Jack Dorsey’s TBD launches decentralized internet platform Web5

• The brand new platform is designed to present customers extra management over their information and id
• Web5 can be focused at making it simpler for builders to construct decentralised functions.
• The platform is powered by the Bitcoin blockchain.

TBD, a fintech startup of former Twitter CEO Jack Dorsey’s firm Block, has introduced the launch of a brand new decentralised internet platform known as Web5. 

Web5: Giving customers extra management over their information

The announcement that TBD made on 19 Might on the Bitcoin 2023 in Miami revealed that the brand new platform’s focus can be on giving customers a solution to take pleasure in extra management over private information and id.

Web5 is constructed on high of the Bitcoin blockchain, and it makes use of decentralised identifiers (DIDs) to create a safe and personal method for customers to register to functions. DIDs are distinctive identifiers that aren’t tied to any centralised entity, so customers can make certain that their information just isn’t being tracked or bought.

The platform features a decentralised internet node (DWN), which is a private information retailer that customers can use to retailer their very own information. This information can embrace issues like contact data, social media profiles, and monetary data. 

DWNs are encrypted and saved on the blockchain, so customers can make certain that their information is safe and personal.

Web5 may even look to supply entry to the instruments and help builders have to construct decentralised functions.

TBD primarily centered on Bitcoin

Dorsey is without doubt one of the hottest self-taught programmers and a giant believer in Bitcoin. He additionally believes within the energy of decentralised expertise, which is the trail TBD is taking because it appears to be like to create a extra decentralised and user-centric internet.

Whereas a lot of the business is seeking to faucet into Web3, Dorsey’s Web5 is seeing the potential the brand new Web5 expertise provides when it comes to handing management of information and id to customers. Key actors on this quest embrace wallets, Decentralised Net Nodes (DWNS), and Decentralised Net Apps (DWAS).

Dorsey teased the event of TBD in June 2021, which CoinJournal coated right here.