What does "Web5" look like in Jack Dorsey's eyes?

Original title: "Understanding Jack Dorsey's Web5 from 16-page PPT"

Original author: Tom Carreras, cryptobriefing

Original compilation: Moni, Odaily Planet Daily

On June 11, TBD, an encryption project launched by Twitter  founder Jack Dorsey   A decentralized web standards platform designed to "bypass" existing Web3 concepts.

Most crypto projects today choose to use the so-called Web3 concept and provide a way to build applications on top of the blockchain. But in most cases, Web3 needs to rely on Ethereum or other blockchains that support smart contracts to more easily meet programmability requirements and Token payments.

However, Jack Dorsey does not seem to buy into this idea, he is trying to build web components on the Bitcoin network, a strategy that is not usually a blockchain application ideal choice.

Technically speaking, Web5 will focus on identity rather than tokenized payment. Simply put, TBD plans to build a decentralized web platform (DWP ), allowing developers to create decentralized web applications (DWAs) using decentralized identifiers (DIDs) and decentralized web nodes (DWNs).

It is reported that the Web5 platform will use ION, a Bitcoin identity layer developed by Microsoft and the Decentralized Identity Foundation. (Planet King o-daily Note: TBD is a project recently created by Block, Inc., a payment company under Jack Dorsey, to focus on the development of Bitcoin infrastructure.)

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In a practical sense, Web5 hopes to solve the problem of real personal data protection and ensure that these data will not be sold to third parties. The project aims to bring decentralized identity and data storage to Web applications. At the same time, data ownership is returned to the user.

Next, Mr. Planet (ID: o-daily) will take a look at the 16-page PPT released by Jack Dorsey to describe a What kind of "Web5 future".

In today's Web model, people are users, but people do not own their own data or identity, and companies provide people with Accounts and various data are also stored by the APP. In Web5, personal data is controlled by individuals and can be used for personal and social communications, financial interactions, and all other APPs. In order to create a new category of "DAPPs and protocols" centered on individuals, we must allow people to own their own identities and control Control over your own data.

Decentralized Web Platform (DWP) enables developers to use Decentralized Identifiers (DID) and Decentralized Web Node (DWN) to create a decentralized web application (DWA), so that identity and data control and ownership can be returned to individuals, which is called "Web5".

Web5 has three cores:

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1. Decentralized identity: self-controlled identity can support decentralized identity authorization and routing;

2. Verifiable certificates: provide standard data for cryptographic representation and verification claims Form and mode;

3. Decentralized Web nodes: Data storage and message relay nodes will serve as the basis for decentralized APP and protocols.

Decentralized Identifier (DID):

1. Identifiers will be generated and controlled independently;

2. There is no centralized provider and credit institution;

3. There is no special Practical Token or subjective consensus;

4. Resistance to various forms of blocking;

5. Visible ID.

The picture above is an application example of verifiable certificates in banking and financial institutions.

Decentralized Web nodes are an emerging data storage and relay standard that supports any type of entity, such as individuals, organizations, etc., that can send and store encrypted Or public messages and data, which can provide support for various decentralized APPs and protocols based on nodes. The main features include: universal addressability, semantic discovery, replicability, asynchronous message threads, security, and support for any identity type.

Web5 will launch an identity wallet, the specific functions include:

1. Data management: provide UI and functions to manage APP and credential data stored in decentralized web nodes;

2. DID function: support creation , update and restore DID;

3, certificate function: provide signing, verification, issuance and display certificates for verifiers;

4, DID authorization;

5. Context management.

Web5 Network Topology

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The combination of decentralized identifiers and decentralized Web nodes will build a network that supports DID secure instant messaging, data sharing and certificate transactions, and can use all types of semantic data Common standards for replacing one-time protocol exchanges (such as encrypted messaging protocols, photo sharing protocols, etc.).

Visualizing the Web5 and Decentralized Web Platform Stack

1. Decentralized web applications (DWA) include: tbDEX and other APPs;

2. The decentralized web platform includes: decentralized web application model, decentralized web node, and decentralized identifier.

What is PWA?

PWA (progressive web app) stands for progressive web application, which is an installable web application implemented by all major browsers today program standards.

From Progressive Web Apps to Decentralized Web Apps.

Many activities in the current world require the establishment of trust between participants, decentralized identifiers + decentralized web nodes allow individuals, organizations and companies to Publish certificates that anyone can discover and independently verify.

From a higher perspective, tbDEX is a threaded messaging and data exchange based on decentralized web nodes The protocol layer, which runs on top of the base layer of decentralized identifiers and decentralized web nodes.

Web5 music use case: Copying your own playlist over and over again in different music apps, this operation may make many people unhappy, and Web5 can solve it.

Web5 hotel reservation use case:In the current Web2 environment, your personal preference, flight ticket, reservation and other travel data scattered across disparate hotels, airlines, and travel apps in a chaotic mess, decentralized identifiers + decentralized web nodes can help unify these processes and experiences.

Web5 is a decentralized web platform that helps developers build decentralized Web APP returns data ownership to each user.

Summary

Jack Dorsey doesn't like The concept of Web3 has been criticized for a long time, and even used the slightly ironic words of "RIP Web3 VCs" to attack Web3  investors. In 2021, Jack Dorsey announced his resignation as CEO of Twitter, and now he has devoted himself to the encrypted payment company Block, and also plans to launch a Bitcoin hardware wallet and DEX.

There is no doubt that Jack Dorsey believes that Web5 may be more important than all else, and he even mentioned it bluntly in a tweet: "Web5 may be [my team] the most important contribution to the Internet".

However, is Web5 really as simple as "Web2 + Web3"? Maybe only time will tell us the answer.

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