• Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
Wednesday, August 17, 2022
Online Crypto College
Advertisement
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading
No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading
No Result
View All Result
Online Crypto College
No Result
View All Result

Jack Dorsey’s Block To Develop a Bitcoin-Powered Web5

June 12, 2022
in Crypto News
Reading Time: 3 mins read
A A
ShareShareShareShareShare

Related articles

Is Bitcoin really a hedge against inflation?

August 16, 2022

Price Primed to Hit $22,500 This Month-End

August 16, 2022

  • Dorsey and his team want to skip Web3 and focus on a Web5 built around Bitcoin.
  • Dorsey believes that Web3 can’t achieve true decentralization.

An official statement by TBD (one of the subsidiaries of Dorsey-owned Block) states that the company is planning to develop a new decentralized web. The announcement added that Bitcoin would be the cornerstone of this new web.

Dorsey explores a new project

The new development confirms Dorsey’s belief that Bitcoin has a major role in the evolution of the internet. This new project, known as Web5, is Dorsey’s newest project following his resignation as Twitter CEO last November. The current focus in the community, Web3, decentralizes the internet using tokenization and blockchain technology.

However, Dorsey and his team plan to deploy Web5 as a system that uses only the Bitcoin network for identity management. One of the popular Twitter crypto members, Namcios, explained the principles behind Web5 in a Twitter thread.

Namcios gave a detailed explanation of the software components that make up this technology. He explained that the various features enhance users’ experience and make identity management possible in a decentralized manner. Namcios added that Web5 uses ion, an open, public permissionless DID network.

1/ Jack Dorsey’s @TBD54566975 unit has just announced it is building “Web5”.

This new decentralized web leverages #Bitcoin to put users back in control of their data and identity – once and for all.

Here’s a thread with all you need to know 🧵… pic.twitter.com/TpW8OvuyKX

— Namcios (@namcios) June 10, 2022

The Bitcoin network solely powers this network. A TBD’s product lead, mike brock, also said, “let me clear everyone’s thoughts about this new web. It has no tokens for which anyone has to invest.” One of the project’s developers Daniel Buchner added that “the Web5 is almost close to completion. We are almost done with the technical aspects of it.”

The importance of having a web platform built on Bitcoin

According to the Web3 foundation website, the DID is a decentralized identifier that makes digital identity decentralized and verifiable. In essence, Web5 is a decentralized web platform that developers can use to establish decentralized web apps (DWAS).

Also, users can control their identity because they own their data. Thus, eliminating the need for users to grant similar approval to third-party companies. Presently, third-party companies seek users’ consent for apps to access user data.

The TBD prototype documents explain that developers can use the DIDs and decentralized nodes to develop these decentralized web apps. The document further states that there would be a monetary network on Web5 which utilizes BTC.

This reflects Dorsey’s opinion that BTC will eventually be the native currency of the online world. Many industry analysts claim that Dorsey’s decision to develop Web5 was because he believed that it was unlikely that Web3 to reach true decentralization.

The Twitter founder is one of the most vocal critics of Web3 and those investing in its development. Last December, Dorsey stated on Twitter that VCs and their partners are the true owners of Web3 and not the individuals. He further said, “it is essentially a centralized structure put under another name.”  Meanwhile, Tesla CEO, Elon Musk, has claimed that dogecoin can create web69 once it is possible for Jack and Bitcoin to create Web5.

 


Credit: Source link

ShareTweetSendPinShare
Previous Post

Bank of Uganda welcomes digital asset firms into its regulatory sandbox

Next Post

DAOs experience 8x growth in 12 months

Related Posts

Is Bitcoin really a hedge against inflation?

August 16, 2022

Covered: BTC v. Inflation While Bitcoin (BTC) has failed in countering this year’s rampant global inflation, it should still be...

Price Primed to Hit $22,500 This Month-End

August 16, 2022

Bitcoin price has now been rejected from $24,000 for the ‘nth’ time from now and appears to slash hard below...

Pugglit Inu, BNB, and Uniswap

August 16, 2022

It is possible to witness a very positive period for many investors in the cryptocurrency markets. It can be seen...

Terraform Labs CEO Do Kwon Opens Up About Catastrophic Crash

August 16, 2022

The Terra Founder, who has been relatively quiet till now, has given the first interview since the crash of the...

