Web5 tool

Jack Dorsey and TBD unveil their new Web5 tool

TBD, the fintech company Block’s division, led by CEO Jack Dorsey, announced a new decentralized web platform Web5 at Bitcoin 2023 in Miami on May 19.

The platform aims to introduce “decentralization of identity and data storage” in applications, allowing developers to leverage the technology to create “pleasing user experiences while returning individuals’ ownership of their data and identity,” the company shared.

Dorsey’s Web5 platform

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

Decentralized identifiers (DIDs)

In addition, the Web5 platform will also use decentralized identifiers (DIDs), which are internationally recognized standards for identifiers created and controlled by individuals, eliminating the dependence on centralized entities. The platform will also incorporate self-sovereign identity services and software development kits that provide the necessary tools to use DIDs and verifiable identity credentials.

In recent years, Dorsey – who founded Twitter – 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 completely bypassing Web3 and using a new Bitcoin-centric model for identity management.

The future of Web5

The future of Web5 is promising and offers a new vision of decentralized internet. Jack Dorsey and TBD continue innovating in fintech and decentralized technology. Their vision of decentralizing identity and data storage could be the next step towards a more equitable and open internet, where data control is in the hands of users and not corporations.

In conclusion, the announcement of the Web5 platform by TBD and Jack Dorsey marks a turning point in our understanding of what a decentralized internet can be. Their commitment to decentralization, user-controlled data, and an enhanced user experience shows a bold and promising vision for the future of the internet.