Jack Dorsey’s Bitcoin-focused TBD business unit, a subsidiary of Block Inc., announced Friday that it is building a new decentralized web: Web5.

Web5 is based on the assumption that Web3, the idea of building a decentralized web with blockchain technology and cryptocurrencies, has the right intentions but is using the wrong tools.

Web5 leverages Bitcoin, the decentralized monetary network, and a plethora of sound computer science technologies to create a new ecosystem of decentralized identities, data storage and applications in which the users are in control of their personal information.



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