TBD, a Block subsidiary, has unveiled intentions to create a new decentralized web built on Bitcoin (BTC), confirming creator Jack Dorsey’s confidence that the world’s largest blockchain network will play a significant part in the internet’s growth.

Since stepping down as CEO of Twitter in November 2021, Dorsey has reportedly explored a number of Bitcoin-related projects, the most recent of which is named “Web5”.

Web5 is envisioned as an identity-based system that only uses one blockchain: Bitcoin. Whereas Web3 uses blockchain technology and tokenization to decentralize the internet, Web5 is envisioned as an identity-based system that only uses one blockchain: Bitcoin. In a series of tweets, Twitter user Namcios deconstructed the Web5 idea, describing how multiple software components work together to improve the user’s experience and allow for decentralized identity management.

Web5 is said to use ION, which is a “open, public and permissionless DID network that runs atop the Bitcoin blockchain,” according to Namcios.

DIDs are decentralized identifiers that enable “verifiable, decentralized digital identity.”

According to TBD’s concept documentation, Web5 is essentially a decentralized web platform, or DWP, that allows developers to construct decentralized web apps using DIDs and decentralized nodes. Web5 will also contain a monetary network based on Bitcoin, echoing Dorsey’s prediction that the digital commodity would one day become the internet’s native currency.

Dorsey may be motivated to pursue a new web development paradigm because he believes Web3 will never achieve complete decentralization. Web3 and the venture capital community that supported its development have been publicly chastised by the Block CEO. In December 2021, Dorsey stated that VCs and their limited partners own Web3, not individuals. He stated, “It will never escape their incentives. It’s ultimately a centralized entity with a different label.”