Twitter Inc TWTR co-founder and its former CEO Jack Dorsey is planning to create a new decentralized web that will be centered on Bitcoin BTC/USD.
With his Block Inc SQ subsidiary TBD, Dorsey aims to build Web5 based on Bitcoin and believes it will play an integral part in the evolution of the internet.
Following Dorsey’s announcement, Twitter is upbeat talking about the idea. One of his followers, @Namcios, tweeted about the TBD and Web5.
1/ Jack Dorsey’s @TBD54566975 unit has just announced it is building “Web5”.
This new decentralized web leverages #Bitcoin to put users back in control of their data and identity – once and for all.
Here’s a thread with all you need to know … pic.twitter.com/TpW8OvuyKX
— Namcios (@namcios) June 10, 2022
Others in the crypto community also spoke about the plan on Twitter. For example, user @wandrinstar tweeted that if Bitcoin can create web5, then Dogecoin DOGE/USD can create web69 as well.
If Jack and Bitcoin can create web5 then Dogecoin can create web69
— Wandrinstar (@wandrinstar) June 10, 2022
In response, Dorsey asked Tesla Inc TSLA CEO Elon Musk’s reaction.
your move @elonmusk
— jack (@jack) June 10, 2022
Musk, who has been a great advocate of the meme coin, responded with a fire emoji.
web69 is 🔥🔥
— Elon Musk (@elonmusk) June 11, 2022
Musk’s support for Dogecoin has continued even as the price of the crypto falls to new 52-week lows. Last month, he announced on Twitter that the SpaceX merchandise would soon be available in Dogecoin.
DOGE was trading at $0.0662 on Sunday morning, down almost 9% in the past 24 hours.