Jack Dorsey’s company TBD presents Web 5. A web specification for the future?

Twitter founder and crypto fan Jack Dorsey has presented a new project that Dorsey’s company TBD has started working on. This is something called “Web 5”, which is a kind of specification for how a blockchain-based and, in part, decentralized web could work.

At first glance, it seems that Web 5 is a concoction of different specifications and standards used for what is today called Web 2.0 and the decentralized crypto-based web sometimes called Web 3, a collective name for stuff that has to do with the blockchain, cryptocurrencies, NFTs and smart contracts to do.

Above all, it seems that Web 5 aims to take care of things that have to do with users’ identities on the web. On its website, TBD writes about what is called 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 not remember. On the web today, identity and personal data have become the property of third parties.
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. “

TBD develops technologies, frameworks, specifications and more for Web 5 as open source. There is so far no information on when you plan to present a first version of what you hope will be known as Web 5 in the future.