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The Tesla exec has reacted to reports of Dorsey building a Web5 decentralized web that will focus solely on Bitcoin.
The cryptocurrency community has reacted positively to the news that TBD, a subsidiary of Block Inc., plans to create a new decentralized web that will be centered on Bitcoin (BTC).
According to an announcement yesterday, the firm will build a decentralized web dubbed “Web5,” a project that is in line with Block’s founder Jack Dorsey’s vision of Bitcoin playing an integral part in the evolution of the internet.
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
While the world is still focused on Web3, which uses blockchain technology to decentralize the internet, Dorsey is already making moves to build Web5, which is tipped to focus on just one blockchain – Bitcoin.
Commenting on the news of Dorsey’s plans to build Web5, a Dogecoin enthusiast with the Twitter username @wandrinstar, took to the microblogging platform to say:
“If Jack and Bitcoin can create web5 then Dogecoin can create web69.”
Dorsey and Musk’s Reaction
The tweet forced a response from Dorsey, the former CEO and co-founder of Twitter, as he called on Tesla founder Elon Musk to give his opinion on the post.
“Your MOve @elonmusk”
your move @elonmusk
— jack (@jack) June 10, 2022
Reacting to the development, Musk, who has always been a proponent of Dogecoin and has been pushing for the widespread adoption of the cryptocurrency to enable it to become the currency of the internet, stated that Web69 will be awesome.
web69 is 🔥🔥
— Elon Musk (@elonmusk) June 11, 2022
While Dorsey is entirely focused on Bitcoin, Musk’s crypto attention is centered on BTC and Dogecoin.