Just when we were beginning to get a handle on Web3 and its self-referential attempts to popularize crypto-related projects, Block Head Jack Dorsey announced on Friday there was a new development: Web5. Web3? Pathetic. Simply embarrassing!

You may ask what happened to Web4, or even Web3 and why that project is apparently not adequate for Dorsey. Well, the project's website helpfully explains, Web5 is Web2 plus Web3. 

"(Web 2), (Web 3) -> (Web 5)" reads one slide in a Google Doc presentation shared by Dorsey that lays out his vision. "The Decentralized Web Platform (DWP) enables developers to write Decentralized Web Apps (DWAs) using Decentralized Identifiers (DIDs) and Decentralized Web Nodes (DWNs), returning ownership and control over identity and data to individuals <-- We are calling this Web5." 

In other words, Web5 is a complete vision for a decentralized web, and is being worked on by TBD, a subsidiary of Block. The only mention of blockchains or crypto on the project's website is a subtle reference to Ion, which is a digital identity network that runs on Bitcoin. 

In a statement shared with Coindesk, TBD wrote that: "Identity and personal data have become the property of third parties. Web 5 brings decentralized identity and data storage to individual's applications. It lets devs focus on creating delightful user experiences, while returning ownership of data and identity to individuals."

In other words, Dorsey and TBD claim to be interested in seeking a truly decentralized internet without the ability for actors like venture capitalists to come in and consolidate control or wealth—the main way they currently do this is through issuing or investing in tokens, which TBD's Lead Mike Brock claims Web5 will not do.