Jack Dorsey, the former CEO of Twitter and a company called Block, has announced some new news regarding blockchain technology.
He made the tech world buzz with his new project built on Web 5.0 technology, beating the Web 3.0 that crypto is using today.
Former CEO of Twitter Promotes Web 5.0
Jack Dorsey has just announced via his company Block that a new project will be called TBD.
TBD is rumoured to be a new way of interacting on the internet, beating Web 3.0 and passing Web 4.0, which hasn’t even been formed yet.
Through TBD’s Twitter account, there is a complete explanation in the form of Google Slides about how Web 5.0 will work.
In essence, the company wants to create a way of communicating, especially by using data on the internet, which is considered more secure. Later it was reported that TBD would still use blockchain but would like to take advantage of the Bitcoin Blockchain, Jack Dorsey’s favorite blockchain.
Jack Dorsey feels that current Web 3.0 technologies are still not entirely decentralized. So he wanted to create a truly decentralized technology.
This means that with Web 5.0, there will be no one party controlling user data and all operating systems because they are spread democratically.
With the publication of TBD, Jack Dorsey looks confident with his tweets on Twitter stating that companies funded by investors and venture capital companies will die.
He added that if Web 5.0 is successful, this is the Block company’s most significant contribution to the internet world.
While the technology is highly innovative, many investors are responding with bewilderment. Because there is currently no Web 4.0 and many individuals are still confused with Web 3.0, Jack Dorsey pushed for Web 5.0.
Responding to this confusion, the whitepaper in Google Slides explains the advantages of Web 5.0 over current Web 3.0.
What are the advantages?
Web 5.0 emerged because Web 3.0 uses blockchain technology and a decentralized system. But Jack Dorsey feels Web 3.0 technology is still less decentralized and less optimal.
With Web 5.0, Jack Dorsey wants to take advantage of what he thinks is the best blockchain in the world, namely the Bitcoin Blockchain.
Through Web 5.0, Jack Dorsey wants to make the Bitcoin Blockchain more secure from the damage of multiple transactions.
In addition, with Web 5.0, Bitcoin transactions will move more the same as ordinary money transactions, namely from one individual to another but more smoothly so that they can be widely adopted.
Later there will be several different technologies from TBD related to the integration of Web 5.0 with Bitcoin, such as Decentralized Identifiers (DID), Decentralized Web Node (DWN), Self-Sovereign Identity Service (SSIS) and Self-Sovereign Identity Software Development Kit (SSI-SDK). In essence, Web 5.0 aims to simplify the decentralized system, especially from the developer side.
Later, everything is decentralized, so developers only need to focus on the appearance to make it easier for users to use the application.
In addition, the goal is for data storage to occur purely decentralized manner, and there is no data manipulation from the application owner, thereby maintaining user security. For now, there is no individual pushing for the creation of Web 5.0 as it is still moving around the TBD and Jack Dorsey team.
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