Monday, June 5, 2023

TBD, a division of fintech company Block, which is led by CEO Jack Dorsey, has announced a novel Web5 decentralized web platform at Bitcoin Miami on May 19. 

The platform aims to introduce “decentralized identity and data storage” to applications, thereby allowing developers to leverage the technology to create “delightful user experiences, while returning ownership of data and identity to individuals,” the company shared. 

Dorsey’s Web5 platform also seeks to introduce several key components to facilitate this decentralized web experience. Under the platform, wallets will act as agents, facilitating identity and data interactions for individuals and institutions. Decentralized web nodes (DWNs) will serve as personal data stores, securely holding both public and encrypted data, while Decentralized web apps (DWAs) leverage decentralized identity and data storage capabilities to enhance user experiences.

Furthermore, the Web 5 platform will also employ the use of decentralized identifiers (DIDs), which are internationally recognized standards for identifiers created and controlled by individuals, eliminating reliance on centralized entities. The platform will also incorporate self-sovereign identity services and software development kits (SDKs) that provide the necessary tools for utilizing decentralized identifiers and verifiable credentials.

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In recent years, Twitter founder Jack Dorsey has advocated for a “free and open protocol” for social media. In June 2022, Cointelegraph announced that Dorsey was building ‘Web5’ powered by Bitcoin focused on bypassing Web3 entirely, and utilizing a new Bitcoin-centric model for identity management.

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