- The brand new platform is designed to present customers extra management over their knowledge and identification
- Web5 can be designed to make it simpler for builders to construct decentralized functions.
- The platform is powered by the Bitcoin blockchain.
TBD, former Twitter CEO Jack Dorsey’s fintech startup Block introduced the launch of a brand new decentralized internet platform referred to as Web5.
Web5: Offers customers extra management over their knowledge
Might 19 At Bitcoin 2023 in Miami, TBD introduced that the brand new platform will intention to present customers extra management over their private knowledge and identification.
Web5 is constructed on the Bitcoin blockchain and makes use of Decentralized Identifiers (DIDs) to create a safe and personal means for customers to connect with functions. DIDs are distinctive identifiers that aren’t linked to any centralized entity, so customers can make certain that their knowledge shouldn’t be being tracked or offered.
The platform features a Decentralized Net Node (DWN), which is a private knowledge repository that customers can use to retailer their knowledge. This knowledge can embody issues like contact data, social media profiles and monetary information.
DWNs are encrypted and saved on the blockchain, so customers can relaxation assured that their knowledge is safe and personal.
Web5 will even intention to supply builders entry to the instruments and help they should construct decentralized functions.
TBD centered on Bitcoin
Dorsey is among the hottest self-taught programmers and is a giant believer in Bitcoin. He additionally believes within the energy of decentralized applied sciences, which TBD is taking to create a extra decentralized and user-centric internet.
Whereas a lot of the trade desires to benefit from Web3, Dorsey’s Web5 sees the potential that Web5’s new know-how provides when it comes to transferring knowledge and identification administration to customers. Key gamers on this job are wallets, Decentralized Net Nodes (DWNS) and Decentralized Net Purposes (DWAS).
Dorsey teased a TBD construct for 2021. in June, which CoinJournal coated right here.
