- The new way to escape third-party intervention in personal identity,
- Decentralized platforms for personal data storage are secured from the interjection of third parties.
- Smooth use and experience for all users while retaining the identity and ownership of an individual.
The Making Of Web5
According to Jack Doseby, the usage of the internet is unsatisfactory, making most webs centralized and helpful only for Capital Vendors. Jack Dosbey, therefore, announced the introduction of a decentralized technology that will use blockchain technology. Web3 is often described as the view of a developing internet shared by developers and programmers due to the functioning of the metaverse, non-fungible tokens (NFTs) and crypto.
The installment or addition of Web 3 to Web 2 comes forth as Web5, by simply putting 3+2=5. This way, the Web working on blockchain technology with smart- contracts, has merged itself to become something of a centralized platform for sharing content, like Twitter, Facebook, etc. It’s like a two-in-one toolkit that allows one to explore, create and share while simultaneously making the user’s identity decentralized, which keeps the data safe and secure away from third-party intruders.
Web5’s Introduction By TBD
“We’re at Bitcoin Miami right now. I’m here because I think Bitcoin is one of those open protocols for freedom,” said Mike Brock, general manager of TBD at Block. “And I think that’s what Web5 is as well,” he added.
“We think remittances are probably the closest thing to a near-term killer app for bitcoin and stablecoins,” said Brock. He further said, “The international remittance market is a mess.”
“Web5 brings decentralized identity and data storage to your applications. It lets developers focus on creating delightful user experiences while returning ownership of data and identity to individuals,” stated TBD
All that logging in and singing in has troubled all of us and the Web5 nodes are the highway to take. The decentralized identity system works like that one highway route, escaping traffic and making the city bustle. A method of keeping all of one’s posts, data and information private while enjoying the experience that an app has to offer.
A very similar technique to a ‘username’ is a ‘Decentralized Identity’ (DID). Strengthened properly by credentials that are verified and secured by the certification titled ‘verified credentials’. The verification, however, similar to the decentralization of the identity itself, is a decentralized function operated and stored on decentralized web nodes.
The master plan of this technology company is a worldwide blockbuster. One of the first launches set by the company is the introduction of a ‘remittance application’ for Mexico and Africa that will primarily use Bitcoin as payment rails.
