TBD, the bitcoin-focused subsidiary of Dorsey’s Block (SQ), is looking to trademark the Web5 name to prevent confusion over the meaning of the term and deter others from using it loosely.
"We’ve recently noticed that the term 'Web5' is being applied to products and services diametrically opposed to the tenets of Web5 that we set out," TBD said in a tweet on Tuesday.
"We 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," the tweet added.
Web5 was announced this year during CoinDesk’s Consensus Festival in Austin where TBD explained that "Web5 brings decentralized identity and data storage to individuals’ applications.” It will let developers focus on "creating delightful user experiences, while returning ownership of data and identity to individuals.”
TBD envisioned Web5, a word that combines Web2 and Web3, to be “a public tool for good” which will be open to everyone and will build the next iteration of the internet. Although, a copyright or trademark of the term, which deters others to use it, seems to be opposite of an idea of a true decentralized internet.
However, TBD said that “it’s not our intention to prevent others from using Web5, but we want to establish an initial way to defend its principles.” The company is working on ways to enable commercial and non commercial uses of Web5, “as long as participants respect the meaning of the term and uphold its main attributes,” according to the tweet.