So while there has been a lot of buzz around Web3 it appears some are focused on Web5. Jack Dorsey co-founder and former CEO of Twitter, Inc., as well as the founder and principal executive officer of Block, Inc. is the man behind Web5.
Dorsey tweeted out:
Tracey Follows wrote a post on Web5 for Forbes.
The actual definition given in the TBD presentation pack is as follows: “Web5 is a Decentralized 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”. TBD is also keen to stress the importance of being open source. The site states: “We believe an open source model will win in a decentralized, permission less world.”
The biggest differentiator seems to be that Web5 will be built on Bitcoin, what Dorsey, and many others, consider to be the pre-eminent decentralized network, and the only real option as a foundation for a truly decentralized web. In my book, The Future of You, which looks at the various ways the self is becoming a digital self, I wrote that your Bitcoin address could very well replace your name as the most trustworthy representation of your identity, and that this would ultimately change the relationship we have to the state.
This news from Dorsey seemed to set off a buying frenzy of Web5 related domain names. Over at Namepros members started listing their acquisitions.
It’s funny the best Web5 name, Web5.com has been registered since 1996 and owned by Webster Five a bank in Massachusetts.
I noticed a few tweets in my timeline where people said they sold some Web5 names already. There are only three sub $500 sales on Namebio so far.
These are the names registered on 6/11 after the Dorsey tweet and stories started circulated.
It will be interesting to see how this all plays out, or if we just skip to Web99.