Dorsey’s Web5 platform aims to provide essential components. One of the initial applications planned by TBD is a remittance app for Africa and Mexico.
During the Bitcoin 2023 event in Miami on May 19, TBD, a division of finance company Block led by CEO Jack Dorsey, introduced an innovative Web5 decentralized web platform.
“According to the company, the platform would empower developers to create user-friendly applications while also giving individuals control over their data and identity. This is achieved through the utilization of decentralized identity and data storage in apps, aiming to provide a more personalized and secure experience”.
Banking on Decentralized Identifiers
Dorsey’s Web5 platform strives to introduce key elements that enable a decentralized web experience. Wallets will serve as intermediaries on the platform, enabling users to connect with their identities and data in innovative ways.
Decentralized web nodes will securely store users’ private and public information, while decentralized web applications will leverage these capabilities to offer enhanced user experiences. By utilizing bitcoin (BTC) and stablecoins as payment methods, TBD intends to launch a remittance app for Africa and Mexico as one of the initial applications developed on its Web5 platform.
The app will be built on TBDex, an open-source protocol designed for discovering liquidity and trading assets. On the Web5 platform, decentralized identifiers (DIDs) will eliminate the dependence on third-party registrars or centralized sources for user identification.
Apart from decentralized identifiers (DIDs) and verified credentials, the platform will offer self-sovereign identity services and software development kits (SDKs).
Dorsey, the creator of Twitter, has been advocating for a “free and open protocol” for social media. In June 2022, Dorsey was working on a Bitcoin-based “Web5” concept that aimed to prioritize a Bitcoin-centric approach to identity management instead of relying on Web3.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
