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

"Some people seem to think we are joking about web5 and we are not for real working on it. I promise you, that we are for real working on it. It will actually exist, unlike Web3," TBD Product Lead Mike Brock said. (Image credit: @brockm/Twitter)

Hours after former Twitter CEO and Block Head Jack Dorsey announced a new platform on the social media platform -- Web 5, to be powered by Bitcoin -- TBD's Product Lead Mike Brock issued a clarification for some of the criticism the company has been receiving.

Web5 is developed by TBD, a Bitcoin-focused subsidiary Dorsey’s Block.

Taking to Twitter, Brock wrote, "I get the criticism that we announced web5 before releasing web5. But the thing is, when we launched TBD, this is how we promised to do things. We promised we'd have public, transparent and open source roadmaps. That's what we're doing."

I get the criticism that we announced web5 before releasing web5. But the thing is, when we launched TBD, this is how we promised to do things. We promised we'd have public, transparent and open source roadmaps. That's what we're doing.

— Mike Brock (@brockm) June 12, 2022

Stressing on their "open source" policy, Brock added, "We could have worked on it in a private Github repo, and waited for the components to be full beta quality before announcing. But that's not how our open source, open standards-oriented company is going to work. So yes, we're going to announce things early."

Stating that it's a radical way to work and that the company is committed to it, Brock said TBD is putting themselves out there and and "being vulnerable and open".

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

"Part of the benefit of this is, that we can get more eyeballs on our ideas, get useful feedback, and even accept contributions from the community," the TBP Product Lead said.

When a Twitter user commented that the criticism was not because the company announced Web 5 before its release but because the company did not release anything yet, Brock said, "Well, since Web 3 does not exits either, we thought it wouldn't be a big deal."

In another tweet, he added, "Some people seem to think we are joking about web5 and we are not for real working on it. I promise you, that we are for real working on it. It will actually exist, unlike Web3."

While announcing Web 5, Jack Dorsey said touted it to be the company's most important contribution to the internet. TBD also promised that Web 5 will bring decentralized identity and data storage to individual’s applications.