The ideal of decentralization – This year’s edition of the famed bitcoin Consensus Festival in Austin, Texas, will have delivered its fair share of significant news. Mike Brock, the project leader of TBD — a subsidiary of Block – stoked the talks last Friday by preparing a web 5 totally based on Bitcoin. Explanations to come!
Power to the users from WEB 1 to WEB 5.
Web 1 was created in the early 1990s. Few families had a relationship at the time. There was little to look at. It was the early days of the internet. Only text and a few photos were accessible. Furthermore, consumers were pleased to browse the websites and potentially click on a link to visit other sites. It can be said to have existed from 1989 and 2005.
Then new types of sites arose. Not only could you consult innovative stuff – such as films or music – but you could also publish it yourself. This was the era of social networks and collaborative platforms like YouTube, Facebook, and others. The user has also taken on the role of actor, and sharing is becoming more democratic. So, we were discussing web 2.
What is the issue? Management of your data, confidentiality of your actions, and privacy protection Massive corporations are developed. They monetize the data and profit handsomely from this arrangement. It is in opposition to this structure, and by attempting to “horizontalize” the process through the blockchain, that the infamous web 3 will see the light of day, with Bitcoin at the point of departure. Unfortunately, criticism is coming from all directions, particularly from Jack Dorsey, the slayer of a web 3 that is too centralized for his liking.
At The Heart Of The System, Bitcoin And Decentralization
The overwhelming presence of investment funds, large platforms, and the systematic use of identification checks, according to Dorsey, undermined the original idea:
“You don’t have web 3. Investment funds do. He will never escape their grasp. It is ultimately a centralized entity with a different label. Know what you’re getting into.”
This is why, with his company Block and its subsidiary with the mysterious name “TBD”, he will launch this idea of web 5. Here are the main lines.
This new network will be built entirely on the Bitcoin protocol in order to take advantage of its inherent decentralized nature. As a result, Web 5 will be a decentralized web platform (DWP) that uses decentralized identities (DID) and decentralized web nodes (DWN). All of this enables the development of decentralized web apps. Yes ! The phrase “decentralized” appears on every line, yet it is the project’s ultimate purpose.
Of course, this new type of network will accept bitcoin as payment. It should also enable each user to directly monetize their data, ensuring that they retain control over the processing of their online actions and identities. The specifics of this project have been disclosed in a public document.
To now, this is merely an open source project, with no release date set. Finally, you may be questioning why web 5, rather than 4. In reality, web 5 is the same as web 2 and web 3, or web 2 and web 3. Logical! Let me conclude with one more humble quote from Jack Dorsey:
“This will probably be our most important contribution to the internet. I’m proud of the team.“
Far from a doomsday cryptocurrency market, the Block team continues to envision the future of the internet and intends to rely only on Bitcoin. Whatever one thinks of it, this has the potential to ignite conversations and argument amongst maximalists and others. And, at a time when centralized platforms are collapsing one after the other, proving them wrong is difficult.