Former Twitter CEO Jack Dorsey has announced a new platform on Twitter called ‘Web5’, a combination of Web3 and Web 2.0, built on the Bitcoin blockchain.
The platform pledges to fix the issue of securing personal data. On its website, the company explains: “We struggle to secure personal data with hundreds of accounts and passwords we can’t remember. On the web today, identity and personal data have become the property of third parties.”
Developed by the Block Head, one of the Bitcoin business units at Dorsey’s Block (formerly Square), the platform “lets developers focus on creating delightful user experiences while returning ownership of data and identity to individuals.”
Unlike Web3, which is largely owned by various venture capitalists and limited partners, Web5 is going to be controlled by individuals. To do this, the platform will fulfill 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). According to Namcios, Web5 utilizes ION, which they describe as an “open, public and permissionless DID network that runs atop the Bitcoin blockchain.”
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