Bitcoin attorney Jack Dorsey announced a Bitcoin-based web platform called Web5 – a combination of the centralized Internet Web 2 and the decentralized Internet known as Web3. The product is part of the TBD Square subsidiary. Trying to create a set of BTC – based tools to change the financial system.
Web5 and Bitcoin?
According to the official website, Web5 is an “additional decentralized web platform” that will empower users with their identity and data. As the next step in the evolution of the Internet, it aims Removing control of their users’ information from third parties. The advertisement states:
“Web5 brings decentralized identity and data storage to your applications. This allows developers to focus on creating enjoyable user experiences and restoring individual data and identity ownership. ”
With that in mind, Dorsey announced the demise of Web3 – backed by decentralized finance (DeFi) and blockchain – based platforms, as well as venture capitalists (VCs). They are accused of using Web3 to create a story and reap financial benefits.
Asked why he was creating the “Web5” platform, Dorsey responded by asking about the decentralized nature of Web3 products and who uses them:
“It’s based on one – point failure systems (Eth, Solano, *) and telling people lies about who owns and controls them.”
it is based on one point about systems failure (eth, solano, *) and telling lies about who owns and controls it
– seac (@jack) June 10, 2022
Web5 TBD product will include Decentralized Identity (DID), Decentralized Web Nodes, Self Managed Identity Service and Self Managed Identity SDK. ION is the result of the link to the DID that will support the Web5 platform.
Web5: Permission free & open
Daniel Buchner developed ION, which is now part of Block’s decentralized identity team. It is a second tier solution for DIDs powered by the Bitcoin network. This solution works with the same vision as Web5: Permission free, open, no third party collectors, and no tokens.
Mike Brock, Product Leader at TBD Squares:
“Let me get this right now, folks: no. There are no signs of investing in them with Web5 (…). ”
Regarding the current status of Web5 and its development, Buchner said:
“We are in the process of finalizing the technical components of Web5 (they are not far from complete).”
Why do you need a Bitcoin-based web platform?
As already mentioned: The web platform should offer two central use cases. People will be able to “own their data”.
And they will be able to “control their identity”. These use cases are supported by wallets, decentralized web nodes (DWNS), and decentralized web applications (DWAS).
In this way, a user will be able, for example, to authorize apps and manage their own data without the involvement of a third party. With wallets, users no longer need to remember long passwords, since they can use them to unlock the apps and “always have their data with them”.
According to the official website, this decentralized web platform will serve as public interest as TBD:
“Today’s financial systems are leaving people behind. We build systems for anyone with internet access. And we create them like the web itself: as a public interest. Our projects are open source and open standards where it makes sense. ”
Text credit: Bitcoinist
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