Jack Dorsey launched TBD, essentially another layer sitting on top of Bitcoin's blockchain. The marketing tagline sucks to be honest, web2 plus web3 equals web5. I think there's some tongue in cheek going on here. But the core idea is awesome. Let's really examine that for a second.

Bitcoin is a fundamental innovation, it's a discovery, it's this decentralized, trustless, permissionless network - the most secure network mankind has ever made. And that's it. It's just a network. To build an ecosystem you need to build layers on top and that involves a whole lot of things.

I'll give an example, think of the Internet circa 1998, Amazon was selling 2 million books. That was their entire business. Think about all the industries that have been transformed since 1998, because of the Internet. Travel agencies, finance, e-commerce, just an unbelievable amount of industries and Bitcoin being one layer, we're still at 1998. The adoption rate of Bitcoin users is still on track to outperform the Internet in the same time period, but it needs this development to sit on top of it.

So in spirit, I'm all for web5 and what Dorsey is trying to do. Is this project the one? Probably not... but you know what? Innovation takes a lot of left turns and right turns and sometimes going in circles. So I'm excited about more development happening on top of Bitcoin. It is going to push the industry forward. It is going to help transform even more industries than the Internet has.