Is this satire? I honestly can't tell anymore with projects surrounding cryptocurrencies.
It's all based on bitcoin as the foundational timechain that periodically locks in state changes.
As bitcoin is the most immutable database to ever exist in human civilization, it only makes sense to use it rather than try to spin up some new network.
Web3 is proposed as building on a slew of disconnected, smaller blockchains with feeble security guarantees. There's a strong profit incentive to go this way because early investors can pump and dump the tokens on these alternative blockchains. But it's fragile and doesn't scale well because it's so disorganized.
Web5 is proposed as building non-blockchain decentralized and censorship resistant systems, using the extremely secure bitcoin blockchain as it's only foundation. They're not trying to put absolutely all data on the base blockchain, which is incredibly inefficient and will never scale. They aren't issuing new tokens that insiders have privileged early access to.
Web3 is a scam. Web5 is an attempt at the real deal.
> The term "Web3" was coined by Polkadot founder and Ethereum co-founder Gavin Wood in 2014, referring to a "decentralized online ecosystem based on blockchain."[1] In 2021, the idea of Web3 gained popularity.[21] Particular interest spiked toward the end of 2021, largely due to interest from cryptocurrency enthusiasts and investments from high-profile technologists and companies.[6][7] Executives from venture capital firm Andreessen Horowitz traveled to Washington, D.C. in October 2021 to lobby for the idea as a potential solution to questions about regulation of the web, with which policymakers have been grappling.[22]
Edit: I think this discussion is quickly losing it's value and turning into a debate about definitions. But overall I'm just not sure if I agree with Jack Dorsey alienating the entire Web3 community when his vision aligns so closely. I understand being put off by the more scammy parts of crypto, and that is something that crypto has to address, but the majority of Web3 is full of developers honestly working towards decentralization and personal ownership. If Jack Dorsey and Web5 wants to cut themselves away from that community, I guess we'll see how it works out for them
If the companies making money (Google, FB, etc) on users Data aren't making money, then we have a Catch-22. Users can have their data, but there are no viable services around to be profitable enough to operate.
Jack is making a big deal out of something b/c he's trying to make a legacy beyond the dumpster fire that is Twitter, or a fancy looking cash register system.