- May 25, 2023
- Posted by: [email protected]
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On May 19, at the Bitcoin 2023 event in Miami, TBD, a division of fintech company Block, unveiled the Web5 decentralized platform, with the goal of empowering users with control over their data and identity. Led by CEO Jack Dorsey, the platform aims to revolutionize applications by introducing decentralized identity and data storage, enabling developers to create user experiences that prioritize individual ownership of data and identity.
The Web5 platform intends to introduce various components to facilitate this decentralized web experience. Wallets will act as agents, enabling individuals and institutions to engage in identity and data interactions. Decentralized web nodes will serve as secure personal data stores, holding both public and encrypted data. Decentralized web apps will leverage decentralized identity and data storage capabilities to enhance user experiences.
To ensure a decentralized approach, the Web5 platform will utilize decentralized identifiers (DIDs), which are internationally recognized standards that allow individuals to create and control their identifiers without relying on centralized entities. This shift aims to eliminate dependence on centralized control and foster user autonomy. Additionally, the platform will incorporate self-sovereign identity services and software development kits, providing the necessary tools for utilizing DIDs and verifiable credentials.
Jack Dorsey, the founder of Twitter, has long advocated for a “free and open protocol” for social media. In line with his vision, he announced the development of Web5 powered by Bitcoin in June 2022. This approach bypasses Web3 and embraces a Bitcoin-centric model for identity management.
TBD’s release of the Web5 platform promises to empower people by giving them control over their data and identities. The platform aims to alter the application landscape by leveraging decentralized technologies, emphasizing user ownership, and improving user experiences in a decentralized web environment.
