Building Web 5.0: Jack Dorsey’s TBD unit has just announced (here is all you need to know)

JACK DORSEY to build decentralised web on Bitcoin called Web5. This new decentralized web leverages Bitcoin to put users back in control of their data and identity - once and for all.

Jun 10, 2022 - 23:56 Updated: Jun 11, 2022 - 00:18

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Building Web 5.0: Jack Dorsey’s TBD unit has just announced (here is all you need to know)

Jack Dorsey’s @TBD54566975 unit has just announced it is building “Web5”.

This new decentralized web leverages #Bitcoin to put users back in control of their data and identity - once and for all. Here’s a thread with all you need to know

Web5 takes a different approach than Web3.

While Web3 aims to “blockchain” and “tokenize” all things, Web5 uses just one blockchain - #Bitcoin - for one specific use case: identity. Blockchains are not efficient and as such it might not make sense to use it for everything.

TBD’s Web5 is made up of software components.

These pieces let developers focus on building user experiences while enabling decentralized identity and data storage in apps. It leverages existing decentralized tech with no blockchains other than #Bitcoin The components are…

Decentralized Identifiers (DIDs).

Web5 leverages ION - an open, public and permissionless DID network that runs atop the #Bitcoin blockchain. It’s based on the Sidetree protocol which doesn’t require tokens, trusted validators or additional consensus mechanisms to function.

Decentralized Web Node (DWN).

Web5’s DWN is a reference implementation of a draft specification. It’s a mechanism for data storage and message transmission that participants can use to locate data linked to a given DID. TBD wants to produce a v1.0 of this by July 1, 2022.

Self-Sovereign Identity Service (SSIS).

The SSIS interacts with Verifiable Credentials by creating, signing, issuing, curating, requesting, revoking, exchanging, validating and verifying them. It wraps the next component on the list, the self-sovereign identity SDK…

Self-Sovereign Identity SDK The ssi-sdk encapsulates self-sovereign identity standards.

It aims to provide flexible functionality based on such standards for building DID apps in a modular way - with limited dependencies between components.