July 4, 2022, 11:50AM EDT
• 16 min read

Introducing Web 5

Quick Take

  • “Web 5”, a newly coined concept by Jack Dorsey’s TBD unit, was recently announced on Twitter
  • Web 5 promises to return ownership of users’ personal data back to the users, which should allow them the choice of service providers
  • The purpose of doing so is to build an Internet for trust minimized applications and to reduce the power that existing service providers have over users’ personal data today
  • This is possible with the use of cryptography, decentralized identifiers, and verifiable credentials
  • While TBD has proposed certain novel applications, such as tbDEX, there is still no evidence to suggest that such a concept will eventually acquire significant user adoption

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