TBD, the Bitcoin-focused venture first announced last spring, unveiled an ambitious effort Friday to build a decentralized Web platform dubbed "Web 5."
"The web democratized the exchange of information, but it's missing a key layer: identity. We struggle to secure personal data with hundreds of accounts and passwords we can’t remember. On the web today, identity and personal data have become the property of third parties," the project's website states. "Web5 brings decentralized identity and data storage to your applications. It lets devs focus on creating delightful user experiences, while returning ownership of data and identity to individuals."
A presentation made public along with the announcement explores the different components of the proposed platform. Web 5 notably utilizes Ion, a second-layer network built on top of the Bitcoin blockchain, as a protocol for "verifiable credentials."
"[T]his will likely be our most important contribution to the internet," Dorsey said in a tweet. "Proud of the team."
"RIP web3 VCs," Dorsey added in his post.