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July 18th , 2024

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Koke X

2 years ago

WEB 5 OR WEB 3

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Finance

2 years ago

Jack Dorsey’s @TBD54566975 unit has just announced it is building “Web5”.

 

This new decentralized web leverages #Bitcoin to put users back in control of their data and identity - once and for all.

 

Here’s a thread with all you need to know 🧵… https://t.co/TpW8OvuyKX...

Web5 takes a different approach than Web3.

 

While Web3 aims to “blockchain” and “tokenize” all things, Web5 uses just one blockchain - #Bitcoin - for one specific use case: identity.

 

Blockchains are not efficient and as such it might not make sense to use it for everything.

Web5 is made up of software components.

 

These pieces let developers focus on building user experiences while enabling decentralized identity and data storage in apps.

 

It leverages existing decentralized tech with no blockchains other than #Bitcoin

 

The components are…

Decentralized Identifiers (DIDs).

 

Web5 leverages ION - an open, public and permissionless DID network that runs atop the #Bitcoin blockchain.

 

It’s based on the Sidetree protocol which doesn’t require tokens, trusted validators or additional consensus mechanisms to function.

Decentralized Web Node (DWN).

 

Web5’s DWN is a reference implementation of a draft specification.

 

It’s a mechanism for data storage and message transmission that participants can use to locate data linked to a given DID.

 

TBD wants to produce a v1.0 of this by July 1, 2022. https://t.co/FiKylPwEXu..

 

 

 

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