What To Know About Jack Dorsey’s Proposed Web 5

Former Twitter CEO, Jack Dorsey has not always supported Web 3, citing that Web 3 supports the idea of a censorship-resistant, privacy-focused internet of the future which has proved just as problematic as Web 2 before it.

He now offers an alternative.TBD, the bitcoin-focused subsidiary of Dorsey’s Block (SQ), revealed its new idea for a decentralized internet layer dubbed “Web 5” at CoinDesk‘s Consensus on Friday.

In a statement, TBD stated its case for Web 5: “Identity and personal data have become the property of third parties.” Individual applications benefit from Web 5’s decentralized identity and data storage. It allows developers to focus on designing enjoyable user experiences while also restoring data and identity control to users.”

The merger of web 2 and web 3 gives rise to Web 5. The monetary layer of Web 5 will, however, be based on Bitcoin. Given Dorsey’s vocal Bitcoin “maximalism,” this seems expected. Web 5’s other technologies are drawn from a variety of cryptography and computer science fields.

Users will be able to engage with one another without the assistance of intermediaries in Web 5, just as they did in Web 3. In principle, this implies there will be no possibility of government censorship or centralized service disruptions, among other ostensible benefits.

Web 5 will strive to provide users with a “decentralized identity,” allowing them to effortlessly go from application to application without having to explicitly log in, similar to past initiatives to construct a decentralized overlay on top of the web. User data, rather than getting stored with third-party products and services, will be controlled by users and can not be disclosed without their permission.

Block Founder, Jack Dorsey speaking on the development on Twitter stated ‘’this will likely be our most important contribution to the internet. proud of the team. #web5, (RIP web3 VCs )’’

Farfetch To Accept Seven Cryptocurrencies

Farfetch Marketplace, an online fashion shop, plans to accept seven digital currencies, including the three most valuable by market cap—Bitcoin, Ethereum, and Binance Coin (BNB).

These payments will be available to Farfetch’s private customers in the coming months. Clients in the United States, the United Kingdom, and Europe will be able to use the service later this year. The company guarantees that more crypto payment places will be introduced in the future.

Because of a recent partnership with German start-up Lunu, which deals with crypto payments and provides a point of sale for them, digital currencies will be accepted in stores. Customers will only need to scan a QR code to complete a transaction.

Image Credit: Shutterstock


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