Block’s TBD Moves to Trademark Web5

TBD has decided to trademark Web5 to prevent confusion over its meaning and ensure the use of the term as proposed.

Block’s bitcoin-focused subsidiary TBD has unveiled plans to trademark the name Web5 to prevent its misuse. Clarifying their position, TBD Lead at Block Mike Brock noted that Block will not benefit commercially from trademarking the name.  

A Background

Recall that after citing the centralized ownership and management of most web3 platforms, Jack Dorsey proposed a new iteration of the internet called Web5. Thereafter, TBD announced the plan for Web5 during CoinDesk’s Consensus Festival in June.

According to the announcement, Web5 will be an open, secure, and decentralized internet layer. It will combine the benefits of both Web3 and Web2, giving users a chance to own their data and control their identity. Essentially, Web5 will bring data storage and decentralization to applications.

The announcement of Web5 received phenomenal support from many, showing their interest. The firm also called on companies and individual contributors to participate in designing the open-source protocol.

The Aftermath

In its latest release, TBD noted that contrary to its initial use of the term Web5, the name was now being brandished around with products and services that oppose its tenets.

Consequently, the division has decided to trademark Web5 to prevent confusion over its meaning and ensure the use of the term as proposed. While trademarking the name seems to contradict the idea of a decentralized internet, TBD noted the move was not an attempt to prevent others from using the term but to provide a way to defend the principles.

TBD also cited four main attributes of the proposed open-source protocol. Apart from empowering individuals through decentralized and trustless systems, it will use its open-source protocol will ensure the ecosystem remains decentralized. Also, it will encourage the development of solutions that will aid decentralized identity and data management.

Provided these attributes will be upheld, TBD is looking for ways to encourage the commercial and non-commercial uses of the term. The firm is also seeking collaborations with firms, individuals, and other stakeholders who can help maintain the envisioned standards till web5 becomes a force for good.

“We will continue to explore other frameworks to commit our innovation to the public, ensuring maximum adoption, open source, and collaboration on the tools we’re building,” the firm concluded.

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Babafemi Adebajo

An experienced writer with practical experience in the fintech industry. When not writing, he spends his time reading, researching or teaching.

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