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Jack Dorsey Snubs Web 3 for All-New “Web 5” Platform

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TBD — one of the bitcoin business units in Jack Dorsey’s block — has launched an “additional decentralized web platform” called “Web 5”. The goal of the platform is to decentralize data storage and give users back control over their identities using the Bitcoin blockchain.

The future of data storage?

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According to TBD Web sitethe so-called “Web 5” will allow developers to focus on improving the user experience while users can retain ownership of their data and identity.

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To do this, it will use the Bitcoin blockchain in combination with other existing decentralized technologies. One such component is decentralized identifiers (DIDs), which use an implementation of the new DID standard developed by the Decentralized Identity Foundation (DIF).

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DIF has developed a protocol called Sidetree that can be used to create decentralized networks of identities that run on top of existing decentralized peg systems like Bitcoin. Web 5 will specifically use ION, a layer 2 DID network that is “scalable” and “censorship evading”.

Second, Web 5 will use the DIF Decentralized Web Site (DWN) technology, a message passing and data storage mechanism used to search for data within a given DID. TBD plans to release its own version by July 1, 2022.


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Third, the Self-Sovereign Identity Service (SSIS) will allow users to create, sign, issue, and revoke verifiable credentials, among other things. Finally, the Self-Sovereign Identity SDK will provide “standards-based primitives for using decentralized identities and verifiable credentials,” according to the site.

As explained by TBD, such a service will allow users to securely transfer their identity and data to different applications – without having to repeat the same data every time.

For example, it will no longer be necessary to create completely new profiles or playlists when switching between social networks or music applications, respectively. Applications can simply connect to the user’s decentralized website and find all the information they need.

Sticking to Web 3

Jack Dorsey tweeted about his company’s new project on Friday, saying it will be their “most important contribution to the Internet.”

“RIP Web 3 VC,” he added. The billionaire has previously criticized the notion and concept of Web 3, the idea of ​​a new decentralized internet built using dapps on smart contract platforms.

According to the co-founder of Twitter, Web 3 is not really “decentralized” and is not owned by users, but by various venture capitalists and limited partners. He specifically named Andresen Horowitz (a16z) as the king of such venture funds, a software investor who has invested billions of dollars in Web 3.

In December, Marc Andreesen – the co-founder of a16z – blocked Jack Dorsey on Twitter after his comments.

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Credit : cryptopotato.com

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