TBD, a division of fintech company Block and led by CEO Jack Dorsey, recently unveiled a new Web5 decentralized web platform at Bitcoin 2023 in Miami on May 19. The platform’s focus is decentralized identity and data storage, allowing developers to create user experiences while giving ownership of data and identity back to individuals.
Jack Dorsey’s Web5 platform includes various features to support this decentralized web experience. Wallets serve as agents, facilitating interactions with data and identity for individuals and institutions. Decentralized nodes securely hold both types of data- public and encrypted. Decentralized web apps use decentralized identity and data storage capabilities to enhance user experiences.
The Web5 platform has adopted decentralized identifiers (DIDs) which are recognized internationally as standards for identifiers created and controlled by individuals, reducing reliance on centralized entities. The platform includes self-sovereign identity services and software development kits that offer necessary tools for utilizing DIDs and verifiable credentials.
Jack Dorsey has been a proponent of a free and open protocol for social media and has developed the Web5 platform powered by Bitcoin (BTC) since June 2022. This new platform is bypassing Web3 entirely, using a new Bitcoin-centric model for identity management.
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