- New platform designed to present customers extra management over their information and identification
- Web5 additionally goals to make it simpler for builders to construct decentralized functions.
- This platform makes use of the Bitcoin blockchain.
TBD, a fintech startup within the firm block of former Twitter CEO Jack Dorsey, introduced Launch of a brand new decentralized net platform referred to as Web5.
Web5: Give customers extra management over their information
An announcement TBD made at Bitcoin 2023 in Miami on Could 19 revealed that the brand new platform will concentrate on giving customers extra management over their private information and identification. grew to become.
Web5 is constructed on the Bitcoin blockchain and makes use of distributed identifiers (DIDs) to create a safe and personal manner for customers to signal into functions. A DID is a singular identifier that’s not tied to any centralized entity, so customers can ensure that their information isn’t tracked or offered.
The platform consists of distributed net nodes (DWN), private information shops that customers can use to retailer their information. This information could embrace contact data, social media profiles, monetary data, and so on.
DWN is encrypted and saved on the blockchain, so customers will be positive their information is secure and personal.
Web5 will even look to supply entry and assist for the instruments builders must construct decentralized functions.
TBD will focus totally on Bitcoin
Dorsey is likely one of the hottest self-taught programmers and a robust believer in Bitcoin. He additionally believes within the energy of decentralized expertise. That is the trail TBD is taking as he tries to make his net extra decentralized and user-centric.
Whereas many of the trade is concentrated on leveraging Web3, Dorsey’s Web5 appears on the prospects new Web5 applied sciences provide in relation to handing over management of information and identities to customers. Key actors on this quest embrace Wallets, Decentralized Internet Nodes (DWNS), and Decentralized Internet Apps (DWAS).
Dorsey has hinted at a pending improvement in June 2021, which CoinJournal lined right here.
(Tag Translation) Know-how
