorsey, Web3 is controlled by venture capitalists and limited partners. In Web5, users will be able to own their data, and they will be able to “control their identity”. The use cases will be able to “control their identity”. They will be supported by wallets,
About the The Block Head (TBH)
The Block Head is a new web framework, built on Web5. It promises to offer users the ability to own their data and control it, rather than having it stored in a single point of failure system.
Twitter CEO Jack Dorsey recently discussed the difference between Web3 and Web5 with a Twitter user. According to Dorsey, Web3 is run by venture capitalists and limited partners who control its use cases. Web5 will allow users to own their data and control their identity.
Dorsey claims that this will be possible through wallets, decentralized web nodes (DWNS) and decentralized web apps (DWAS).
The Block Head’s purpose is for users to own their data. Citing an example, it says Bob, a music enthusiast hates having his data locked to a single vendor. It forces him to find his favorite music across different music apps. By using Web5, Bob can keep this data in his decentralised web node.
This year, the web has been through some changes.
In 2019, we saw the rise of Web3—which promised to decentralise the internet and give users control of their data. But then, just a few months later, we saw the fall of Web3—as its key players fell under scrutiny from regulators and governments.
So what does this mean for you? Well, it means that you need to be careful about where you store your data—and who has access to it.
That’s why The Block Head is working on Web5: a new way to decentralize the web that will let people take back control of their own data! We want everyone to be able to keep this data in their own wallets or nodes—and then use it however they want.
Web5 is the next step in the evolution of the internet, and it’s one that could change everything about how we use our devices and interact with one another online.
It’s possible that you’ve heard of web3—the new iteration of the internet that’s supposed to be more decentralised and transparent than its predecessors. But what does that mean exactly? And why should you care about it?
Well, for starters, it means that there will be fewer restrictions on your data. Rather than being locked into one platform or app, your information can flow freely between different services without having to worry about losing it or having it stolen by hackers (a growing concern).
And if something bad happens to one service provider, your data isn’t necessarily lost forever—you just need to find another vendor who can store what you want them to store.
You might also have heard about blockchain technology before—it’s a type of ledger system that allows information to be stored securely on a network where no single person has control over any part of it.