According to the information provided on the TBD website, the primary objective of Web5 is to provide user apps with decentralized identification and data storage capabilities. Developers will be able to devote their attention to producing Decentralized Web Apps using Decentralized Identifiers thanks to Web5, which will also restore users' ownership of their data and identities.
It is anticipated that the monetary layer of Web5 will also be constructed on top of Bitcoin's blockchain, as decentralized IDs for Web5 will be established on top of Bitcoin's blockchain. Jack Dorsey is a fervent advocate of Bitcoin and the decentralization made possible by blockchain technology. Bluesky, a project to build an open and decentralized framework for Twitter and social media, was revealed by the Twitter co-founder last year. TBD also revealed ambitions to create a decentralized exchange (DEX) for bitcoin last year.