Quick Take“Web 5”, a newly coined concept by Jack Dorsey’s TBD unit, was recently announced on TwitterWeb 5 promises to return ownership of users’ personal data back to the users, which should allow them the choice of service providersThe purpose of doing so is to build an Internet for trust minimized applications and to reduce the power that existing service providers have over users’ personal data todayThis is possible with the use of cryptography, decentralized identifiers, and verifiable credentialsWhile TBD has proposed certain novel applications, such as tbDEX, there is still no evidence to suggest that such a concept will eventually acquire significant user adoption