Parity Technologies And Watr Foundation Aim To Transform Ethical Commodities

August 16, 2022

Africa is a curious region when it comes to cryptocurrency and blockchain. It would obviously benefit from more dedicated efforts...

Load More
Next Post

DAOs experience 8x growth in 12 months

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Parity Technologies And Watr Foundation Aim To Transform Ethical Commodities

August 16, 2022

Interlay launches Bitcoin-backed stablecoin iBTC on Polkadot network

August 15, 2022

Shiba Inu Trading Volume Spikes 500%, Burn Rate Jumps 250% in 24 Hours

August 10, 2022

COIN share price plunges 10% as Coinbase’s net loss widens to $1 billion

August 10, 2022

Lawmakers want the OCC to take banks’ crypto capabilities away

August 12, 2022

About Us

This is an online news portal that aims to provide the latest Crypto news, Altcoins, blockchain, regulations and much more stuff like that around the world. Feel free to get in touch with us!

What’s New Here!

  • Crypto Can’t Shake the Correlation Narrative; BTC, ETH Sink but Meme Coins Rise
  • Why This New NFT Integration May Be What Cardano Needs To Break $0.6
  • Is Bitcoin really a hedge against inflation?

Newsletter

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 - OnlineCryptoCollege.com - All rights reserved!

No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading

© 2018 JNews by Jegtheme.

  • bitcoinBitcoin(BTC)$24,035.000.13%
  • ethereumEthereum(ETH)$1,896.640.96%
  • tetherTether(USDT)$1.000.18%
  • usd-coinUSD Coin(USDC)$1.000.38%
  • binancecoinBNB(BNB)$317.740.57%
  • cardanoCardano(ADA)$0.572.59%
  • rippleXRP(XRP)$0.3855454.02%
  • Binance USDBinance USD(BUSD)$1.000.20%
  • SolanaSolana(SOL)$43.911.79%
  • dogecoinDogecoin(DOGE)$0.0852609.20%
  • polkadotPolkadot(DOT)$8.983.39%
  • Shiba InuShiba Inu(SHIB)$0.0000163.54%
  • Lido Staked EtherLido Staked Ether(STETH)$1,843.251.36%
  • AvalancheAvalanche(AVAX)$27.530.55%
  • matic-networkPolygon(MATIC)$0.950.43%
  • daiDai(DAI)$1.000.19%
  • tronTRON(TRX)$0.0701492.33%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$24,020.000.47%
  • ethereum-classicEthereum Classic(ETC)$40.57-1.43%
  • OKBOKB(OKB)$21.410.59%
  • leo-tokenLEO Token(LEO)$5.36-0.42%
  • litecoinLitecoin(LTC)$63.585.65%
  • FTXFTX(FTT)$30.950.72%
  • NEAR ProtocolNEAR Protocol(NEAR)$5.340.39%
  • chainlinkChainlink(LINK)$8.590.25%
  • UniswapUniswap(UNI)$8.461.75%
  • CronosCronos(CRO)$0.1519080.08%
  • cosmosCosmos Hub(ATOM)$11.623.43%
  • stellarStellar(XLM)$0.1255902.80%
  • moneroMonero(XMR)$169.884.21%
  • FlowFlow(FLOW)$2.700.60%
  • bitcoin-cashBitcoin Cash(BCH)$143.035.36%
  • Aerarium FiAerarium Fi(AERA)$7.15-13.10%
  • algorandAlgorand(ALGO)$0.3588120.94%
  • vechainVeChain(VET)$0.0313421.44%
  • filecoinFilecoin(FIL)$8.685.73%
  • Internet ComputerInternet Computer(ICP)$7.933.65%
  • ApeCoinApeCoin(APE)$6.352.71%
  • decentralandDecentraland(MANA)$1.050.87%
  • ChainChain(XCN)$0.0853911.55%
  • The SandboxThe Sandbox(SAND)$1.29-0.42%
  • tezosTezos(XTZ)$1.979.48%
  • HederaHedera(HBAR)$0.0779010.86%
  • QuantQuant(QNT)$121.237.59%
  • Axie InfinityAxie Infinity(AXS)$18.11-0.64%
  • eosEOS(EOS)$1.6128.62%
  • AaveAave(AAVE)$110.191.09%
  • Lido DAOLido DAO(LDO)$2.660.44%
  • theta-tokenTheta Network(THETA)$1.480.26%
  • FraxFrax(FRAX)$1.000.95%