A subsidiary of Block Inc – the Bitcoin-focused TBD business unit of Jack Dorsey, the former CEO of Twitter, ignored Web 3 and announced the construction of a new decentralized Web, Web 5.
“On today’s Web sites, identities, personal data have become assets that technology companies can exploit (third party assets). Web 5 will bring more decentralized identity and data storage to individual applications.”
In the following article, you and GTA will find out what Web 5 is and whether Jack Dorsey’s ideas are “crazy” or not.
Why Web 5
The name Web 5 is actually just a trick of Jack Dorsey in terms of marketing to show that his product is very superior.
Or according to the explanation in Jack’s document, Web 5 is the result of addition:
Web 5 = Web 2 + Web 3
This marketing trick, if you pay close attention, a giant in technology that is Apple has also used this strategy in skipping Iphone 9 and jumping to Iphone X.
Or to put it another way, Web5 is a complete vision of the decentralized web, and is being developed by TBD, a subsidiary of Block. The project’s website mentions very little about blockchain or cryptocurrencies, only once when it comes to ION, a digital identity network that runs on Bitcoin.
What is the difference between Web 5 and Web 3?
Different from Web 3 – where everything has to be encrypted or “blockchained“.
The currency layer of Web 5 will be built on a single platform that is “Bitcoin”. This comes as no surprise, as Jack is a big fan of Bitcoin. Other technologies underpinning Web 5 are borrowed from the myriad fields of cryptography and computer science.
Theoretically, Web 5 will be like Web 3 that will allow users to interact with each other without intermediaries. This is similar to Web 3 in that there is no threat from government censors or a centralized service stoppage, among other supposed advantages.
Similar to other efforts to create a decentralized layer on top of the web, Web 5 will also aim to provide users with a “decentralized identity” that allows them to move seamlessly from the application. to another application without explicitly logging in user data, which, instead of being stored with third-party products and services, will be controlled by the user and displayed only with the permission of the user. surname.
Based on that, TBD applies the most advanced decentralized software to create Web5.
The current Web5 development mechanism has nothing to do with creating a token and selling it to raise capital. Another reason Web5 doesn’t need tokens is because they use the Sidetree protocol. Also thanks to this protocol, Web5 will also not need trusted validators or any consensus mechanism. Web5’s currency layer system will be built on top of Bitcoin and other technologies borrowed from cryptography and computer science.
Web 5 TBD definition
At CoinDesk’s Consensus Festival in Austin, TBD — the bitcoin-focused subsidiary of Dorsey’s Block (SQ) — announced its new vision for a decentralized internet layer on Friday. Its name is Web 5.
Mike Brock explains that Web 5 – in addition to being “two better than Web 3” – will beat incumbent models by forgoing their blockchain-centric approaches for a centralized web experience. identity-centric, censorship-free.
What problems does Web 5 solve?
In the Web 2 economy, users’ personal data will be stored in thousands of traditional corporate databases. Including many large technology companies, social media companies such as Google, Facebook … own digital identities from billions of users around the world.
There are already General Data Protection Regulations and some personal data protection regulations. However, it is impossible to ensure the security of data in the hands of thousands of companies.
Web5 was created to give back ownership of personal information as well as digital identity to users.
The core aspect that Web 5 brings is Decentralized Indentities (decentralized identity).
This can be thought of as a social identity that can be used and moved between different social media platforms. This is possible because Web 5 users own their decentralized identity..
How WEB 5 works
The Web has democratized the exchange of information, but it lacks one thing: identity. Users struggle to keep their personal data secure with hundreds of accounts whose passwords they can’t remember. On the Web today, identities and personal data become the property of third parties that are large technology companies.
Web 5 will bring decentralized identity and data storage to your applications. It allows developers to focus on creating enjoyable user experiences, while returning data ownership and identity to individuals.
To achieve the ambition to create a decentralized Web platform, WEB 5 will be operated on 4 main pillars including:
- Decentralized Identifiers (DIDs)
- Verifiable credentials (VCs)
- Decentralized Web Nodes (DWNs)
- Self-Sovereign Identity Service (SSIS)
These sections allow developers to focus on building user experiences. It also enables decentralized data and identity storage in applications.
It’s in a nutshell, Web5 leverages Bitcoin’s existing decentralized technologies.
Decentralized Identifiers (DIDs)
The Web5 DID component uses ION, an open, public, permissionless second-layer DID network running on top of the Bitcoin blockchain. It is based on the deterministic Sidetree protocol, requiring no special tokens, trusted validators or additional consensus mechanisms to work.
