Technology Jack Dorsey's 'Web5' is a solution to a problem...

Jack Dorsey’s ‘Web5’ is a solution to a problem that has already been solved

-

Couldn’t attend Transform 2022? Check out all the top sessions in our on-demand library now! Look here.


Web3 thrives on its ability to provide both transparency and anonymity, but merging the two has been a seemingly arduous task, especially when it comes to securing personal data.

Jack Dorsey — the co-founder and former CEO of Twitter — believes he has found a solution to the problem in the form of Web5, his newly announced decentralized data and identity platform use Bitcoin. But while Dorsey is unveiling designs for a new decentralized web using the Bitcoin network, other blockchain technologies have gone way beyond the conceptual stage.

Dive deeper into Web5

Although somewhat confusing, the name of Dorsey’s proposal actually implies a literal combination of Web2 and Web3 functions as in “two plus three equals five” – ​​so “Web5” was conceived. Looking to act as the ‘extra decentralized web’ equivalent, Web5 proposes to put control back in the hands of users and give them autonomy over their digital data and identity.

Essentially, the three main pillars of Web5 are decentralized identifiers, verifiable credentials, and decentralized web nodes – which frankly resembles existing modern blockchain technologies. Dorsey’s rationale for Web5 is that although today’s Internet has democratized the exchange of information, it still lacks an essential part: reclaiming personal identity.

Event

MetaBeat 2022

MetaBeat will bring together thought leaders to offer advice on how metaverse technology will change the way all industries communicate and do business October 4 in San Francisco, CA.

Register here

Currently, personal data is generally secured through accounts and passwords, and has been for a while. In this model, identity and personal data is essentially owned by third parties, such as large technology companies. Historically, this system has been fraught with problems, whether that huge data breachesillegal exchanges of consumer dataor the general lack of control for the end user.

What Web5 is trying to achieve is decentralized identity and data storage for internet applications. It promises that developers can focus on creating meaningful user experiences while returning ownership of personal information to individuals. While self-sovereign identity and data ownership are essential facets of the decentralized web, it already exists.

Web3 identities are already here

The Internet computer (ICP) blockchain launched its genesis block on May 10, 2021, and is designed to realize a fully functioning decentralized internet. By integrating websites, DeFi, social media, games and metaverse projects completely on-chain, with modern web speeds, ICP aims to blur the boundaries between blockchain and the internet and create an interoperable future. But beneath this system lies what is known as “Internet identity”, simply abbreviated to II.

II allows users to anonymously authenticate their credentials to decentralized applications (dApps) running on ICP using their personal devices. To achieve this, the anonymous authentication framework combines Web Authentication (WebAuthn), a two-factor authentication standard from the World Wide Web Consortium (W3C) that is supported by most modern devices, and Chain Key cryptography — a breakthrough in modern cryptography that allows ICP to run millions of nodes at scale.

One of the most notable aspects of the chain is that any device can verify the authenticity of ICP-generated artifacts, including smartwatches and mobile phones. Compatible authentication methods include traditional Hardware Security Modules (HSM) – USB devices that connect to a PC and manage keys – and any mobile device with a Trusted Platform Module (TPM) chip common in modern laptops and phones.

This means that anyone can, for example, authenticate when accessing dApps by simply using the fingerprint sensor on their laptop or the camera on their phone. The system provides a frictionless login experience while maintaining privacy. Thanks to the Chain Key cryptography that works behind the scenes, users cannot be linked via dApps and at no time are they at risk of their data being collected, scraped or hacked.

The internet of tomorrow, today

The possibilities here are endless, but one of the first obvious advantages is that users can interact anonymously with the internet without fear of being tracked. Second, you don’t have to keep track of dozens of accounts and passwords or cryptographic key material either.

In fact, users can have a single key that confirms who they are to the blockchain, while creating an unlimited number of “pseudonyms” IIs, each of which can be unique to a specific service. So from the user side it looks like just one identity, but services will each see a different “name” on it. This eliminates the ability to correlate account information across multiple platforms, further preserving privacy.

Users can have a different II for social media, financial activities, shopping, gaming or anything else. Users can also create multiple forms of backup for such an identity, so they can retain access even if a device they were signed in to is lost, damaged, or stolen. This opens up a world where anyone can access their bank account or workplace with a simple face scan, but it will be done in a way where the user controls all the data, meaning they can’t be tracked randomly.

So while Dorsey’s Web5 appears to be putting control back in the hands of users, it may take a while for the products to take shape. Fortunately, Internet Identity Web3 has already covered.

Josh Drake is the chief operating officer at DFINITY Foundation.

DataDecision makers

Welcome to the VentureBeat Community!

DataDecisionMakers is where experts, including the technical people who do data work, can share data-related insights and innovation.

If you want to read about the very latest ideas and up-to-date information, best practices and the future of data and data technology, join DataDecisionMakers.

You might even consider contributing an article yourself!

Read more from DataDecisionMakers

Shreya Christinahttp://ukbusinessupdates.com
Shreya has been with ukbusinessupdates.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider ukbusinessupdates.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

Latest news

Бесплатные Онлайн-слоты 14 000 Слотов В Демоверси

Бесплатные Онлайн-слоты 14 000 Слотов В Демоверсиинедостаточно 16 000 Бесплатных Игр Онлайн-казино ГуруContentМожно Ли найдем У Вас их Слоты В...

Pin Up 306 Casino Başlanğıc Qeydiyyat, Bonuslar, Yukle Observatório Astronómico Professor Manuel De Barros 400

ContentPin Up On Line Casino Ilk Depozit Qeydiyyatı BonusuPin-up On Line Casino Necə Qeydiyyatdan ötmək Olar?Pin Up Yukle Azerbaycan...

Самые популярные Слоты И Игры Для Онлайн-казино > > Играйте Бесплатно

Самые популярные Слоты И Игры Для Онлайн-казино > > Играйте Бесплатно!Игры В Казино: Онлайн-казино Бесплатные Азартные ИгрыContentРекомендуемые Онлайн-казино"Регистрация...

1xbet Ao Vivo: Saiba Asi Como Funciona O Streaming Da Casa

ContentBet ApostasBet365 Friendly StreamingBem-vindo Ao Site Do Epa SupermercadosPokerBet Buffering De TênisBet Ao Vivo: Entenda Como Funciona O Streaming...

Onlayn Ödəniş Sistemi Ödəmələr, Pul Köçürmələri

ContentVar-yox Deyilsən!Mostbet-də Qeydiyyat Və YoxlamaMostbet BonuslarıCihazlarınızda 1xbet Tətbiqetməsini YükləyinBet Mobil Versiya Güzgüsü Kompüterlərdə IstifadəsiBet Mobi Versiya – İstifadəsi Daha...

1xbet Seyrək Rəsmi Sayt 1xbet Azərbaycan Bukmeker Kontoru, Bonuslar, Apk

Portalın formal görünüşü onun təzə ziyarətçilərinin gözləntilərinə cavab verir. Lisenziyanın olması təhlükəsizliklə bağlı yarana biləcək narahatlıqlar olmadan mərclərin yerləşdirilməsinin...

Must read

You might also likeRELATED
Recommended to you