The official announcement took place on Thursday during the Bitcoin 2023 conference held in Miami Beach, Florida.
In Miami Beach, Florida, TBD, a division of Jack Dorsey’s financial technology company Block (SQ), has introduced an open-source toolkit for their Web5 project. This toolkit aims to simplify the process for developers to build decentralized Internet applications.
The technology collection comprises three key components: decentralized identifiers (DIDs), which are secure and self-owned identifiers similar to email addresses or usernames; verified credentials (VCs), which are secure digital certificates offering legal proof of information like name, age, and asset ownership; and decentralized web nodes (DWNs), which store data in a decentralized manner.
The complete Web5 platform is anticipated to be launched later in 2023. However, with this initial release, developers now have the opportunity to begin constructing decentralized applications on TBD’s developer platform.
“We are currently at the Bitcoin Miami event. I’m here because I believe Bitcoin is an open protocol that promotes freedom,” expressed Mike Brock, General Manager of TBD at Block. “And I believe Web5 represents a similar concept, emphasizing freedom as well.”
Among the initial applications to be launched on the Web5 platform by TBD, there will be a remittance app designed for Africa and Mexico. This app will utilize bitcoin (BTC) and stablecoins as the means of payment. It will be built upon TBD’s open-source project called TBDex, which serves as a protocol for discovering liquidity and facilitating asset exchanges.
“We believe that remittances could potentially be the most impactful and widely adopted use case for bitcoin and stablecoins in the near future,” stated Brock. “The current state of the international remittances market is highly disorganized and problematic.”
Block introduced Web5 in June 2022, describing it as a collection of technologies that enhance the internet by incorporating decentralized identity, secure storage of personal data, and the ability to exchange data with verification capabilities.
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.
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