Jack Dorsey’s TBD plans to eschew existing Web3 concepts by building its decentralized web standard known as “Web5” on top of Bitcoin.
Taking the Decentralized Web to Bitcoin
TBD has announced plans to create a decentralized web platform called “Web5” on the Bitcoin network.
By contrast, most competing projects have chosen to work with the Web3 concept, which provides an approach to building blockchain-based web applications. Web3 largely relies on Ethereum and other chains that support smart contracts, which are well suited for programmability and tokenized payments.
As such, Dorsey’s Web5 project is notable in that it seeks to build its components on top of the Bitcoin network—a strategy that is not typically seen as ideal for blockchain-based applications.
More technically, Web5 will focus on identity rather than tokenized payments. To do so, TBD plans to build a Decentralized Web Platform (DWP) that will allow developers to create Decentralized Web Apps (DWAs) with Decentralized...
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