Jack Dorsey’s TBD Is Building an 'Extra' Decentralized 'Web5' on Bitcoin

[Jaya60]

But Jack, what happened to Web4?
Dorsey’s TBD, a subsidiary company within Block (previously known as Square), announced today that it is building “Web5: An extra decentralized web platform.”Dorsey also took a not-so-subtle shot at "Web3," which refers to the next iteration of the internet—one that its proponents argue will return the ownership of data to users through decentralized technologies like blockchain networks.

“RIP web3 VCs,” Dorsey tweeted.

Dorsey has in the past been critical of current Web3 models that rely on venture capital funding, singling out Andreessen Horowitz in particular. His use of "Web5" appears to be another deliberate, and cheeky, way to publicly address those concerns.

In terms of what Dorsey's Web5 will actually do, TBD’s website states that the current iteration of the internet is still missing an “identity” layer.more