A section of finance agency Block, led by CEO Jack Dorsey, announced a breakthrough Web5 decentralized internet platform at Bitcoin 2023 on May 19 in Miami, TBD.
According to the company, the platform would enable developers to utilize the technology to create “pleasant consumer experiences” while also “returning possession of knowledge and id to people” by utilizing “decentralized id and information storage” in apps.
Putting Trust in Decentralised Identifiers
Dorsey’s Web5 platform aims to provide a number of critical components to enable this sort of decentralized internet experience. Wallets will act as brokers on the network, allowing clients to connect with their identities and information in novel ways.
Whereas decentralized internet nodes will keep customers’ personal and public information secure, decentralized internet applications will exploit those possibilities to provide better customer experiences. TBD wants to develop a remittance service for Africa and Mexico as one of the first products built on its Web5 platform, utilizing Bitcoin (BTC) and stablecoins as cost rails.
TBDex, an open-source protocol for identifying liquidity and buying and selling assets, will serve as the app’s inspiration. On the Web5 platform, decentralized identifiers (DIDs) can be utilized to eliminate the need to rely on third-party registrars or other centralized sources for customer identification.
Along with DIDs and validated credentials, the platform may also supply self-sovereign identification providers and software development kits.