Move Over Web3 (and Web4), Jack Dorsey’s TBD Is Building Web5
Twitter and Block co-founder Jack Dorsey is back at taking shots at Web3 again as TBD, a Bitcoin (BTC)-focused subsidiary of Block, announced that it is building Web5 - a Decentralized Web Platform (DWP) that is meant to enable ‘truly’ decentralized apps and protocols.
According to the description on the project’s site, Web5 will return data ownership back to people by utilizing decentralized data and identity tools.
“Web5 brings decentralized identity and data storage to your applications. It lets [developers] focus on creating delightful user experiences, while returning ownership of data and identity to individuals,” they claimed.
The key components of Web5, or DWP, include Decentralized Web Apps (DWAs) that will utilize Decentralized Identifiers (DIDs) and Decentralized Web Nodes (DWNs), the presentation of the initiative shows.
DIDs will include self-owned identifiers that should be capable of decentralized identity authentication and routing and cryptographic verifiable credentials (VCs), while DWNs will serve as a message relay nodes and standard for data storage - the foundation for decentralized apps and related protocols.
Further in the presentation, TBD’s team also laid out Web5 network topology, explaining that:
“The combination of Decentralized Identifiers and Decentralized Web Nodes produces a Web of DID-secured messaging, data sharing, and credential exchange that can replicate one-off protocols (encrypted messaging, photo sharing, etc.) with universal standards for all types of semantic data exchange.”Meanwhile, both the website and the presentation do not mention Bitcoin specifically, but a report in Bitcoin Magazine claims that "Web5 leverages Bitcoin <...> and a plethora of sound computer science
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