Move over Web3. Former Twitter CEO Jack Dorsey wants to launch Web5 based on Bitcoin

euronews.com:

Web3 has been put forward as the blueprint for the latest version of the Internet but it doesn’t exist yet.

That hasn’t stopped former CEO of Twitter and current CEO of Block, Jack Dorsey, skipping ahead and announcing plans to build a new decentralised Internet platform, coining the term Web5 for the first time.

The initiative will be based heavily on current blockchain technology, with Dorsey announcing plans to use the Bitcoin network to build the project.

The move comes as Dorsey has voiced dissatisfaction with how the evolution of the Internet is progressing at present. On a number of occasions, the entrepreneur has openly denounced Web3 describing it as a centralised movement that benefits venture capital companies.

Web3, a term for how developers think the Internet will look like throughout the next decade with NFTs, metaverses, blockchain technology and crypto likely to be strong components.

Dorsey has openly expressed his support for Bitcoin but describes the rest of Web3 as a smokescreen for venture capitalists to consolidate money and power.

“You don’t own ‘Web3,’” Dorsey wrote in a tweet posted late last year.

“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”.

According to the launch plans, the Web5 project will provide a decentralised web platform that enables “developers to leverage Decentralized Identifiers, Verifiable Credentials, and Decentralized Web Nodes to write Decentralized Web Apps, returning ownership and control over identity and data to individuals”.

In essence, the project is based on the idea that Web3 — which aims to create a decentralised web using blockchain, crypto and similar tech — has the