Web3 is the next level of all things internet, where the blockchain plays a very active role. While Web3 is yet to sink fully into global consciousness, former Twitter CEO Jack Dorsey has come up with a very ambitious idea for what he calls "Web5". 

Many people need clarification, especially as there is no Web4 yet, and Web3 is not even in full operation. So what is Web5 all about? 

## Origins of the Web5 concept 

Dorsey's concept aims to give the user complete control of personal information and data, a form of self-sovereignty. According to Dorsey, Web5 is to become an extra-decentralized web platform whose core tenets are: 

- Decentralized web nodes, which are used for messaging and data storage. 

- Verifiable credentials. 

- Decentralized, self-owned identifiers. 

A critical look at the core tenets shown above indicates that they are similar to what Web3 seeks to achieve. Besides, the entire concept is not inventing anything new. It seeks to tweak the existing web architecture to rid it of the big-money players who serve as venture capitalists funding the Web3 apps. This becomes obvious from the tweets that announced his TBD project, which is set to run on his new extra decentralized network. 

The tweet in question showed the phrase "RIP Web3 VCs" in brackets, in an apparent reference to his loathing of the involvement of venture capitalists in many [Web3 projects](/news/article/uquid-web3-integrates-with-polygon). 

The lack of a remarkable novelty in Web5 has drawn the ire of many stakeholders. Some have taken issue with this unilateral capture of the Web5 name, given that all previous web versions (Web1 and Web2) were clearly defined and assigned their nomenclature via a global consensus of stakeholders and only after they were in operation. 

For instance, Web1 is the first version of Tim Berners-Lee's world wide web, which was marked by a race to produce the best web browsers and th[eir fundamental workings before social media became a thing. Web2 became known as ](http://radar.oreilly.com/archives/2005/10/web-20-compact-definition.html)Web1 + social media or the so-called social web in which the internet is a platform that spans connected devices, as elucidated by Tim O'Reilly in 2005. Web3 incorporates distributed ledger technology and its products into the workings of Web2. Gavin Wood, founder of Polkadot, in 2014 developed this concept when he was Ethereum's Chief Technology Officer. Dorsey's Web5 remains a project in development, and there is nothing on the ground that can be used to assess his utopian tenets. 

## Should Dorsey’s Web5 concept be trusted? 

It is my opinion that the concept of Web5 should show a clear addition to whatever work has gone into bringing the internet to where it is today, which is at the Web3 stage. It should not be a case of an individual abusing his influence in the space to appropriate the concept without clearly showing what improvements to Web3 his project is bringing to the table. 

Dorsey presided over a company, Twitter, with its fair share of criticisms. One of its most ardent critics has been Elon Musk, who bought the company and took control of its leadership. Musk has variously criticized the opacity surrounding the verification processes Twitter uses to ensure ads are not delivered to bot accounts. Dorsey never really came clean on how the company handled such matters. There have also been complaints about the rather one-sided censorship it applied to those seen to be opposed to the company's liberal ideology in the last years of his tenure. 

With such a history, one wonders if Dorsey's Web5 is just a marketing gimmick or a genuine attempt to improve on Web3. Does he have the moral compass to be at the forefront of a version of the web he says will promote extra decentralization? Time will tell. 

blue image of jack dorsey and number 5 balloon

Should Dorsey's Web5 Concept Be Trusted?

Twitter CEO, Jack Dorsey, has announced via Twitter that he is stepping down after almost 16 years.

In a [tweet](https://twitter.com/jack/status/1465347002426867720) from his personal Twitter account, Dorsey announced that he would be stepping down as CEO of Twitter and named former CTO, Parag Agrawal as the new CEO of Twitter, with immediate effect.

## New CEO Unanimously Appointed

Dorsey said in his announcement that he has decided it is time for him to leave, as the board of directors approved Agrawal and 'unanimously appointed' the new CEO. Dorsey also said that Bret Taylor has agreed to become the new Twitter board chair, which is another reason he will be stepping down, as he has confidence in Taylor to strengthen the board going forward.

