TBD, the Bitcoin-focused business arm of Jack Dorsey and a subsidiary of Block Inc., said on Friday that it is creating Web5, a new decentralized web.
Web5 is based on the opinion that Web3, the concept of establishing a decentralized web using blockchain technology and cryptocurrencies, has noble intentions but uses the wrong means.
Web5 employs Bitcoin, a decentralized monetary network, and a plethora of superior computer science technologies to create a new ecosystem of decentralized identities, data storage, and applications in which individuals retain control of their personal data.
Recent decentralized Internet breakthroughs, such as BitTorrent and Tor, have shown that blockchain technology is not necessary for decentralization. Rather, the blockchain has shown to be required for a single purpose: minimizing the double-spend problem so that Bitcoin may transmit peer-to-peer funds to the digital realm successfully.
Web5 from TBD consists of software components and services including decentralized identifiers (DIDs), decentralized web nodes (DWNs), a self-sovereign identity service (SSIS), and a self-sovereign identity software development kit (ssi-sdk). These components enable developers to focus on user experiences while facilitating decentralized identity and data storage in applications.
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