Jack Dorsey’s company, TBD focused on the development of the Bitcoin network, announced that it is working on an extra decentralized web platform, which will be the start of Web 5.0.
The announcement was made by Dorsey on his Twitter account, and via TBD’s official website.
What does TBD’s Web 5.0 consist of?
According to TBD’s website, Web 5.0, unlike its predecessors, will offer a much more decentralized system, where users’ identities will be protected.
Web2, Web3 → Web5 pic.twitter.com/klzqJ4yvBm
— TBD (@TBD54566975) June 10, 2022
Currently, personal data and identity are in the hands of third parties, and there is an important gap that needs to be improved, this is where the Web 5.0 proposed by TBD becomes more important.
The main engine of Web 5.0 is based on decentralizing and storing data in the applications themselves, creating a more enjoyable and secure experience.
Development based on 4 main components
The conceptualization and development of the new Web 5.0 openly proposed by TBD is mainly based on 4 components:
- Decentralized identifiers: applying ION’s decentralized double layer identification technology, which works under the Bitcoin network.
- Decentralized web node: this type of nodes developed by TBD, offer a new way of storing data, being a secure structure.
Self-sufficient identity service: which manages the entire credential lifecycle. This SSI service has also been developed by the TBD team. - Self-sufficient SDK: based on decentralized identifier standards and features fully validatable credentials. Fully developed TBD.
The development that TBA is aiming at with its Web 5.0 brings with it a series of important changes in the perspective and security of today’s Internet, Web 3.0.
Although TBD’s new project was announced on Friday, it is still in the open source development phase and has no official release date.
Web 5, a play on the Web 3 name adopted in other corners of the blockchain space, is based on the idea that current competitors to the “decentralized Internet” are going about things the wrong way.
this will likely be our most important contribution to the internet. proud of the team. #web5
(RIP web3 VCs 🤫)https://t.co/vYlVqDyGE3 https://t.co/eP2cAoaRTH
— jack (@jack) June 10, 2022
Mike Brock, TBD’s lead, appeared on a Consensus panel dressed in a black and yellow bitcoin tracksuit with the number 5, and explained that Web 5 – in addition to being “twice as good as Web 3” – would outperform existing models by abandoning their blockchain-centric approaches for a censorship-free, identity-centric web experience.
“This is really a conversation about what technologies are purpose-built, and I don’t think renting out the blockchain space, in all cases, is a very good idea for decentralized applications,” Brock said.
He continued, “I think what we’re pushing with Web 5 – and I admit it’s a provocative challenge to a lot of the assumptions about what it means to decentralize the Internet – is really going back to basics. We already have technologies that effectively decentralize. I mean, BitTorrent exists, Tor exists, etc.”
Web 2 + Web 3 = Web 5
The Web 5 currency layer will be built on the foundation of Bitcoin. This is not surprising, given Dorsey’s open Bitcoin “maximalism”. The rest of the technologies underpinning Web 5 are borrowed from countless areas of cryptography and computer science.
Web 5, like Web 3, will allow users to interact with each other without intermediaries. This, in theory, means no threat of government censorship or centralized service outages, among other supposed advantages.
Like other attempts to create a decentralized layer over the Web, Web 5 will also aim to provide users with a “decentralized identity” that allows them to move seamlessly from one application to another without the need to log in explicitly. User data, rather than being stored in third-party products and services, will be controlled by users and only exposed with their permission.
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