{"id":460818,"date":"2022-06-10T23:08:47","date_gmt":"2022-06-10T20:08:47","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/jack-dorsey-is-building-web5-powered-by-bitcoin\/"},"modified":"2022-06-10T23:08:47","modified_gmt":"2022-06-10T20:08:47","slug":"jack-dorsey-is-building-web5-powered-by-bitcoin","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/jack-dorsey-is-building-web5-powered-by-bitcoin\/","title":{"rendered":"# Jack Dorsey is building \u2018Web5\u2019 powered by Bitcoin"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a22a872433da\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a22a872433da\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/jack-dorsey-is-building-web5-powered-by-bitcoin\/#%E2%80%9D_Jack_Dorsey_is_building_%E2%80%98Web5_powered_by_Bitcoin_%E2%80%9C\" >&#8221; Jack Dorsey is building \u2018Web5\u2019 powered by Bitcoin  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Jack_Dorsey_is_building_%E2%80%98Web5_powered_by_Bitcoin_%E2%80%9C\"><\/span>&#8221; Jack Dorsey is building \u2018Web5\u2019 powered by Bitcoin  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Block subsidiary TBD has announced plans to build a new decentralized web centered around Bitcoin (BTC), underscoring founder Jack Dorsey\u2019s belief that the largest blockchain network will play a major role in the internet\u2019s evolution.\u00a0<\/p>\n<p>The new project, called \u201cWeb5,\u201d represents the latest Bitcoin-centric endeavor to be pursued by Dorsey since stepping down as CEO of <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> in November 2021.<\/p>\n<p>Whereas Web3 incorporates blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> and tokenization to decentralize the internet, Web5 is being envisioned as an identity-based system that only utilizes one blockchain: Bitcoin. Twitter user Namcios broke down the concept of Web5 in a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of tweets that described several software components working together to enhance the user&#8217;s experience and enable decentralized identity management. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/c15276c5-5d32-4021-82bd-bbb733652d8d.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Block has a lofty vision of &#8220;evolving the Web&#8221; by prioritizing identity management. Source: Block<\/em><\/figcaption><\/figure>\n<p>According to Namcios, Web5 utilizes ION, which they describe as an \u201copen, public and permissionless DID network that runs atop the Bitcoin blockchain.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/ Jack Dorsey\u2019s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TBD54566975?ref_src=twsrc%5Etfw\">@TBD54566975<\/a> unit has just announced it is building \u201cWeb5\u201d.<\/p>\n<p>This new decentralized web leverages <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> to put users back in control of their data and identity &#8211; once and for all.<\/p>\n<p>Here\u2019s a thread with all you need to know \u2026 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/TpW8OvuyKX\">pic.twitter.com\/TpW8OvuyKX<\/a><\/p>\n<p>\u2014 Namcios (@namcios) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/namcios\/status\/1535302090360250368?ref_src=twsrc%5Etfw\">June 10, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The Web3 Foundation <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.w3.org\/TR\/did-core\/\">describes<\/a> DIDs as decentralized identifiers that enable \u201cverifiable, decentralized digital identity.\u201d<\/p>\n<p>Web5 is essentially a decentralized web platform, or DWP, that allows developers to create decentralized web <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>s via DIDs and decentralized nodes, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/docs.google.com\/presentation\/d\/1SaHGyY9TjPg4a0VNLCsfchoVG1yU3ffTDsPRcU99H1E\/preview?pru=AAABgXMyDug*t7Jw2c09EC34uYOXhMDdBA&amp;slide=id.g11b904107df_0_1\">according<\/a> to TBD\u2019s prototype documents. Web5 will also have a monetary network centered around BTC, which mirrors Dorsey\u2019s belief that the digital asset will one day become the internet\u2019s native currency.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Jack Dorsey\u2019s Block hits $1.3B in Q1 profits, $43M in BTC trading revenue<\/em><\/strong><\/p>\n<p>Dorsey\u2019s motivation for pursuing a new web development model may stem from his belief that Web3 will never achieve true decentralization. The Block CEO has publicly criticized Web3 and the venture capital community that supports its development. In December 2021, Dorsey tweeted that individuals don\u2019t own Web3 \u2014 VCs and their limited partners do. \u201cIt will never escape their incentives,\u201d he said. \u201cIt\u2019s ultimately a centralized entity with a different label.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">You don\u2019t own \u201cweb3.\u201d<\/p>\n<p>The VCs and their LPs do. It will never escape their incentives. It\u2019s ultimately a centralized entity with a different label. <\/p>\n<p>Know what you\u2019re getting into\u2026<\/p>\n<p>\u2014 jack (@jack) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jack\/status\/1473139010197508098?ref_src=twsrc%5Etfw\">December 21, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/jack-dorsey-is-building-web5-powered-by-bitcoin\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Jack Dorsey is building \u2018Web5\u2019 powered by Bitcoin &#8220; Block subsidiary TBD has announced plans to build a new decentralized web centered around Bitcoin (BTC), underscoring founder Jack Dorsey\u2019s belief that the largest blockchain network will play a major role in the internet\u2019s evolution.\u00a0 The new project, called \u201cWeb5,\u201d represents the latest Bitcoin-centric endeavor&#8230;<\/p>\n","protected":false},"author":1,"featured_media":460819,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvOGUxYzM1ODktNWQwZi00OGIwLWFhZDMtOTA4YWQ5ZTQ0ZjIyLkpQRw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,76276,93542,73952],"class_list":["post-460818","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-payments","tag-web3","tag-jack-dorsey"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/460818","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=460818"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/460818\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/460819"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=460818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=460818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=460818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}