Jack Dorsey is the former CEO of Twitter and the current CEO of Block. They have presented an exciting initiative of a decentralized web based on bitcoin. They coined this Web5: Decentralized Web Platform.
The project, called TBD, will create a new type of interaction on the Internet. TBD has published a presentation that explains how Web5.0 will work.
Dorsey is a fan of bitcoin values. This new adventure represents a journey not only for the participants of the crypto ecosystem, but for the entire society that interacts with the Internet.
“This will probably be our most important contribution to the Internet.”
Web5 is based on the hypothesis that Web3 intends to create a decentralized web using blockchain technology and cryptocurrency derivatives. It has right intentions. However, the wrong tools are being used.
Web5 aims to use the same blockchain technology used for bitcoin. This is to reduce the double-spending problem by making peer-to-peer bitcoin digital money a reality. TBD’s Web5 will include other essential technologies, such as a decentralized identifier (DID), a decentralized web node (DWN), a self-sovereign identity service (SSIS) and a self-sovereign identity software development kit (SSI-SDK).
The technical purpose of Web5 is that these composite components allow developers to focus solely on an optimal user experience, as decentralized identity will already be an intrinsic part of Web5 that will help with the storage of data across applications.
Jack Dorsey and the Digital Identity
The ultimate objective of Web5 is to return digital ownership and power over a digital identity in the form of related data to the individual through decentralized tools.
It remains to be seen whether the values of the TBD team and Dorsey remain intact as the broad pursuit of goodness for the Internet user. Helping people make their own destiny in the digital age can only be a good thing, right?
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