To build a new decentralized platform called Web5, Jack Dorsey, former CEO of Twitter and founder of Block Inc., plans to use the Bitcoin network to build it. TBD, Block’s bitcoin-focused company, is leading the development of the new platform.
Jack Dorsey, CEO of TBD, is clearly unhappy with the present Web3 environment, as seen by the company’s decision to rebrand its protocols as Web5. Dorsey has openly denounced the burgeoning business, describing it as a centralized movement that benefits venture capital companies.
In the words of TBD, Web5 is a collection of protocols designed to fill a void in the web’s identification system. Identity and personal data are held by third parties on today’s web. They are creating web5 so that consumers may manage their own data and identities.
Using Web5, your apps will benefit from the decentralization of identification and data storage. Developers will be able to concentrate on developing beautiful user experiences while giving control of data and identity to users, according to the firm.
In order to accomplish this goal, TBD is using Bitcoin as a hub and four critical components. They include:
Identifications that are not held in a single location (DIDs)
To put it another way, a decentralized web node (DWNs)
Authentication Service for Self-Determination (SSIS)
The SDK for Self-Sovereign ID (ssi-sdk)
There are a number of things that each user or institution would require in order to take use of this new protocol: a wallet, a DWN, and decentralized web applications (DWAs).
An example of how a user may manage their identity was provided by the corporation using these provisions:
For Alice, a digital wallet is a safe place where she may save all of her personal information and provide access to third-party applications and connections. New decentralized social networking app: Alice logs in with her money.
This means that Alice doesn’t have to establish a profile, and all of the connections she makes using this app are saved in her decentralized web node, so she doesn’t have to worry about losing them. Alice’s social profile is now with her as she switches between applications.
There will be no way for a governance token to be issued using the new system, unlike Web3. According to Mike Brock, the TBD Team Lead, there are no web5 tokens to invest in. Until now, there has been no formal announcement of a debut date.