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Jack Dorsey’s TBD announces new Web5 toolkit

20.05.2023
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TBD, a division of fintech company Block, which is led by CEO Jack Dorsey, announced a novel Web5 decentralized web platform at Bitcoin 2023 in Miami on May 19.

The platform aims to introduce “decentralized identity and data storage” to applications, thereby 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, wallets will act as agents, facilitating identity and data interactions for individuals and institutions. Decentralized web nodes will serve as personal data stores, securely holding both public and encrypted data, while decentralized web apps leverage decentralized identity and data storage capabilities to enhance user experiences.

Furthermore, the Web5 platform will also employ the use of decentralized identifiers (DIDs), which are internationally recognized standards for identifiers created and controlled by individuals, eliminating reliance on centralized entities. The platform will also incorporate self-sovereign identity services and software development kits that provide the necessary tools for utilizing DIDs and verifiable credentials.

Related: Jack Dorsey’s Block asks for input on proposed ‘mining development kit’

In recent years, Dorsey — who founded Twitter — has advocated for a “free and open protocol” for social media. In June 2022, Cointelegraph announced thatDorsey was building “Web5” powered by Bitcoin (BTC),focused on bypassing Web3 entirely and utilizing a new Bitcoin-centric model for identity management.

Magazine: Bitcoin glory on Chinese TikTok, 30M mainland users, Justin Sun saga

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

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