Drosey's Web5 to Merge Web3 and Web 2.0, Built on Bitcoin Blockchain

blockchain.news:

Web5 is a combination of Web3, and Web 2.0 built on the Bitcoin blockchain, former Twitter CEO Jack Dorsey announced through Twitter.

Published on his Twitter recently, Dorsey said that the new platform will aim at fixing the issue of securing personal data. “We struggle to secure personal data with hundreds of accounts and passwords we can’t remember. On the web today, identity and personal data have become the property of third parties,” the company said on its website.

Web5 is developed by one of the Bitcoin business units at Dorsey’s Block (formerly Square) called The Block Head (TBH). The company added that the platform’s core identity is decentralization and data storage to applications. It said developers will “focus on creating delightful user experiences while returning ownership of data and identity to individuals.”

While venture capitalists and their limited partners widely own Web3, the Web5 platform will be controlled independently by individuals. 

Dorsey tweeted, “You don’t own ‘web3.’ The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label. Know what you’re getting into…”

It further added that to make that happen. The platform will fulfil two core use cases: Individuals will have the ability to “own their data”, and they will be able to “control their identity”.

Here is a use case of web 5, this decentralized internet, given by TBD.

“Bob is a music lover and hates having his personal data locked to a single vendor. It forces him to regurgitate his playlists and songs over and over again across different music apps.”

“The way out offered by web 5: “Bob can keep this data in his decentralized web node. This way Bob is able to grant any