Twitter and Block co-founder Jack Dorsey has returned at taking shots at Web3 again as TBD, a Bitcoin (BTC)-focused subsidiary of Block, announced that it’s building Web5 – a Decentralized Web Platform (DWP) that is supposed to enable ‘truly’ decentralized apps and protocols.
Based on the description around the project’s site, Web5 will return data possession to people through the use of decentralized data and identity tools.
“Web5 brings decentralized identity and knowledge storage for your applications. It lets [developers] concentrate on creating wonderful user encounters, while coming back possession of information and identity to the people,” they claimed.
The important thing aspects of Web5, or DWP, include Decentralized Web Apps (DWAs) which will utilize Decentralized Identifiers (DIDs) and Decentralized Web Nodes (DWNs), the presentation from the initiative shows.
DIDs includes self-owned identifiers that needs to be able to decentralized identity authentication and routing and cryptographic verifiable credentials (VCs), while DWNs will function as a message relay nodes and standard for data storage – the building blocks for decentralized apps and related protocols.
Further within the presentation, TBD’s team also organized Web5 network topology, explaining that:
“The mixture of Decentralized Identifiers and Decentralized Web Nodes creates a Web of DID-guaranteed messaging, data discussing, and credential exchange that may replicate one-off protocols (encrypted messaging, photo discussing, etc.) with universal standards for all sorts of semantic data exchange.”
Meanwhile, both website and also the presentation don’t mention Bitcoin particularly, however a report in Bitcoin Magazine claims that “Web5 leverages Bitcoin <…> and an array of seem information technology technologies to produce a new ecosystem of decentralized identities.”
“Web5 is dependant on the idea that Web3, the thought of creating a decentralized web with blockchain technology and cryptocurrencies, has got the right intentions but is applying the incorrect tools,” per the report.
It added that “fairly decentralized developments online in the last handful of decades for example BitTorrent and Tor have proven that blockchain technology isn’t a necessary component for decentralization.”
Meanwhile, Jack Dorsey stated he hopes the project “will probably be our most significant contribution to the web.”
Dorsey is a staunch Web3 critic, claiming that Web3 isn’t sufficiently centralized and it is mostly controlled by vc’s in what’s been known as “Web3 wars.”
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– Decentralization in Crypto Is really a Difficult to Measure Ideal
