• The brand new platform is designed to provide customers extra management over their knowledge and id
• Web5 additionally goals to make it simpler for builders to construct decentralized apps.
• The platform is powered by the Bitcoin blockchain.

TBD, a fintech startup from Block, the corporate of former Twitter CEO Jack Dorsey, has announcement the launch of a brand new decentralized internet platform referred to as Web5.

Web5: Giving customers extra management over their knowledge

The announcement TBD made on Might 19 throughout Bitcoin 2023 in Miami revealed that the aim of the brand new platform will probably be to provide customers a technique to higher management private knowledge and id.

Web5 is constructed on prime of the Bitcoin blockchain and makes use of decentralized identifiers (DIDs) to create a safe and personal approach for customers to log into purposes. DIDs are distinctive identifiers that aren’t linked to any centralized entity, so customers may be assured that their knowledge just isn’t being tracked or offered.

The platform features a Decentralized Internet Node (DWN), which is a private knowledge retailer that customers can use to retailer their very own knowledge. This knowledge might embrace issues like contact info, social media profiles, and monetary information.

DWNs are encrypted and saved on the blockchain, so customers can make sure that their knowledge is safe and personal.

Web5 may also search to offer entry to the instruments and help builders have to construct decentralized purposes.

TBD primarily centered on Bitcoin

Dorsey is without doubt one of the hottest self-taught programmers and an enormous supporter of Bitcoin. He additionally believes within the energy of decentralized know-how, which is the trail TBD is taking to create a extra decentralized and user-centric internet.

As a lot of the business seeks to harness Web3, Dorsey’s Web5 sees the potential that new Web5 know-how gives by way of transferring management of information and id to customers. Key gamers on this quest embrace wallets, Decentralized Internet Nodes (DWNS), and Decentralized Internet Functions (DWAS).

Dorsey teased the event of TBD in June 2021, which CoinJournal lined right here.