Jack Dorsey announces Web5, promises a whole new decentralized web based on Bitcoin

Former Twitter CEO Jack Dorsey has announced a new platform called Web5 — a combination of web3 and web 2.0, built on the Bitcoin blockchain. TBD team works on the project and promises to fix the issue of securing personal data — once and for all. Twitter user Namcios told what is known about the platform and how it works.

• Different approach. According to the thread, web5 takes a different approach than web3. While web3 aims to “blockchain” and “tokenize” all things, web5 uses just one blockchain — Bitcoin — only for identity. As Namcios mentioned, blockchains are inefficient, so it might not make sense to use them for everything.
• Software components. Web5 consists of software components. These elements let developers focus on building user experiences while enabling apps’ decentralized identity and data storage. Web5 uses existing decentralized tech with no blockchain other than Bitcoin.
• Decentralized Identifiers or DIDs. Web5 use ION — an open, public, and permissionless DID network that runs atop the Bitcoin blockchain. It’s based on the Sidetree protocol, which doesn’t require tokens, trusted validators, or additional consensus mechanisms.
• Decentralized Web Node (DWN). It is a reference implementation of a draft specification. Also, it is a mechanism for data storage and message transmission that participants can use to locate data linked to a given DID. TBD’s team wants to release a v1.0 of DID by the 1st of July 2022.

• Self-Sovereign Identity Service (SSIS). The SSIS interacts with Verifiable Credentials by creating, signing, issuing, curating, requesting, revoking, exchanging, validating, and verifying.  It wraps the next component on the list, the self-sovereign identity SDK. 

• Self-sovereign identity SDK. The SSI-SDK encapsulates self-sovereign identity standards. It aims to provide flexible functionality based on such standards for building DID apps in a modular way — with limited dependencies between components.

That’s all. What do you think of the new technology, and what are its chances for success? Write your thoughts below.