Jack Dorsey’s TBD announces new Web5 toolkit

TBD, a division of fintech company Block, led by CEO Jack Dorsey announced A novel Web5 decentralized web platform on May 19 at Bitcoin Miami.

The company shared that the platform aims to introduce “decentralized identity and data storage” for applications, allowing developers to leverage the technology to create “delightful user experiences.”

Dorsey’s Web5 platform also seeks to introduce several key components to facilitate this decentralized web experience. Under the platform, wallets will act as agents, facilitating identity and data interaction for individuals and institutions. Decentralized Web Nodes (DWNs) will serve as personal data stores, securely holding both public and encrypted data, while Decentralized Web Apps (DWAs) take advantage of decentralized identity and data storage capabilities to enhance the user experience.

In addition, the Web 5 platform will also employ the use of Decentralized Identifiers (DIDs), an internationally recognized standard for identifiers created and controlled by individuals, eliminating reliance on centralized entities. The platform will also include self-sovereign identity services and software development kits (SDKs) that provide the necessary tools to use decentralized identifiers and verifiable credentials.

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In recent years, Twitter founder Jack Dorsey has advocated for a “free and open protocol” for social media. In June 2022, Cointelegraph announced Dorsey was building a ‘Web5’ powered by bitcoin Focused on bypassing Web3 entirely and using a new bitcoin-centric model for identity management.

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