Specifically, DIDs provide a unique ID for every user. It is owned and operated by users and not from a third party like big tech companies Google, Facebook…
This ID stream will play a similar role to a public key in Web 3. To provide this ID, Web 5 will leverage ION – an open, public, and permissionless DID network.
This network is built on the Sidetree protocol, which is Bitcoin’s Layer 2. The protocol has trusted validators and does not need tokens to work.
Through that, ION can help Web5 create true Decentralized Indentities.
Verifiable Credentials (VCs)
Once the ID for the decentralized identity is in place, the next step is the identity information.
Information of a particular user (identified by DID) is a VC (Verifiable Credential). This line of information can be your address or an electronic signature…
This mechanism works similarly to ZK indentity in Web3.
Decentralized Web Node (DWNS)
DWN is a private data store that stores encrypted public data. It can be said that DWN acts as a computer that stores, initiates connections, and communicates between DIDs.
According to the specification, a DWN is a data storage and messaging mechanism that participants can leverage to locate public or private data associated with a given DID. It allows interaction between different entities that need to verify each other’s identities to pass information to each other.
“Decentralized web nodes are a mesh data warehouse structure that allows an entity to operate multiple nodes synchronously with the same state on top of each other, allowing the entity to securely own, manage, and transact data.” their data with others regardless of location or provider – specific infrastructure, interfaces, or routing mechanisms”.
The diagram below will help you understand the interaction of 2 nodes of 2 decentralized identities in Web 5.
It is “an emerging standard for data storage and message forwarding that allows entities to send and store encrypted or public messages.”
This breakthrough in storage technology has already been hinted at. Especially when Jack Dorsey was pretty clear about what web5 wants to break: Big tech and Web3.
Besides, if you consider DVNS as a decentralized computer with the effect of storing information and operating.
Then Decentralized Web Apps (or DWAS) running on that computer are web applications with enhanced identification and decentralized data storage capabilities.
Self-Sovereign Identity Service (SSIS)
When there are enough decentralized identities, information stores, and interaction facilities. Next, how will Web 5 manage these decentralized identities?
SSIS is a decentralized identity management service that allows individuals and organizations to control their own digital identities.
SSIS interacts with standards around credential, credential revocation, credential request, credential exchange, data schema for credential, and verifiable data other smart phones, messaging through DWN and using DID.
Using these core standards, SSIS facilitates all interactions such as create, sign, issue, manage, request, revoke, exchange, authenticate, verify credentials (Verfiable Credentials) of varying degrees of complexity on web5.
The most important part of Web 5 is: Self-Sovereign Identity SDK.
This is a toolkit that allows developers to easily build applications that use self-sovereign identity principles.
It is designed to work with any identity management system and provides a set of tools and APIs to help developers create applications that allow users to control their own data.
Web 5 Use Cases
To understand the use case of Web5, let’s go through the following typical example:
Control Your Identity
Alice owns a digital wallet containing her decentralized identity. Alice can use that wallet to log into any decentralized social network.
The special thing is that Alice will not need to create any new accounts or connections on that social network, as it will use the existing identity in the wallet.
Besides, Alice’s posts will be saved to her own web node instead of that network. Therefore, Alice can operate on all social networks with the most complete digital identity.
Own Your Data
Bob is a music lover and hates having his personal data locked to a single vendor. It forced him to repeat his playlists and songs on different music apps. Thankfully, there is a way out of this maze of vendor-locked silos: Bob can keep this data in his decentralized web node. This way, Bob can give any music app access to his settings and preferences, allowing him to have his personalized music experience wherever he is. choose.
While the concept of Web 3 is still very vague and its applications are still in development, Jack Dorsey has introduced a completely new concept that is Web 5. In short. and simply, Web 5 will return control and ownership of identity and data to individuals.
The statement by Jack Dorsey and TBD shows that they are interested in creating a truly decentralized internet that does not allow other actors such as venture capital funds to participate and consolidate control with assets – through the current popular way of issuing and investing in tokens.
However, from my personal perspective, Web 5 also needs time to develop because Web 5 has just been announced. Open source development in progress and no official release date yet. We need to look closely at what Jack and TBD will do in the future to assess whether users using Web 5 will enjoy the features that Web 5 developers will offer.
The above is all the information about Web 5 that GTA has analyzed and learned about the basic concept and how it works and Not investment advice.