Jack Dorsey’s company TBD presented a project of a new Internet network based on the Bitcoin blockchain. It is called Web5, which means the fusion of the classical centralized Internet (Web2) and decentralized Web3 technologies.
Web5 is based on the premise that for all its advantages Web3 remains a non-ideal technology. It lacks the right tools to give better integration and data protection.
Web5 uses the BTC network and third-party software components. When they work together, they create a new ecosystem of data storage and applications. In this system, users have complete control over their personal information.
Thus, one component of Web5 will be DID – decentralized identifiers. It uses an open, public and permission-free Layer 2 network running on the BTC blockchain. This mechanism is based on Sidetree, a protocol that does not need any special tokens, trusted validators or additional consensus mechanisms.
In a practical sense, Web5 protects personal data by negating the risk of transfer to third parties. Ownership forever remains solely with the user.
In his Twitter, Dorsey is not modest and calls his development “the most important contribution to the Internet”.