TBD, a division of fintech firm Block, led by CEO Jack Dorsey, announced a novel Web5 decentralized web platform on May 19 at Bitcoin 2023 in Miami.
The platform aims to introduce "decentralized identity and data storage" to applications, allowing developers to leverage the technology to create "delightful user experiences while returning ownership of data and identity to individuals," the company shared.
Dorsey's Web5 platform also seeks to introduce several key components to facilitate this decentralized web experience. Under the platform, the wallet will act as a proxy, facilitating the identity and data interaction of individuals and institutions. Decentralized network nodes will serve as personal data storage, keeping public and encrypted data securely, while decentralized network applications utilize decentralized identity and data storage capabilities to enhance user experience. Additionally, the Web5 platform will adopt Decentralized Identifiers (DIDs), an internationally recognized standard for identifiers created and controlled by individuals, removing reliance on centralized entities.The platform will also integrate self-sovereign identity services and software development kits to provide the necessary tools for using DIDs and verifiable credentials.
In recent years, Twitter founder Dorsey has advocated for a "free and open protocol" for social media. In June 2022, Cointelegraph announced that Dorsey is building a Bitcoin-powered "Web5", focused on bypassing Web3 entirely and leveraging the new Bitcoin- centric identity management model.
