Jack Dorsey announces competitor for Web 3. Web 5 will be powered by Bitcoin

After the announcement, Block Head Jack Dorsey continued to answer questions on Web 5 on Twitter.

Former Twitter CEO and Block Head Jack Dorsey has announced a new platform on the social media platform -- Web 5. A combination of Web 3 and Web 2, Web 5 will be powered by Bitcoin.

"This will likely be our most important contribution to the internet," Dorsey tweeted.

this will likely be our most important contribution to the internet. proud of the team. #web5

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(RIP web3 VCs)https://t.co/vYlVqDyGE3 https://t.co/eP2cAoaRTH

— jack (@jack) June 10, 2022

Web5 is developed by TBD, a Bitcoin-focused subsidiary Dorsey’s Block. The company said in its website that the new platform will solve the problem of securing personal data.

In a statement shared with Coindesk, the company stated: “Identity and personal data have become the property of third parties. Web 5 brings decentralized identity and data storage to individual’s applications. It lets devs (developers) focus on creating delightful user experiences, while returning ownership of data and identity to individuals.”

After the announcement, Jack Dorsey continued to answer questions on Web 5 on Twitter.

When a Twitter user said, "We are still struggling with Web 3," Dorsey's response was: "Exactly".

Read more: TBD's Mike Brock responds to criticism on Web 5: 'It will actually exist, unlike Web 3'

Another user questioned: "What makes Web 3, from your perspective, not decentralised enough that you believed there needed to be this next stage via what you're calling Web 5?" Dorsey said, "It's on single point of failure systems (eth, solano) and lies being told to people about who owns it and controls it."

To further elaborate, when a Twitter user asked that scientists drove Web 1, techno-entrepreneurs controlled Web 2, venture capitalists drove Web 3 then who would have the control for Web 5, Dorsey said, "The people."

He also took a dig at venture capitalists in his announcement tweet, stating, "RIP web 3 VCs."