Jack Dorsey announced a new project on Friday during a Web3 festival. Jack wants to work for two different companies. For a long time, he was CEO of both Block and Square. He quit running the blue bird app in the year 2021. If you were wondering what the hell he was doing with post- social media, it is here, and it is for sure. The project is jumping at the same time. His Web5 project promises to be everything Web3 isn't, in his own words, "decentralized." The word "decentralized" is used more than the word "the" in the slideshow. Web5 will fulfill the original promise of a truly democratized internet space through their "Decentralized Web platform." Users can use the development kit to create apps and web sites.
In the past, he has been very critical of the two technologies. While the next wave of the internet promises to be a truly democratized system not owned by any one individual, the space has been taken over by venture capitalists.
The ex-Twitter CEO is a big fan of the digital currency. His wholehearted support of the OGcryptocurrencies is despite the fact that early users of the OGcryptocurrencies became the elite of the field, amassing wealth while also becoming a new flavor of 19th century oil barons. Even though it has a negative impact on the environment, Dorsey is still defending it.
Block pledges to do away with anything that has stopped Web3 from being truly decentralized. They promise no utility token or consensus model.
Users will be able to jump from app to app without having to log in. According to the publication, there will be no need for a consensus mechanism or a validator in this new system. One of the questions is who will be able to find out if their wallet is stolen with bitcoins. The answer might be "Tough luck, kid."
If we hear back from Block, we will update the story.
It is not clear how this will affect the work of any of the venture capitalists. People are still investing in Web3 despite a downturn in the market and the proliferation of scam artists. There is an open question as to whether the proposed regulation will make a difference or drive people away from the web.
The same issues in communication persist despite the high-minded talk of doing away with the worst of Web3 The company hides its processes behind technical jargon which is antithetical to a real democratized system. Their system is resistant to all forms of interdiction, can leverage decentralization, and will create a new class of applications and protocols. It's definitely true! If most people don't know what a protocol is, how are you supposed to get them to join?
The release date for Web5 is still unknown.
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