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Johnjohn1992

Established Member
Impact
457
So, just saw this on twitter. Feel free to drop your opinions.

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kalr

Top Contributor
Impact
6,292
1. This new decentralized web leverages Bitcoin to put users back in control of their data and identity - once and for all.

Here’s a thread with all you need to know

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2. Web5 takes a different approach than Web3.

While Web3 aims to “blockchain” and “tokenize” all things, Web5 uses just one blockchain - Bitcoin - for one specific use case: identity.

Blockchains are not efficient and as such it might not make sense to use it for everything.


3. TBD’s Web5 is made up of software components.

These pieces let developers focus on building user experiences while enabling decentralized identity and data storage in apps.

It leverages existing decentralized tech with no blockchains other than Bitcoin

The components are…

4. Decentralized Identifiers (DIDs).

Web5 leverages ION - an open, public and permissionless DID network that runs atop the Bitcoin blockchain.

It’s based on the Sidetree protocol which doesn’t require tokens, trusted validators or additional consensus mechanisms to function.

5. Decentralized Web Node (DWN).

Web5’s DWN is a reference implementation of a draft specification.

It’s a mechanism for data storage and message transmission that participants can use to locate data linked to a given DID.

TBD wants to produce a v1.0 of this by July 1, 2022.
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6. Self-Sovereign Identity Service (SSIS).

The SSIS interacts with Verifiable Credentials by creating, signing, issuing, curating, requesting, revoking, exchanging, validating and verifying them.

It wraps the next component on the list, the self-sovereign identity SDK…

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7. Self-Sovereign Identity SDK

The ssi-sdk encapsulates self-sovereign identity standards.

It aims to provide flexible functionality based on such standards for building DID apps in a modular way - with limited dependencies between components.
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- Jack Dorsey -
 

KTC

Established Member
Impact
421
Is Web5 so amazing it just skipped Web4?

Web3
2021 - 2022 RIP

Brad
Apparently. Didn't take long for people to abandon Web3.0.

I'll believe in 3.0(or are we just going to skip to 5.0 now?) when I see regular, everyday people that aren't the most tech-savvy start using those browsers or extensions. Otherwise, as you mentioned, it's all hype.
 

Andy Power

Established Member
Impact
149
Really depends which technology will be preferred more.

J. Dorsey Teams "web 5.0" is solely relying on btc.

So if btc makes it to astro highs, its fully imaginable that web5 will become an important player.


However, it will still be a niche, as people don't like monopolisations /
web3 is common ground /
using only one crypto is boring (& seen as unsafe/undiversified)
 
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