Jack Dorsey’s TBD Reveals Plans For Web5 Initiative

Jack Dorsey’s startup company TBD, which is focused on Bitcoin, has made an announcement regarding its plans for Web5, a decentralized internet platform that will be led by Bitcoin. In its most basic form, Web5 proposes to be a new development of the web that expands upon the characteristics of Web3 in order to make decentralized applications and protocols possible by combining Web2 and Web3, therefore, the name “Web5”. According to the information provided on the TBD website, the primary objective of Web5 is to provide user apps with decentralized identification and data storage capabilities. Developers will be able to devote their attention to producing Decentralized Web Apps using Decentralized Identifiers thanks to Web5, which will also restore users’ ownership of their data and identities. Bitcoin At The Forefront It is anticipated that the monetary layer of Web5 will also be constructed on top of Bitcoin’s blockchain, as decentralized IDs for Web5 will be established on top of Bitcoin’s blockchain. Jack Dorsey is a fervent advocate of Bitcoin and the decentralization made possible by blockchain technology. Bluesky, a project to build an open and decentralized framework for Twitter and social media, was revealed by the Twitter co-founder last year. TBD also revealed ambitions to create a decentralized exchange (DEX) for bitcoin last year.The post Jack Dorsey’s TBD Reveals Plans For Web5 Initiative appeared first on Cryptoknowmics-Crypto News and Media Platform.