TBD, a Block subsidiary, has announced plans to create a new decentralized web centered on Bitcoin. Founder Jack Dorsey believes Bitcoin will play a significant role in the growth of the internet.
The new “Web5” project is envisioned as an identity-based system that will only use one blockchain – Bitcoin.
According to Twitter user Namcios:
Web5 does things differently than Web3.
While Web3 seeks to “blockchain” and “tokenize” everything, Web5 employs only one blockchain – #Bitcoin – for a single use case: identification.