- New platform designed to give users more control over their data and identity
- Web5 also aims to make it easier for developers to build decentralized applications.
- This platform utilizes the Bitcoin blockchain.
TBD, a fintech startup in the company block of former Twitter CEO Jack Dorsey, announced Launch of a new decentralized web platform called Web5.
Web5: Give users more control over their data
An announcement TBD made at Bitcoin 2023 in Miami on May 19 revealed that the new platform will focus on giving users more control over their personal data and identity. became.
Web5 is built on the Bitcoin blockchain and uses distributed identifiers (DIDs) to create a secure and private way for users to sign into applications. A DID is a unique identifier that is not tied to any centralized entity, so users can be sure that their data is not tracked or sold.
The platform includes distributed web nodes (DWN), personal data stores that users can use to store their data. This data may include contact information, social media profiles, financial records, etc.
DWN is encrypted and stored on the blockchain, so users can be sure their data is safe and private.
Web5 will also look to provide access and support for the tools developers need to build decentralized applications.
TBD will focus primarily on Bitcoin
Dorsey is one of the most popular self-taught programmers and a strong believer in Bitcoin. He also believes in the power of decentralized technology. This is the path TBD is taking as he tries to make his web more decentralized and user-centric.
While most of the industry is focused on leveraging Web3, Dorsey’s Web5 looks at the possibilities new Web5 technologies offer when it comes to handing over control of data and identities to users. Key actors in this quest include Wallets, Decentralized Web Nodes (DWNS), and Decentralized Web Apps (DWAS).
Dorsey has hinted at a pending development in June 2021, which CoinJournal covered here.