Dorsey’s Web5 platform aims to bring a number of crucial components.
TBD plans to release a remittance app for Africa and Mexico as one of the first apps.
At Bitcoin 2023 on May 19 in Miami, TBD, a branch of finance firm Block helmed by CEO Jack Dorsey, revealed a revolutionary Web5 decentralized web platform.
As the business said, the platform would enable developers to utilize the technology to build “delightful user experiences” while also “returning ownership of data and identity to individuals” via the use of “decentralized identity and data storage” in apps.
Banking on Decentralized Identifiers
Dorsey’s Web5 platform aims to bring a number of crucial components to make this kind of decentralized web experience possible. Wallets will play the role of agents on the platform, allowing users to connect with their identities and their data in new ways.
While decentralized web nodes will keep users’ private and public information safely, decentralized web applications will make use of these features to provide superior user experiences. Using bitcoin (BTC) and stablecoins as payment rails, TBD plans to release a remittance app for Africa and Mexico as one of the first apps built on its Web5 platform.
TBDex, an open-source protocol for finding liquidity and trading assets, will serve as the foundation for the app. Decentralized identifiers (DIDs) will be used on the Web5 platform to do away with the need to rely on third-party registrars or other centralized sources for user identification.
In addition to DIDs and verified credentials, the platform will also provide self-sovereign identity services and software development kits.
Dorsey, who created Twitter, has been a vocal proponent of a “free and open protocol” for social media in recent years. In June 2022 Dorsey was developing a Bitcoin-based “Web5” that would completely sidestep Web3 in favor of a new Bitcoin-centric approach for identity management.