- The new platform is designed to give users more control over their data and identity
- Web5 is also targeted at making it easier for developers to build decentralised applications.
- The platform is powered by the Bitcoin blockchain.
TBD, a fintech startup of former Twitter CEO Jack Dorsey’s company Block, has announced the launch of a new decentralised web platform called Web5.
Web5: Giving users more control over their data
The announcement that TBD made on 19 May at the Bitcoin 2023 in Miami revealed that the new platform’s focus will be on giving users a way to enjoy more control over personal data and identity.
Web5 is built on top of the Bitcoin blockchain, and it uses decentralised identifiers (DIDs) to create a secure and private way for users to sign in to applications. DIDs are unique identifiers that are not tied to any centralised entity, so users can be sure that their data is not being tracked or sold.
The platform includes a decentralised web node (DWN), which is a personal data store that users can use to store their own data. This data can include things like contact information, social media profiles, and financial records.
DWNs are encrypted and stored on the blockchain, so users can be sure that their data is secure and private.
Web5 will also look to offer access to the tools and support developers need to build decentralised applications.
TBD primarily focused on Bitcoin
Dorsey is one of the most popular self-taught programmers and a big believer in Bitcoin. He also believes in the power of decentralised technology, which is the path TBD is taking as it looks to create a more decentralised and user-centric web.
While most of the industry is looking to tap into Web3, Dorsey’s Web5 is seeing the potential the new Web5 technology offers in terms of handing control of data and identity to users. Key actors in this quest include wallets, Decentralised Web Nodes (DWNS), and Decentralised Web Apps (DWAS).
Dorsey teased the development of TBD in June 2021, which CoinJournal covered here.