The Block is Developing Web5. Platform’s Concept
The structural unit of Block, owned by Jack Dorsey, TBD, announced the development of a decentralized platform with an open-source code Web5.
According to the project’s website, Web5 will eliminate the problem of transferring personal data to “third parties”, for example, corporations or centralized platforms, transferring complete control over their personal data.
The concept of the project contains the basis of several basic factors, such as decentralized identifiers, verified powers and decentralized nodes. Each of these factors has its own area of responsibility.
Decentralized identifiers (Decentralized Identifiers, DID) will have to provide user identification and data routing. Verified powers (Verifiable Credentials, VC) are special formats and models responsible for the cryptographic presentation and verification of allegations. Well, decentralized web nodes (decentralized web nodes, DWN), as before, are responsible for data storage and relaying applications and protocol messages.
According to the developers, the personal data of users will be more secure, since DID is generated by users, and not stored in centralized providers or other third parties.
In addition, it will be possible to create new decentralized applications in Web5 based on DWN. It is assumed that the financial level of Web5 will provide a Bitcoin network.