fbpx
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
Saturday, April 1, 2023
Online Crypto College
CREATE FREE ACCOUNT
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login
No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login
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
Jack Dorsey’s Block To Develop a Bitcoin-Powered Web5
ShareShareShareShareShare

Related articles

Bittrex Bids Farewell to US Crypto Market Amid Regulatory Turmoil

Bittrex Bids Farewell to US Crypto Market Amid Regulatory Turmoil

April 1, 2023
Can Dusk Network Address The Challenges Posed By The Data…

Can Dusk Network Address The Challenges Posed By The Data…

April 1, 2023

  • 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

Bittrex Bids Farewell to US Crypto Market Amid Regulatory Turmoil

Bittrex Bids Farewell to US Crypto Market Amid Regulatory Turmoil

April 1, 2023

Crypto Live News Bittrex, a Seattle-based cryptocurrency exchange, has announced it will wind down its US operations due to the...

Can Dusk Network Address The Challenges Posed By The Data…

Can Dusk Network Address The Challenges Posed By The Data…

April 1, 2023

The EU Data Act has been criticized for its “one size fits all” approach. It also included a proposal to...

Shiba Inu price stalls. Investors scramble to DigiToads presale!

Shiba Inu price stalls. Investors scramble to DigiToads presale!

March 31, 2023

DigiToads is a meme coin that is built on the Ethereum protocol. It is a versatile ICO that offers its...

SHIB the metaverse forges partnership to build diversity in crypto

SHIB the metaverse forges partnership to build diversity in crypto

March 31, 2023

SHIB The Metaverse, The International Women of Blockchain (IWB), and NOWPayments have collaborated to build diversity in the Web3 ecosystem....

Ethereum Shapella upgrade set for April says lead developer – Will this drive ETH to $3,000?

Ethereum Shapella upgrade set for April says lead developer – Will this drive ETH to $3,000?

March 31, 2023

Source: Visual Generation - Shutterstock The team at Ethereum has announced in a recent blogpost that the highly anticipated Shapella...

Load More
Next Post
DAOs experience 8x growth in 12 months

DAOs experience 8x growth in 12 months

Leave a Reply Cancel reply

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

BitKeep Compensates Users After $8M Hack

BitKeep Compensates Users After $8M Hack

March 30, 2023
Economist Peter Schiff Warns of US Dollar Devaluation and ‘Biggest Economic Disaster’ in History – Economics Bitcoin News

Economist Peter Schiff Warns of US Dollar Devaluation and ‘Biggest Economic Disaster’ in History – Economics Bitcoin News

March 31, 2023
FTX Founder Bail Agreement | Blockchain News

FTX Founder Bail Agreement | Blockchain News

March 29, 2023
Coinbase Identifies Four Key Innovations for its Layer-2 Network

Coinbase Identifies Four Key Innovations for its Layer-2 Network

March 27, 2023
Brics Considering New Currency To Eliminate The Role Of The US Dollar

Brics Considering New Currency To Eliminate The Role Of The US Dollar

March 31, 2023

About Us

We provide the latest crypto news, trading tools, and up-to-date education to students and traders all over the world.

ENROLL FOR FREE

Latest Crypto Headlines

  • Bittrex Bids Farewell to US Crypto Market Amid Regulatory Turmoil
  • Avalanche Launches Avaissance to Boost NFT Ecosystem
  • Can Dusk Network Address The Challenges Posed By The Data…
  • FTX EU Launches Website for Customer Withdrawal Requests
  • Matt Damon Shares Story Behind His Crypto Commercial – Featured Bitcoin News
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login
  • 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 For Free
  • Login

© 2018 JNews by Jegtheme.

  • bitcoinBitcoin(BTC)$28,487.002.34%
  • ethereumEthereum(ETH)$1,828.242.11%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.07%
  • binancecoinBNB(BNB)$315.50-0.27%
  • usd-coinUSD Coin(USDC)$1.000.05%
  • rippleXRP(XRP)$0.51-5.10%
  • cardanoCardano(ADA)$0.3912581.68%
  • staked-etherLido Staked Ether(STETH)$1,821.302.09%
  • dogecoinDogecoin(DOGE)$0.0771183.77%
  • matic-networkPolygon(MATIC)$1.112.87%
  • solanaSolana(SOL)$21.043.74%
  • polkadotPolkadot(DOT)$6.281.69%
  • binance-usdBinance USD(BUSD)$1.000.06%
  • litecoinLitecoin(LTC)$93.566.33%
  • shiba-inuShiba Inu(SHIB)$0.0000112.70%
  • tronTRON(TRX)$0.0665362.02%
  • avalanche-2Avalanche(AVAX)$17.702.99%
  • daiDai(DAI)$1.000.08%
  • uniswapUniswap(UNI)$6.163.77%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$28,482.002.24%
  • chainlinkChainlink(LINK)$7.561.80%
  • ToncoinToncoin(TON)$2.257.64%
  • cosmosCosmos Hub(ATOM)$11.120.09%
  • leo-tokenLEO Token(LEO)$3.39-2.19%
  • stellarStellar(XLM)$0.108809-0.38%
  • ethereum-classicEthereum Classic(ETC)$20.632.66%
  • moneroMonero(XMR)$156.930.03%
  • okbOKB(OKB)$41.911.55%
  • Aerarium FiAerarium Fi(AERA)$7.15-13.10%
  • bitcoin-cashBitcoin Cash(BCH)$125.293.36%
  • filecoinFilecoin(FIL)$5.673.42%
  • hedera-hashgraphHedera(HBAR)$0.0711221.58%
  • lido-daoLido DAO(LDO)$2.415.21%
  • true-usdTrueUSD(TUSD)$1.000.02%
  • AptosAptos(APT)$11.19-0.35%
  • quant-networkQuant(QNT)$124.960.52%
  • crypto-com-chainCronos(CRO)$0.0692742.05%
  • nearNEAR Protocol(NEAR)$1.983.85%
  • ArbitrumArbitrum(ARB)$1.34-0.92%
  • vechainVeChain(VET)$0.0233283.18%
  • algorandAlgorand(ALGO)$0.2228521.27%
  • apecoinApeCoin(APE)$4.243.59%
  • internet-computerInternet Computer(ICP)$5.152.09%
  • eosEOS(EOS)$1.192.35%
  • fantomFantom(FTM)$0.4704134.43%
  • the-graphThe Graph(GRT)$0.1440611.82%
  • blockstackStacks(STX)$0.901.56%
  • the-sandboxThe Sandbox(SAND)$0.633.12%
  • decentralandDecentraland(MANA)$0.593.98%