Jack Dorsey plans to build 'Web5' based on Bitcoin | Hacker News Reader

Jack Dorsey plans to build 'Web5' based on Bitcoin

forbesindia.com

16 pointsppjim42 comments

Wouldn’t it be cool if the rich outside of real estate helped revolutionize home building and access to home ownership in the middle of an international housing crisis instead of wasting their breath on this kiddie Monopoly money nonsense.

What’s Web 3.0 or 4.0? Since dorsal fin has already claimed 5.0, I am formally staking my claim on 6.0, in which I will invent a web where only dancing food may reside. TechCrunch, please write an article about me now. Place me right next to an article about Elon’s next superfluous claims about future car features.

That's nice, dear <pats head>. Now go back to your playroom with Elon.

This doesn't really tell us anything about what "Web5" actually is in terms of algorithms and protocols, or even a plan for how it might begin to achieve its stated goals.

Is this just more of the same old techbrother hype over nothing?

Uhm, no? I can only imagine you can't read...

It's the same old techbrother hype over nothing /WITH BITCOIN/

I kid, of course. Even as a bitcoin fan, this stuff is really embarrassing.

One of the things that wealthy people used to be better at was making money then fading out of the public eye. Look at Oprah or Ted Turner. Society is much kinder to those people.

They did? Oprah just ended a multiyear content deal w/Apple; Ted has dementia.

Just imagine people actually trying to solve real issues.

But hey who cares about nature and world hunger and stuff when you can have web5

I thought that one of the Hacker News commentary tenets was "Don't shit all over other peoples' work." Except if it's crypto-related? Sheesh.

Jack Dorsey is a pretty successful fellow. He sees centralization as a real problem, and is making an effort to solve it. Antagonize all you want, Jack Dorsey is doing.

But what is he doing?

We already have many decentralised protocols for a wide range of use cases. It's unclear exactly what WebFive brings to the table that is both novel and practical.

When there are daily ponzi schemes full of fraudsters who take people's money and run in an industry segment, it's worthy of distrust - (latest was today's story that the celsius leaders cached out $40 mil worth from celsius before they stopped other people's withdrawals, allegedly - https://news.ycombinator.com/item?id=33109070). At least once a week there is a "someone drained $100 million plus out of xyz crypto trading system". There's a significant issue where there is a combination of too much funding, too much fraud, too much hype.

Centralization can be a problem, but if someone steals my credit card number and buys things, the financial system can also help me address that.

> When there are daily ponzi schemes full of fraudsters who take people's money and run in an industry segment, it's worthy of distrust

At some point you have to untangle the ponzi and scams from the technology. We did this with the web and email already, and even Tor and the “spooky privacy web.”

Most of these scams are variations on “send us your tokens and we will do X.” This isn’t the case with Jack’s proposed protocol, so where is the scam?

https://twitter.com/brockm/status/1535328599200477184?s=20&t...

0 discussion of decentralized digital identity or anything related to the article. Not even meaningful criticism.

To be fair, that's a reflection of the complete lack of technical details Dorsey has rolled out. When someone says "I'm going to save the web with Vaporware!" the correct solution isn't egging them on.

Are you reading the same thing I am, including their GitHub?

https://developer.tbd.website/

It’s not completely fleshed out by any means but it also isn’t a complete lack of details.

The article was mostly buzzword salad. Unfortunately, blockchain and privacy are kind of opposite directions, it's not clear what exactly is being proposed here that's not just a repeat/rebrand of any generic "web3" product.

"Web2 + Web3 = Web5"

That will scale well.

It does prime well.

They're using Fibonacci versioning

Can't wait for web8 next.

Web'4' will be a hard sell in Chinese speaking markets; the money from which is what all of this gambling obfuscation nonsense is actually intended to attract. Thus the skip to web5, as with some buildings that 'skip' having a 13th floor.

What happened to Web4?

Following the path of blades on razors--the joke became reality.

joined it's winamp counterpart

Along with DirectX 4

Doesn't it not remind you about Windows 9 jump? :-)

I think web5 is web2 + web3 if nothing has changed since the last time I read about it which was a few months ago.

It's funny how big-brain techbro-types discover someone else's whitepaper and suddenly think they're the smartest person in the room.

