To decentralize the web
On the 19th, TBD, which aims to build a distributed web platform, announced an open source toolkit for the Web5 project.
According to cryptocurrency media CoinDesk, the toolkit has already launched and is available to developers building apps on the decentralized internet. Before the full Web5 platform launch is scheduled for 2023, it has launched an open source toolkit for developers.
What is Web5
Refers to the new concept or platform name announced by TBD in June 2022. The name comes from “Web2”, which stands for the current Internet, and “Web3”, which stands for the next-generation Internet.
▶️Cryptocurrency Glossary
connection: What is “Web 5.0” advocated by Jack Dorsey et al. | Contribution to Bitcoin Research Institute
TBD is Block’s distributed web platform development division led by Jack Dorsey. Foreign media reported that the content of this time was announced at a conference called “Bitcoin 2023” being held in the United States from the 18th to the 20th.
One of the first apps to launch on the Web5 platform is said to be a money transfer app for Africa and Mexico. The money transfer app uses Bitcoin (BTC) and stablecoins.
The toolkit brings together techniques for using distributed identities (DIDs), distributed web nodes (DWNs), and verifiable credentials (VCs).
What is Web5
When TBD announced Web5 in June of last year, its naming and stance were criticized by the Web3 area, and voices were heard that it was difficult to understand. On the other hand, TBD describes the reaction at the time of the announcement as “awe-inspiring”.
After that, in November of the same year, TBD announced the basic policy of Web5. He indicated that if the following items and characteristics apply, it corresponds to Web5.
- A decentralized, trustless system that empowers individuals
- An open source protocol that builds and invests in ecosystems to drive decentralization
- Developers and projects that provide solutions for individuals to manage and own their data in a decentralized way
- Developers and projects that develop decentralized identity solutions that can be used by decentralized apps and protocols
connection: Mr. Dorsey’s virtual currency project announces basic guidelines for Web5
TBD’s recent efforts include launching a new business related to the Lightning Network, “c=”, in March of this year. CEqual’s main objectives are to “decentralize global payments” and “expand the Lightning Network ecosystem.”
connection: Block TBD, new business with Bitcoin Lightning Network