Jack Dorsey is currently CEO of [Square](https://squareup.com/us/en), point-of-sale payments company that he founded before Twitter, and he will remain CEO of Square.

## Is Dorsey Focusing on Crypto?

Could this mean that Dorsey is focusing his efforts on the blockchain and cryptocurrency industry? He has previously [stated](https://twitter.com/jack/status/1424854924194729984) that bitcoin will eventually "unite the world" and become the world's 'single currency' in ten years.  

It is worth noting that Square's Cash App has added support for BTC trading, which indicates that he could be working on something bigger than his companies.

Jack Dorsey Steps Down as CEO of Twitter

It's time for Twitter Crypto... social media giant Twitter is creating a team dedicated to cryptocurrency and related tech, it has been announced.

Taking to the platform on Wednesday, [Tess Rinearson](https://twitter.com/_tessr) confirmed she has been appointed to lead the new team.

She said Twitter Crypto will explore future opportunities to support users with an interest in cryptocurrency and digital assets as it looks to ‘push the boundaries’.

## A New Team for Crypto

Rinearson, who has previously worked at Interstellar and Tendermint, tweeted: ‘I’m thrilled to share that I’ve joined Twitter, to lead a new team focused on crypto, blockchains, and other decentralized technologies—including and going beyond cryptocurrencies.

‘As I build out the team, we’ll be working to figure out what crypto can do for Twitter, as well as what Twitter can do for crypto. Twitter truly “gets” crypto (hello bitcoin tipping & NFTs!) but there’s so much more to explore here.

‘First, we’ll be exploring how we can support the growing interest among creators to use decentralised apps to manage virtual goods and currencies, and to support their work and communities.

‘Looking farther ahead, we’ll be exploring how ideas from crypto communities can help us push the boundaries of what’s possible with identity, community, ownership and more.

‘And, of course, we’ll be working closely with the @bluesky team to help shape the future of decentralized social media (and to make sure that Twitter stays on the cutting edge of this new landscape, too!).’

She concluded: ‘Twitter Crypto will underpin all of this work, and serve as a “center of excellence” for all things blockchain at Twitter. We’ll be hiring for roles in engineering and product. If this sounds exciting, please get in touch!’

## Jack Dorsey Influences Crypto Adoption

The Twitter Crypto move isn’t entirely a surprise, given founder Jack Dorsey’s public position on crypto. His firm Square Crypto made its first appointment back in 2019, former Google product management expert Steve Lee, for example.

In addition, Square last year bought $50m of BTC and, in July, it said it is trying to buld a hardware wallet.

Dorsey has already said Bitcoin will be a big part of his commercial future. Earlier this year, he confirmed he was putting money forward to help fund BTC development, both in a venture which also involved rapper Jay-Z and through the Massachusetts Institute of Technology (MIT).

Twitter Embraces Crypto with Dedicated Team

Jack Dorsey, CEO of American financial service provider, Square, has revealed plans on Twitter to build an open-source Bitcoin mining system with hopes to further decentralise the Bitcoin network.

He tweeted “Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. The more decentralised this is, the more resilient the Bitcoin network becomes.”

## 'Bitcoin Mining Should be Easier'

"Mining isn’t accessible to everyone. Bitcoin mining should be as easy as plugging a rig into a power source. There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves.”

Square, Inc. is based in San Francisco, California and was founded in 2009 by Jack Dorsey and Jim McKelvey. The company launched its service Square Cash, which lets anyone with a debit card trade fiat for BTC. The company also offers payment processing services to merchants, charging 2.75 percent per swipe of a credit or debit card.

Dorsey believes that further decentralising the Bitcoin network will be critical for securely settling the transactions "well after the last bitcoin is mined."

More [Blockchain news](/news/category/blockchain-news).

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Should Dorsey's Web5 Concept Be Trusted?

Jack Dorsey Steps Down as CEO of Twitter

Twitter Embraces Crypto with Dedicated Team

Square's Jack Dorsey to Build Bitcoin Mining System