Understand Jack Dorsey’s Web5 from the 16-page PPT

On June 11, the encryption project TBD launched by Twitter founder Jack Dorsey announced that it will launch a decentralized network standard platform called “Web5” on the Bitcoin network, aiming to “bypass” the existing Web3 concept.

Most crypto projects today opt to use the so-called Web3 concept and provide a way to build applications based on 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 doesn’t seem to buy into this idea, trying to build web components on the Bitcoin network, a strategy that’s generally not ideal for blockchain applications.

Technically, Web5 will focus on identity rather than tokenized payments, to put it simply – TBD plans to build a Decentralized Web Platform (DWP) that will allow developers to use Decentralized Identifiers (DIDs) and decentralized Decentralized Web Nodes (DWNs) to create Decentralized Web Applications (DWAs).

It is reported that the Web5 platform will use ION, a Bitcoin identity layer developed by Microsoft and the Decentralized Identity Foundation. (Star Jun o-daily Note: TBD is a recently created project by Jack Dorsey’s payments company Block, Inc. to focus on developing Bitcoin infrastructure.)

In a practical sense, Web5 wants to solve real-world personal data protection issues, ensuring that this data is not sold to third parties, the project aims to bring decentralized identity and data storage to web applications, while returning data ownership to user.

Next, Xingjun (ID: o-daily) will take a look with you to see what kind of “Web5 future” is described for us in the 16-page PPT released by Jack Dorsey.

Understand Jack Dorsey's Web5 from 16 pages of PPT

In today’s Web model, people are users, but people do not own their own data or identities. Enterprises provide people with accounts, and various data are also stored by APPs. While personal data in Web5 is controlled by individuals and can be used for personal and social communication, 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 have their own identity and control. Control over your own data.

Understand Jack Dorsey's Web5 from 16 pages of PPT

The Decentralized Web Platform (DWP) enables developers to create Decentralized Web Applications (DWA) using Decentralized Identifiers (DIDs) and Decentralized Web Nodes (DWNs), which allow identity and data control The return of rights and ownership to individuals is known as “Web5”.

Understand Jack Dorsey's Web5 from 16 pages of PPT

Web5 has three cores:

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

2. Verifiable certificates: provide standard data forms and schemas for cryptographic representation and verification claims;

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

Understand Jack Dorsey's Web5 from 16 pages of PPT

Decentralized Identifier (DID):

1. The identifier 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. Resist various forms of blocking;

5. ID is visible.

Understand Jack Dorsey's Web5 from 16 pages of PPT

The figure above shows an example of the application of verifiable certificates in banking and financial institutions.

Understand Jack Dorsey's Web5 from 16 pages of PPT

Decentralized Web Node is an emerging data storage and relay standard that supports any type of entity, such as individuals, organizations, etc., can send and store encrypted or public messages and data, and can be used for various types of decentralized node-based construction. The APP and the protocol provide support, and the main features include: universally addressable, semantic discovery, replicable, asynchronous message threading, security, support for any identity type.

Understand Jack Dorsey's Web5 from 16 pages of PPT

Web5 will launch an identity wallet with specific features including:

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

2. DID function: support to create, update and restore DID;

3. Certificate function: provide the verifier to sign, verify, issue and display certificates;

4. DID authorization;

5. Context management.

Understand Jack Dorsey's Web5 from 16 pages of PPT

Web5 network topology

Decentralized identifiers and decentralized web nodes are combined to build a network that supports DID secure instant messaging, data sharing and certificate transactions, replacing one-time protocol exchanges with common standards for all types of semantic data ( such as encrypted messaging protocols, photo sharing protocols, etc.).

Understand Jack Dorsey's Web5 from 16 pages of PPT

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 nodes, and decentralized identifiers.

Understand Jack Dorsey's Web5 from 16 pages of PPT

What is PWA?

PWA (progressive web app) stands for Progressive Web App and is an installable web app standard implemented by all major browsers today.

Understand Jack Dorsey's Web5 from 16 pages of PPT

From Progressive Web Apps to Decentralized Web Apps.

Understand Jack Dorsey's Web5 from 16 pages of PPT

Many activities in the world today require building trust between participants, and Decentralized Identifiers + Decentralized Web Nodes allow individuals, organizations, and companies to issue certificates that anyone can discover and independently verify.

Understand Jack Dorsey's Web5 from 16 pages of PPT

From a high-level perspective, tbDEX is a threaded messaging and data exchange protocol layer based on decentralized web nodes, running on top of decentralized identifiers and decentralized web node base layers.

Understand Jack Dorsey's Web5 from 16 pages of PPT

Web5 music use case: Copying your own playlists over and over in different music apps can be frustrating to many people, and Web5 can solve it.

Understand Jack Dorsey's Web5 from 16 pages of PPT

Web5 hotel booking use case: In the current Web2 environment, your personal preferences, air tickets, reservations and other travel data are scattered across a variety of different hotels, airlines and travel applications in a cluttered, decentralized identifier + decentralized Integrating web nodes can help unify these processes and experiences.

Summarize

Jack Dorsey doesn’t like the concept of Web3 and has long been critical of it, even attacking Web3 investors with Chinese terms like “RIP Web3 VCs”. In 2021, Jack Dorsey announced his resignation as CEO of Twitter and is now fully committed to crypto payments company Block, with plans to launch a Bitcoin hardware wallet and DEX.

Now, Jack Dorsey believes that Web5 may be more important than anything else, and he even mentioned in a tweet that “Web5 may be [my team’s] most important contribution to the Internet”.

Understand Jack Dorsey's Web5 from 16 pages of PPT

However, is Web5 really as simple as “Web2 + Web3”? Perhaps only time will tell us the answer.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/understand-jack-dorseys-web5-from-the-16-page-ppt/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2022-06-11 10:33
Next 2022-06-11 10:34

Related articles