Jack Dorse's TBD Announces Web 3 Competitor: Web 5

TBD, the bitcoin-focused subsidiary of Twitter founder Jack Dorsey's business Block, announced at Consensus 2022 that it will build Web 5, a decentralized web platform. The platform will bring decentralized identity and data storage to applications, allowing developers to focus on improving the user experience while returning ownership of data and identity to the individual. In addition, Web 5's monetary layer will be built on the foundation of Bitcoin and is still under open-source development and does not have an official release date.