Jack Dorsey’s TBD crypto venture unit has just announced it is building “ Web5”. As they explain on their official site, the goal is to build an extra decentralized web that puts you in control of your data and identity. That’s quite similar to what Web3 was offering and promoting. A combination of Web 3 and Web2, #Web5 will be powered by Bitcoin
This new decentralized web leverages #Bitcoin to put users back in control of their data and identity — once and for all. #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 them 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. Like Web3, Web5 aims to give users ownership of identity and data.
The pillars of #Web5 include self-owned identifiers that enable decentralized identity authentication and routing, verifiable credentials as data formats and models for cryptographic and verification of claims, and decentralized nodes (data storage and message relay nodes).
There are 4 key concepts of Web5 are:
WEB3 TO WEB5 Decentralized identifiers (DiDs)
- Verifiable credentials (VCs)
- Decentralized Web Nodes (DWNs)
- Decentralized Web Apps (DWAs)
Take a look at these concepts and do further elaboration of each:
- Decentralized identifiers (DiD). DiDs provide a unique id for every user. It is owned and operated by users, not platforms (e.g. Facebook). it is Analogous to your public key in Web3.
2. Verifiable credentials (VCs). Information for a specific user (identified by
a DiD) is a VC. This might be your address, digital signature or something else. it is Analogous to ZK identity in Web3.
3. Decentralised Web Nodes (DWNs) .DWNs are decentralized computers. They store data and facilitate communication between DiDs. it is Analogous to smart contracts in Web3.
4. Decentralised Web Apps (DWAs). Users interact with Web5 using a DWA. This is like a web app with a key difference: users control their own data and there is no intermediary.
Web5’s goal is to create a unique set of tools based on #Bitcoin that would change the financial system as we know it today. This would not only allow investors and individuals to protect and own their data, but they would also keep control over all their interactions.
The concept of Web5 looks amazing, but what happened to Web4? 2 and 3 ate 4 to make 5? Or something..? or are they doing that math thing where 2+3=5? Either way seems 4 got missed out in the technology leap.
For further study about web5, you can look at the following resources.
https://developer.tbd.website/
https://bitcoinmagazine.com/business/jack-dorseys-tbd-presents-bitcoin-based-decentralized-web5
https://identity.foundation/decentralized-web-node/spec/#topology
