September 3, 2022 9:10 AM

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Web3 thrives on its ability to provide both transparency and anonymity, but merging the two has been a seemingly arduous task — particularly when it comes to securing personal data. 

Jack Dorsey — the cofounder and former CEO of Twitter — believes he’s found a solution to the problem in the form of Web5, his newly announced decentralized data and identity platform leveraging Bitcoin. But while Dorsey unveils designs for a new decentralized web using the Bitcoin network, other blockchain technologies have moved far beyond the conceptual stage.  

Delving deeper into Web5

While somewhat confusing, the name of Dorsey’s proposal actually implies a literal combination of Web2 and Web3 features as in “two plus three equals five” — thus “Web5” was coined. Seeking to act as the ‘extra decentralized web’ equivalent, Web5 proposes to put control back in users’ hands and grant them autonomy over their digital data and identity. 

In essence, the three main pillars of Web5 are decentralized identifiers, verifiable credentials and decentralized web nodes — which, frankly, sounds similar to existing modern blockchain technologies. Dorsey’s rationale for Web5 is that while the current internet democratized the exchange of information, it is still missing an essential component — the reclamation of personal identity.

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