According to reports, Jack Dorsey is building a new Bitcoin based decentralized Web5. Web5 is composed of software elements and services that allow developers to concentrate on creating great user experiences while providing decentralized identification and data storage in apps.
TBD, a Bitcoin-focused business branch of Jack Dorsey’s Block Inc., revealed on Friday that it is working on a new decentralized web called Web5.
Web5 is predicated on the premise that Web3, the concept of creating a decentralized web utilizing blockchain technology and cryptocurrencies, does have the right objectives but is implementing them incorrectly.
Web5 leverages Bitcoin, a decentralized financial network, with a slew of excellent computer science technologies to create a new ecosystem of decentralized identities, data storage, and applications in which individuals maintain ownership over their personal data.
Decentralized internet advancements throughout the last few decades, such as BitTorrent and Tor, have demonstrated that blockchain technology is not required for decentralization. Rather, the blockchain has only been shown to be necessary for one specific task: resolving the double-spend problem in order to introduce peer-to-peer money to the digital world with Bitcoin.
Web5 is composed of software elements and services such as decentralized identifiers (DIDs), decentralized web nodes (DWNs), self-sovereign identity service (SSIS), and a self-sovereign identity software development kit, all developed by TBD (ssi-sdk). These components allow developers to concentrate on creating great user experiences while providing decentralized identification and data storage in apps.
The DID element of Web5 is based on ION, an open, public, and permissionless second-layer DID network built on top of the Bitcoin blockchain. It is built on the deterministic Sidetree protocol, which functions without the use of special tokens, trusted validators, or other consensus techniques.
A DID is an universally unique persistent identifier that is commonly produced and registered cryptographically and does not necessitate a centralized registration authority. It comprises of a unique uniform resource identifier (URI) string that serves as an ID, along with public key infrastructure (PKI) metadata describing cryptographic keys and other basic PKI values connected to a unique, user-controlled, self-sovereign identifier in a target system like the Bitcoin blockchain.
ION is censorship-resistant since it only permits DIDs to be deactivated by their owners, and it has registry functionalities to facilitate decentralized package managers and app stores. Thousands of DID actions per second can theoretically be processed by the decentralized network.
Decentralized Web Node
The DWN used by Web5 is a reference implementation of the DWN draft specification from the Decentralized Identity Foundation. Moe Jangda and Daniel Buchner, both of Block, collaborated to the specification as contributor and editor, respectively.
A DWN, according to the specification, is a data storage and message transmission mechanism that participants can use to find public or private data associated with a specific DID. It allows interaction between distinct entities that need to authenticate each other’s identities in order to communicate data to one another.
“Decentralized Web Nodes are a mesh-like datastore construction that enable an entity to operate multiple nodes that sync to the same state across one another, enabling the owning entity to secure, manage, and transact their data with others without reliance on location or provider-specific infrastructure, interfaces, or routing mechanisms,” per the specification.
By July 1, 2022, TBD hopes to have a first edition of the current draft specification, as well as a reference implementation.
The development community is encouraged to contribute. Proposals can be submitted as pull requests to the GitHub repository by willing developers. Issues can be posted to the same GitHub repository as well.
Self-Sovereign Identity Service
SSIS is a web service from Web5 that encapsulates the ssi-sdk.
The SSIS interacts with standards such as verifiable credentials, credential revocations, requesting credentials, trading credentials, data schemas for credentials and other verifiable data, DWN messages, and DID usage.
“Using these core standards, the SSIS enables robust functionality to facilitate all verifiable interactions such as creating, signing, issuing, curating, requesting, revoking, exchanging, validating, verifying credentials in varying degrees of complexity,” per its webpage.
Self-Sovereign Identity SDK
The ssi-sdk is a collection of self-sovereign identity standards.
“The ssi-sdk intends to provide flexible functionality based on a set of standards-based primitives for building decentralized identity applications in a modular manner: with limited dependencies between components,” per its webpage.