Is Web 3 dead? The new Web 5 is supposed to revolutionize the Internet.
Block CEO Jack Dorsey is promoting the new Web 5, which will be based on the Bitcoin blockchain. The Twitter co-founder wants to create a new form of decentralized Internet together with TBD. Dorsey described the Web 5 as “our most important contribution to the new Internet” and tweeted: “Rest in Peace Web 3 venture Capital Fund”.
With the new Web 5, Dorsey wants to advocate for a truly decentralized Internet with self-ownership and sovereign users. In an earlier Tweet Dorsey has already warned about the dangers of Web 3:
The “Web 3” is not yours. It is owned by venture capitalists (venture capital funds) and liquidity providers. It will never escape your incentives. The Web 3 is ultimately a centralized entity with a different label. You should know what you are getting into.
Bitcoin, Web 3 and Web 5
The Web 5 is based on the idea of the Web 3, which is also intended to create a decentralized Internet using blockchain and crypto technology. However, supporters of the Web 5 assume that the wrong technologies are used for the development of the Web 3. Bitcoin is supposed to be the solution for the new Internet.
The Web 5 uses the blockchain technology used by Bitcoin to solve the double-spending problem and enable digital peer-to-peer transactions. In addition, TBD is working on other technologies, such as decentralized identifiers (DID), decentralized web nodes (DWN), a self-managed identity service (SSIS) and a software development kit for self-managed identities (SSI SDK).
The decentralized identifiers were based on ION, a layer 2 solution of Bitcoin. This allows users to create their own, censorship-resistant identities over which no central entity has control. On this basis, the DWAs should then be created. The data is managed by the decentralized webnodes.
According to Mike Brock of TBD, there should not be any tokens with which you can invest in the new Web 5.
Jack Dorsey and Jay-Z Promote Crypto Academy
Jack Dorsey is not just promoting a new, decentralized Internet. The Bitcoin enthusiast is financing a new Bitcoin Academy together with rapper Jay-Z. With this, the two businessmen would like to bring blockchain technology closer to young people in particular and help them become financially independent with crypto. The courses start in mid-June and end in late September and take place both online and live at the Marcy Houses, the social housing facility in Brooklyn, New York, where Jay-Z is from.
In addition, the two launched “trust trust”, a Bitcoin development fund to support people in Africa and India. They initially invested 500 BTC (then the equivalent of 24 million US dollars). This is one of the largest funds of this kind.
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