What do you base this comment on? To me this sounds like a guy that believes in an idea and wants to make it happen. It's not relevant that it's not his whitepaper.

I base this comment on being a Bitcoin speculator since 2014, and knowing the exact same 'nerd-fuzzies' feeling that Dorsey feels right now. He'd be better off spending that money on food donations if he wants to be remembered positively.

You can't have fuzzy feelings about another man's whitepaper. ;)

In all seriousness though, Jack Dorsey got involved around 2017 I think so it's not like he just discovered bitcoin.

If he's really been involved for 5 years, it's absolutely mind-boggling that he's ignored all the other projects in this space that have failed. It will be a shame watching his project join them, but I guess that's your prize for failing to loop the community in on your community-based crypto platform.

all other projects that have failed on Bitcoin you mean? web3 landscape has been growing steadily on Ethereum in recent years.

If bitcoin/crypto was going to do something about centralisation, it would have by now. Bitcoin us a great idea, but it doesn't change anything about how we organise the economy, how we write contracts, the relationships between the powerful entities, and everything else. It just a really nifty financial concept.

I don't see how this is different.

Bitcoin doesn’t proactively disrupt centralization as much as it does so passively, by just existing. And arguably it has come a very far way by doing absolutely nothing other than that.

Its functioning exactly as it’s supposed to while central banks and governments around the world try desperately to change things every which way. And Bitcoin will stay that way even things continue to change further (in likely a bad direction)

Building something steady seems like a different and good bet to me

Jack Dorsey has lost his mind, frankly. He is just not in touch with interesting things anymore.

How would this be any better or worse than Solid?

https://news.ycombinator.com/item?id=25989698

When I say most of these crypto future project. I just say good luck and totally ignore them. If it succeeded we would all know sure enough.

See*

I am sure it will be a “hit”. Maybe we can add that to the name:

“Web5hit”

Deleted for not contributing to meaningful conversation, replies are right

I think his ideas are very needed. Whether he has the stamina to see the project through? That's another question entirely.

What is 'broken' about the web today? And how can web5 fix it?

- the internet used to be fun and playful. When I was a kid, I could just make a website and throw FTP it to some server, and blammoo, my site was online. Nowadays, those fun projects are just Facebook groups that you can only access with a FB account. How cool would it be if you could once again do your own hosting, or better yet, have a P2P hosting styled like BitTorrent [1] (so you seed, but others who viewed your content also seed for a while)?

- For every walled garden or platform you need to create a new account or, worse, use 'login with Google/Apple/Facebook'. How cool would it be to have a system like lnurl-auth that just works on every site that needs a logon? [2] And what if that username or kudos that you've amassed on one site or game could transfer over to another platform or game? One pillar of web5 is 'decentralised identity' and a recent interview on [the Kevin Rooke show](https://www.kevinrooke.com/podcasts/e45-daniel-buchner-on-bu...) gives some insight.

- paywalls and subscription platforms are something else that make the internet less fun. I get it. I am a "content creator" too, and yes, I need to make a living by selling some adverts or a subscription. That is "how the world works". But it doesn't have to be that way! I pay per second for some podcasts that I listen to [3] and I am dreaming of the day when every piece of content that I read/listen/watch is paid for per second without friction.

A detailed article about that Jack is intending to do with web5 can also be found in [this Bitcoin Magazine article](https://bitcoinmagazine.com/business/jack-dorseys-tbd-presen...).

[1] I know the IPFS tried to accomplish this, but I think that project is dead in the water. Maybe Dorsey will breathe new life into a similar system that will get enough traction?

[2] If you want to see the easy (magic) of LNURL-AUTH in action, yoy an log into a website like [Stacker.news](https://stacker.news/) (yes, the name is a had tip to HN). Or make it even more meta and discuss about this topic by posting a comment right here: [https://stacker.news/items/35549](https://stacker.news/items....

[3] There are currently [over 4 million podcasts](https://podcastindex.org/stats) already using the Podcasting 2.0 Value4Value tag that gives a listener the option to pay-per-second while listening.

> When I was a kid, I could just make a website and throw FTP it to some server, and blammoo, my site was online.

You can still do that.

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