Jack Dorsey’s Bitcoin startup TBD has announced that it will build a decentralized web platform called Web5.
Bitcoin advocate Jack Dorsey, one of the leading names in the crypto community, announced his decentralized platform called Web5. According to Dorsey, the initiative, which will focus largely on identity management, will make a great contribution to the internet. The startup plans to avoid existing Web3 concepts.
The platform will use ION, a Bitcoin identity layer developed by Microsoft and the Decentralized Identity Foundation. Web5 aims to restore data ownership to users and bring “decentralized identity and data storage” to web applications.