What is Web5?

Table of Contents

Why is there Web5?

Jack Dorsey proposed Web5 because he opposed Andreessen Horowitz’s monopoly on Web3. For this short story, please see my previous post “What is Web3? What are the related companies?“

Web5 is a concept proposed by Jack Dorsey, the founder of Block (ticker: SQ) , Web3, and Web5, etc.) a department named TBD under Block is responsible for design execution.

What is Web5?

Web5 is the combination of Web2 and Web3; both are based on blockchain technology, the central idea is the next generation of decentralized network, and the goal is to allow users to master their own data. For the detail definition, please see the original proposal Decentralized Web Platform by Jack Dorsey.

Decentralization

Web5 advocates that the user’s most basic identity information (such as login account, user name) is stored in the blockchain, and other information related to the user is all stored on the user’s own local end, and will not be stored centrally — by this way we can really achieve decentralization.

This is not surprising, as Dorsey has long objected to existing cryptocurrency platforms having and storing all data on cryptocurrency traders, including identities, details, and assets that cryptocurrency traders have. Currently, all of these are in the hands of a few cryptocurrency platforms. In this way, not only will the crypto-currency assets of all customers on the crypto-currency platform merchants be stolen when the crypto-currency platform merchants are hacked, it also prevents traders from transferring their crypto-currency assets between different platforms.

In other words, traders are limited to their own cryptocurrency assets can only be tied to the platform of the cryptocurrency platform provider. Therefore, Block is developing a Bitcoin physical wallet gadget, so that Bitcoin owners can put their Bitcoin assets into this physical wallet gadget and take them away without these troubles.

Support Bitcoin only

The difference between Web5 and Web3 is that Web5 only supports Bitcoin, while Web3 uses the blockchain of Ethereum and other smart contracts. This is not surprising, Jack Dorsey is an avid supporter of Bitcoin, you can refer to another article I wrote “Incredible Bitcoin fanatical supporter, Jack Dorsey“.

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