Jack Dorsey is well known for his long-standing support of the premier crypto: Bitcoin. Now, he is looking to further boost the ante of the premier crypto with his new platform, Web5.
Web5 is a combination of Web3 and Web 2.0 incorporating the Bitcoin blockchain. Moreover, the platform is looking at a probable solution of ensuring user data security. In fact, the company said on its website:
“We struggle to secure personal data with hundreds of accounts and passwords we can’t remember. On the web today, identity and personal data have become the property of third parties.”
Naturally, a lot of users had questions about this new concept. One of them asked Dorsey on Twitter: “what makes Web3, from your perspective, not decentralized enough that you believed there needed to be this next stage via what you’re calling Web5?”
Dorsey responded to this question, saying:
“it’s the basis on a single point of failure systems (eth, Solano) and lies being told to people about who owns and controls it.”
According to him, various venture capitalists and limited partners control a significant portion of Web3.
He also explained an example of their functioning: A user can upload their identity, data and authorizations on the digital wallet. Following that, whenever they have to sign up on a new decentralized app, they just need to connect their digital wallet to that decentralized app.
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