Chapter 1: Understanding Web5

What is Web5, you might ask? Jack Dorsey’s latest venture, TBD, has recently put forth the concept of “Web5.” The company describes it as “a new evolution of the Web that empowers decentralized applications and protocols.”

It's important to note that Web4 didn’t simply slip by unnoticed. The aim of TBD is to combine the best aspects of both Web2 and Web3 to forge a fresh digital landscape, thus arriving at a total of five. The somewhat uninspired naming convention hints at a lack of creativity in the tech community, which may also explain the use of Google Docs for such a groundbreaking announcement.

Traditionally, these types of presentations tend to be laden with technical jargon, often used by tech enthusiasts to obscure the fact that their innovative technologies may lack practical applications. Here are the main points to consider: Web5 centers on creating a platform that allows users to manage and control their own data—an idea I explored in detail last year. This platform would be built on three foundational elements: Decentralized identifiers (akin to NFTs, but with a twist), Verifiable credentials (also NFTs, but with a different approach), and Decentralized Web nodes (similar to Blockchain, yet again, not quite the same).

The presentation emphasizes a crucial aspect: portability. This feature would enable users to identify themselves across multiple applications without the need for various logins, allowing these applications to access user data throughout the ecosystem.

While the core ideas are not entirely flawed—Web3 is indeed far from decentralized—current access points are primarily controlled by platforms like Coinbase, Rarible, and Opensea. Furthermore, concepts such as Proof of Work and Proof of Stake tend to favor early adopters, granting them significant influence over the infrastructure.

However, I can’t help but envision TBD attempting to liberate us from existing platforms by merely constructing yet another one. Additionally, the underlying premise of Web5 is optimistic: why would developers invest effort in creating an application if users can easily migrate to another one, taking all their work with them?

It seems Jack aims to retain the benefits of Web3 while avoiding its pitfalls, akin to a high school student asserting, “but true communism has never been genuinely implemented.” Such optimism feels somewhat naive.

Moreover, the presentation neglects to address critical issues such as business models, prospects for long-term ownership as technology advances, potential profitability for TBD, and the environmental impact of their creation—among other concerns.

Jack Discovers APIs

At best, TBD appears to be aiming for a version of Web3.1, and at worst, it seems to be rediscovering APIs. Wishing them luck in their endeavors.

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Chapter 2: Insights from Recent Developments

This video discusses Dorsey's Web5 concept alongside Meta's recent time restrictions and the importance of health data protection, providing a broader context for the implications of these innovations.

In this second video, the Bitcoin business model's integration into Dorsey's Web5 social network is explored, detailing its revenue milestones and future outlook.