Posted on by Mamoon Rashid

Jack Dorsie’s company introduced the WEB5 web platform concept

Jack Dorsie’s company introduced the WEB5 web platform concept

The structural division of Block Dorsie – TBD – introduced the concept of a decentralized platform with open source code Web5. According to developers, the project will provide users with full control over their personal data and digital identities.

This Will Likely Be Oour Most Important Contribution to the Internet. Proud of the Team. #Web5

“This will probably be our most important contribution to the Internet. I am proud of the team, ”commented on the announcement of Dorsi.

According to TBD, at the moment, the identification and personal data of users do not belong to them, since they "have become the property of third parties". By the latter, developers mean corporations and centralized platforms.

The WEB5 concept presented by the team is designed to change the situation.

“Web5 brings decentralized identification and data to your applications. This allows the developers will focus on creating a delightful user experience, while returning the ownership of data and identity to private individuals, ”the project website said.

According to the published TBD presentation, the Web5 concept is based on three pillars:

  • Decentralized identifiers (Decentralized Identifiers, DID) – provide authentication and routing of data;
  • Verified powers (Verifiable Credentials, VC) – special formats and data models for a cryptographic presentation and verification of allegations;
  • Decentralized web nodes (decentralized web nodes, dwn)-store data and retrane messages with which applications and protocols https://newsportal.com.ua/2022/07/04/reuters-learned-about-preliminary-work-permit/ exchange.

The developers explained that DID is generated by users Gagarin News and are not stored by centralized providers or other third parties. A second -level Ion network can be used as a protocol for VC.

DWN nodes will allow the ecosystem participants to store and transmit encrypted or open messages and data. TBD believes that this will provide an opportunity to create many decentralized applications and protocols on their basis.

“The combination of DID and DWN creates a security network that can replace one -target protocols (encrypted messages, photo exchange, and so on) with universal standards for all the type of semantic data exchange,” the developers emphasized.

It is assumed that the financial level of Web5 will provide a bitcoin network.

Previously, Jack Dorsie has criticized the Internet of WEB 3 Concept.0. According to him, the decentralization of the network is hindered by the strong influence of venture investors who are not interested in distributed management and storage of data.

After the announcement of the WEB5 concept, the head of Block repeated his thesis. He noted that modern decentralized Internet is based on “systems with a single refusal point” like Ethereum and Solana, and also does not provide users with control over their data.

it’s Basis on Single Point of Failure Systems (ETH, SOLANO, *) and Lies Being Told to PEOPLE ABOUT WHO OWNS and CONTROLS IT

– Jack (@jack) June 10, 2022

Recall, Dorsie presented TBD in August 2021. Initially, the unit planned to create a decentralized bitcoin-tour on the basis of the Block payment company (previously Square).

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