Former Twitter CEO develops a new format for identifying users on the Internet

Crypto communities are actively promoting the Web3 concept. Web3 seeks decentralization so that people on the Internet are less dependent on providers or owners of popular services. This, in turn, should make the Internet safer in terms of data security.

In 2021, the first thoughts about what web4 will become appeared. In short, version 4 of the web should change the relationship between humans and robots, and they will become symbiotic. People will have constant access to robots, and everyday life will become more and more dependent on machines. Thanks to artificial intelligence, systems will learn people better and understand what they need more accurately. Virtual and augmented reality will become the most popular.

A few days ago, at the CoinDesk Consensus festival (where Edward Snowden also spoke), former Twitter CEO Jack Dorsey announced the creation of web5.

While web3 incorporates blockchain technology and tokenization to decentralize the internet, web5 is seen as an identity-based system that uses only one blockchain: bitcoin. Development is already underway within a division called TBD, but no release date has been announced.

When asked about the reason for creating the web5 platform, Dorsey replied that «the idea is based on refusing to accept the lies broadcast by projects like Ethereum or Solana. They lie to people about who owns and controls these networks.» Dorsey doesn’t believe that web3 will ever become truly decentralized and denies that web3 projects are decentralized today.

Back in December 2021, the founder of Twitter wrote that web3 is not owned by individuals, but by venture capitalists and their partners: «In the end, it’s a centralized organization in a different package,» he concluded. After that, one of the founders of the a16z fund banned him on Twitter. This is logical, since a16z is one of the largest investors in web3 startups.

Web5, like web3, will allow users to interact without intermediaries. This theoretically means there is no threat from the government and its censorship or interruptions in centralized services. TBD CEO Mike Brock had this to say: «We're moving forward with web5, although I recognize that it’s a pretty provocative challenge to a lot of assumptions about what decentralization of the Internet means.»

It is interesting to note that Dorsey, a serial entrepreneur, has always been successful in bringing his projects to completion and financial efficiency. And despite the ambitiousness of his plan, it looks realistic, and secondly, extremely clear. Will Dorsey be right? We’ll see…