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TBD, a branch of the fintech firm Block, led by CEO Jack Dorsey, unveiled an innovative Web5 decentralized web platform at Bitcoin 2023 in Miami on May 19.
The platform is designed to bring “decentralized identity and data storage” to applications, enabling developers to utilize the technology to create “enjoyable user experiences, while restoring ownership of data and identity to individuals,” the company stated.
Dorsey’s Web5 platform also aims to introduce several essential elements to enhance this decentralized web experience. Within the platform, wallets will function as agents, facilitating identity and data interactions for both individuals and institutions. Decentralized web nodes will act as personal data repositories, securely storing both public and encrypted information, while decentralized web applications will utilize decentralized identity and data storage features to improve user experiences.
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Additionally, the Web5 platform will implement decentralized identifiers (DIDs), which are globally recognized standards for identifiers created and managed by individuals, removing the need for centralized authorities. The platform will also include self-sovereign identity services and software development kits that offer the essential tools for employing DIDs and verifiable credentials.
Related: Jack Dorsey’s Block seeks feedback on proposed ‘mining development kit’
In recent years, Dorsey — the founder of Twitter — has promoted a “free and open protocol” for social media. In June 2022, Cointelegraph reported that Dorsey was developing “Web5” powered by Bitcoin (BTC), aimed at circumventing Web3 entirely and adopting a new Bitcoin-focused model for identity management.
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