Basic principles of Web5
Block’s crypto asset (virtual currency) division “TBD” led by former Twitter CEO Jack Dorsey announced on the 30th the basic policy of “Web5” advocated this summer.
When TBD put forward Web5, which combines the benefits of web2 and web3, in June, the response was “amazing.” However, in order to protect the original vision of an Internet that emphasizes decentralization and individual privacy, we have set out the following basic guidelines.
i have been instructed to make an announcement. it's long. so i did the screenshot thing. pic.twitter.com/Bp67ehWMZi— TBD (@TBD54566975) November 29, 2022
He took the stance that if these properties and items apply, it falls under web5.
- A Decentralized Trustless System that Empowers Individuals
- An open source protocol that builds and invests in ecosystems to enhance decentralization
- Developers and projects that provide solutions for individuals to manage and own their own data in a decentralized fashion
- Developers and projects that develop decentralized identity solutions that can be used by decentralized apps and protocols
Related: 5 best web 3.0 Crypto Projects 2022
While mentioning Web5, the TBD side is concerned about the emergence of projects that go against the original idea. He explained that he did not intend to monopolize the concepts, but that he published the main properties in order to preserve the original ideas and beliefs.
In the future, he also expressed his intention to establish a coalition to work with companies, individuals, and other stakeholders to set standards for web5 to become a public good. He emphasized that the company continues to maintain an open source system.
What is Web5
Web5 is a new concept that combines Web3.0 and “web2”, which describes the Internet so far. The concept was announced at “Consensus 2022” held in Texas in June.
He pointed out that while the web has democratized information exchange so far, the management of data such as personal information is entrusted to third parties such as GAFAA. He explained that it is a concept that enables decentralized identities (DIDs) in which individual users can manage their own data.
Dorsey, the former CEO of Twitter, said his project would be “the most important contribution to the Internet.” He said that if data such as personal information is held in a decentralized form, developers of applications can focus on better user experience.
In the past, Mr. Dorsey has pointed out that “a lot of money is flowing into VC funds while advocating decentralized Web3.”
Even when he resigned from Twitter’s CEO position, he aimed to build a “decentralized Twitter” and started working on the open source SNS application “Blue Sky” and technology utilizing the Bitcoin (BTC) lightning network . He was talking about the direction to devote himself to.