Jack Dorsey’s Bitcoin project TBD kills its plan to trademark ‘Web5’

Key Facts

• Late Tuesday night, TBD, the Bitcoin-focused division of Jack Dorsey’s payments company Block (formerly Square), announced an ill-thought-out plan to trademark the term, which refers to its vision for a decentralized, privacy-focused iteration of the future web that TBD has been promoting in recent months.
• According to TBD, the plan to trademark “Web5” was born out of issues it saw where the term was being applied to other products and services that were “diametrically opposed to the tenets of Web5 that we set out.”
• The company said that seeking protection for “Web5” would allow TBD to prevent confusion about the meaning of the term and defend its principles.
• For several months, TBD has been promoting the term Web5, explaining how Web5 technologies could bring decentralized identity and data storage to applications while returning ownership of data and identity to individuals.

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