Jack Dorsey's TBD Is Creating an Extra Decentralized Web5 Using Bitcoin!

TBD, a new company formed by Jack Dorsey, is working on a "extra decentralized web platform". Web5 promises a new version of the internet in which users would have total control over their personal data. The name looks to be a poke at Web3, which proposes handing data ownership to customers through decentralized technologies like blockchain networks. Web5 will employ ION, a layer-2 protocol built on top of the Bitcoin network. Unlike Web3 apps, which rely on networks like Ethereum, Web5 will not necessitate the creation and sale of new currency.