Are You Ready? Web5 Toolkit By TBD Pioneers The Next Generation Internet

Zinger Key Points
  • Bitcoin and freedom are at the core of Web5, says Block's general manager.
  • The remittance app is a game-changer for Bitcoin and stablecoins.

Block's subsidiary TBD rolled out a new open-source toolset for its Web5 initiative, aiming to streamline the process for developers to craft decentralized web applications.

The suite includes technologies such as decentralized identifiers (DIDs) akin to email IDs or usernames; secure digital certificates known as verified credentials (VCs) that authenticate items like names, ages and asset ownership; and decentralized web nodes (DWNs), which decentralize data storage, Coindesk reported.

The entire Web5 platform is slated to be launched later this year, and developers can already begin to create decentralized apps on TBD’s platform with this initial release.

Mike Brock, TBD's general manager at Block, spoke about the project at the Bitcoin Miami event.

Also Read: Crypto's Wild West Era Is Over: Here's How The Big Dogs Are Taking Over

Brock highlighted Bitcoin's role as an open protocol that fosters freedom and equated it to the purpose of Web5.

TBD plans to debut a remittance application for Africa and Mexico as one of the first projects on its Web5 platform. This app will utilize Bitcoin BTC/USD and stablecoins for payment processing and it will be modeled on TBDex, another open-source project by TBD aimed at facilitating asset exchange and liquidity discovery.

Brock noted the belief in remittances as a promising immediate application for Bitcoin and stablecoins, given the current complexities in the international remittances market.

Web5, introduced by Block in June 2022, is a collection of technologies aimed at enhancing the web through decentralized identity, personal data storage and verifiable data exchange capabilities.

Read Next: Hong Kong-Based Hashkey's Billion-Dollar Dream: The Next Big Bang In Crypto

Photo: Gerd Altmann from Pixabay

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsMarketsBitcoin MiamiBlockDecentralized Internet ApplicationsJack DorseyStablecoinsWeb5
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!