• New platform designed to present customers extra management over their knowledge and identification
• Web5 additionally goals to make it simpler for builders to construct decentralized functions.
• This platform makes use of the Bitcoin blockchain.

TBD, a fintech startup within the firm block of former Twitter CEO Jack Dorsey, introduced Launch of a brand new decentralized net platform referred to as Web5.

Web5: Give customers extra management over their knowledge

An announcement TBD made at Bitcoin 2023 in Miami on Could 19 revealed that the brand new platform will concentrate on giving customers extra management over their private knowledge and identification. grew to become.

Web5 is constructed on the Bitcoin blockchain and makes use of distributed identifiers (DIDs) to create a safe and personal method for customers to signal into functions. A DID is a singular identifier that’s not tied to any centralized entity, so customers can make certain that their knowledge isn’t tracked or bought.

The platform consists of distributed net nodes (DWN), private knowledge shops that customers can use to retailer their knowledge. This knowledge could embrace contact info, social media profiles, monetary information, and so on.

DWN is encrypted and saved on the blockchain, so customers will be certain their knowledge is protected and personal.

Web5 can even look to offer entry and assist for the instruments builders must construct decentralized functions.

TBD will focus totally on Bitcoin

Dorsey is among the hottest self-taught programmers and a powerful believer in Bitcoin. He additionally believes within the energy of decentralized expertise. That is the trail TBD is taking as he tries to make his net extra decentralized and user-centric.

Whereas many of the trade is targeted on leveraging Web3, Dorsey’s Web5 seems to be on the prospects new Web5 applied sciences supply in relation to handing over management of knowledge and identities to customers. Key actors on this quest embrace Wallets, Decentralized Net Nodes (DWNS), and Decentralized Net Apps (DWAS).

Dorsey has hinted at a pending improvement in June 2021, which CoinJournal lined right here.