Jack Dorsey announced a new crypto project—“Web5: The Decentralized Web Platform”—Friday on Twitter and in-person during a Web3 festival.
In the past, Dorsey has been heavily critical of crypto and Web3. While the next wave of the internet has promised to be a truly democratized system not owned by any one individual, Dorsey has said the space has been taken over by venture capitalists.
On the other hand, the ex-Twitter CEO has also been a big proponent of bitcoin. His wholehearted support of the OG cryptocurrency is despite critics and researchers who have pointed out that early adopters of bitcoin essentially became “the elite” of crypto, amassing wealth while essentially becoming a new flavor of 19th century oil barons, but for crypto mining. Dorsey has likewise defended bitcoin despite its negative environmental impact.
Block’s Web5 promises to do away with anything that has stopped Web3 from being truly “decentralized.” They promise no utility tokens or consensus models, instead relying on a decentralized web-based on blockchain tech.

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