- Jack Dorsey’s TBD looking for a copyright or trademark on the “Web5” term.
- Web5 signals the next stage in the development of the internet.
Jack Dorsey has been engaged in a label project called ‘Web5’, since resigning from his position as CEO of Twitter in November 2021. As TBD, the bitcoin-focused subsidiary of Dorsey’s Block is seeking to trademark the word “Web5” to avoid confusion regarding the term’s meaning and prevent unauthorized usage of the label.
According to a TBD, which has revealed intentions to build a new decentralized web based on the broadest blockchain network, believes that the label ‘Web5’ is being misused for products and services diametrically, which is opposite to their fundamentals.
Also, TBD Tweeted on Tuesday that;
We have therefore decided to seek protection for “Web5,” which will allow us to prevent confusion about the meaning of “Web5” and ensure that the term is used as intended – to refer to a truly open, decentralized layer for the new internet.
No More Misuse
Jack Dorsey’s TBD launched Web5 an “extra decentralized web platform”, this year in July that is promoted as enabling users’ direct control over identity and personal data. Although, the removal of third-party control over the data signals the next stage in the development of the internet.
While Web5 appears counter to the idea of a truly decentralized internet having a copyright or trademark on the term would deter its misuse. Further, TBD stated that they intend to defend its principles and desire to provide initial services. The company efforts are being made to make Web5 usable for both for-profit and nonprofit purposes.
Moreover, today the cryptocurrency market witnessed some greens in its price chart. And the global crypto market cap is $852 billion which is increased by around 2.13% over the last day. At the time of writing, the crypto king Bitcoin (BTC) attained a $17K price level.