Dorsey has a plan to free the internet from Google and wealthy investors

Twitter (TWTR) – Get the report from Twitter Inc. seems behind him.

If Jack Dorsey, the founder and former CEO of the microblogging site continues to monitor behind the scenes the eventful acquisition of the platform for 44 billion dollars by his friend and fellow billionaire Elon Musk, he is silent. Instead, the entrepreneur decided to finally take action, which is one of his last fights.

Dorsey wants a new decentralized Internet.

The emergence of blockchain technology and the crypto sphere — cryptocurrencies, decentralized finance (DeFi) — is indeed accompanied by a desire for a democratized internet, which would not be the monopoly of large entities like Alphabet ( Google) (GOOGL) – Get the Alphabet Inc. report. or meta-platforms (META) – Get the report from Meta Platforms Inc.the parent company of social networks Facebook and Instagram.

Who will own the next generation of the Internet?

Some have called this new iteration of the internet web 3, which would replace the current web internet 2. But for several months, Dorsey has been expressing his dissatisfaction with this web 3. The reason for his anger is that venture capitalists have a grip on startups. work on the web 3. Therefore, we would simply move from an Internet controlled by Google, Meta and others to an Internet dominated by VCs.

“You don’t own ‘web3’, Dorsey, who is the founder and CEO of fintech Block (SQ) – Get the Class A report from Block Inc.tweeted on December 20. “The VCs and their LPs do it. It will never escape their incentives. It’s ultimately a centralized entity with a different label. Know what you’re getting into…”

“I wish I could vibe more with this but you guys took a lot of VC money so I don’t know what you mean,” one Twitter user commented.

“And that’s why I know exactly what I mean,” Dorsey replied.

Web 3 is “somewhere between a and z,” Dorsey also wrote, referring to a16Z, a venture capital firm co-founded by legendary venture capitalist Andreessen Horowitz. Andreessen then blocked Dorsey on Twitter.

Andreessen, who co-founded the first Internet platform Netscape and was an early investor in Facebook, was an early backer of Web 3. He has already invested more than $3 billion in various crypto and web startups 3.

Tired of criticizing the actors of web 3, Dorsey has just launched, with TBD, an alternative to web 3. This alternative, which is a decentralized internet, is called web 5.

TBD is Dorsey’s bitcoin-focused venture he launched last spring.

“Web5: an additional decentralized web platform”, which “puts you in control of your data and your identity”, to be determined said on its website.

“The web has democratized the exchange of information, but it lacks a key layer: identity. We struggle to secure personal data with hundreds of accounts and passwords that we no longer remember. web today, identity and personal data have become the property of third parties.”

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“Web5 brings decentralized identity and data storage to your applications. It allows developers to focus on creating great user experiences, while returning ownership of data and identity to individuals.”

Dorsey later confirmed on Twitter that Web 5 “will probably be our most important contribution to the Internet”.

He didn’t hesitate when a commenter asked him why he was launching web 5 when we were still in the infancy of web 3.

“It’s based on single point of failure systems (eth, solano, *) and lies are told to people about who owns and controls them,” the billionaire entrepreneur replied, referring to Ethereum blockchain platforms. and Solana.

When Andreessen asked what happened to Web 4, so we ignored him and went straight to Web 5, Dorsey replied, “the same thing that happened to Web3”.

When will Dorsey launch Web5?

Web 3 is a decentralized internet built on blockchain – unlike the current version, it has the potential to have “shares” that belong to users in the form of cryptocurrency tokens.

Proponents say he would belong “to the people” and depend less on corporate support, but Dorsey thinks he may instead be subject to the whims of wealthy entrepreneurs who have far more money to buy stocks than the average person.

Conversely, the billionaire and TBD claim that it is not necessary to buy tokens to invest in Web 5, which will also be built on the blockchain.

“Let me clarify this right now, everyone: No. There are no tokens to invest in with web5. Kthx,” Mike Brock, who runs TBD, wrote on Twitter.

One of the criticisms of Dorsey and TBD is that they announce web 5 without launching web 5. In short, it’s not just words?

“I get the criticism that we announced web5 before we released web5,” Brock replied. “But the thing is, when we launched TBD, that’s how we promised to do things. We promised that we would have public, transparent, open-source roadmaps. That’s what we do. “

“Part of the benefit of this is that we can have more eyes on our ideas, get helpful feedback, and even accept community input. It’s putting ourselves forward and being vulnerable and open. is a radical way of working, and we are committed to it.”

Here is a use case of web 5, this decentralized internet, given by TBD.

“Bob is a music lover and hates having his personal data locked to one provider. It forces him to regurgitate his playlists and songs over and over on different music apps.”

“The exit door offered by web 5: “Bob can keep this data in his decentralized web node. This way, Bob is able to grant any music app access to his settings and preferences, allowing him to take his personalized music experience anywhere he wants.”