ChainCatcher news, according to The Block, Twitter co-founder Jack Dorsey's payment company Block (SQ) plans to refocus on building devices for Bitcoin (BTC) miners and its self-custody crypto wallet, with part of the funding coming from abandoning the creation of a new decentralized internet known as "Web5" (established in June 2022) and reducing investment in the music streaming app Tidal.This decision was announced in the same week that Trump won the U.S. presidential election, where he promised to provide a more crypto-friendly environment in the U.S., with Bitcoin mining being one of the industries he pledged to support during his campaign.In addition to a letter to shareholders, Block also released its third-quarter financial results on Thursday. According to FactSet data, the company's revenue was $5.98 billion, below Wall Street analysts' average expectation of $6.24 billion. Subsequently, the company's stock price fell by as much as 10%.

ChainCatcher news, according to CoinDesk, TBD, a subsidiary focused on Bitcoin under former Twitter CEO Jack Dorsey, has launched a new open-source toolkit for its Web5 project, aimed at making it easier for developers to create decentralized internet applications. This technology set includes DID; secure digital certificates known as Verifiable Credentials (VCs) that provide legal proof of aspects such as name, age, and asset ownership; and Decentralized Web Nodes (DWN) for storing data in a decentralized manner. The complete Web5 platform will be launched later in 2023, but with this initial version, developers can start building decentralized applications on the TBD developer platform.It is reported that one of the first applications TBD will launch on its Web5 platform will be a remittance application for Africa and Mexico, which uses Bitcoin and stablecoins as payment channels and will be based on another TBD open-source project called TBDex. (Source link)

ChainCatcher news, according to CoinDesk, Jack Dorsey's payment company Block's Bitcoin subsidiary TBD plans to apply for the "Web 5" trademark to prevent misuse. TBD pointed out on social media: "We recently noticed the term 'Web 5' being misused by certain products and services, which is in stark contrast to the Web 5 principles we established. Therefore, we have decided to seek protection for 'Web 5' to prevent confusion about its meaning and to ensure that the term is used as intended, which is a truly open, decentralized new layer of the internet." (CoinDesk)