The new platform is designed to present customers extra management over their information and identification
Web5 can also be focused at making it simpler for builders to construct decentralised functions.
The platform is powered by the Bitcoin blockchain.
TBD, a fintech startup of former Twitter CEO Jack Dorsey’s firm Block, has introduced the launch of a brand new decentralised web platform referred to as Web5.
Web5: Giving customers extra management over their information
The announcement that TBD made on 19 May on the Bitcoin 2023 in Miami revealed that the brand new platform’s focus can be on giving customers a technique to get pleasure from extra management over private information and identification.
Web5 is constructed on prime of the Bitcoin blockchain, and it makes use of decentralised identifiers (DIDs) to create a safe and personal method for customers to register to functions. DIDs are distinctive identifiers that aren’t tied to any centralised entity, so customers can make certain that their information isn’t being tracked or bought.
The platform features a decentralised web node (DWN), which is a private information retailer that customers can use to retailer their very own information. This information can embody issues like contact data, social media profiles, and monetary data.
DWNs are encrypted and saved on the blockchain, so customers can make certain that their information is safe and personal.
Web5 can even look to supply entry to the instruments and assist builders must construct decentralised functions.
TBD primarily centered on Bitcoin
Dorsey is without doubt one of the hottest self-taught programmers and a giant believer in Bitcoin. He additionally believes within the energy of decentralised know-how, which is the trail TBD is taking because it seems to be to create a extra decentralised and user-centric web.
While a lot of the business is trying to faucet into Web3, Dorsey’s Web5 is seeing the potential the brand new Web5 know-how gives by way of handing management of knowledge and identification to customers. Key actors on this quest embody wallets, Decentralised Web Nodes (DWNS), and Decentralised Web Apps (DWAS).
Dorsey teased the event of TBD in June 2021, which CoinJournal lined right here.
