Jack Dorsey’s ‘Web5’ is an answer to an issue that’s already been solved

Web3 thrives on its capability to supply each transparency and anonymity, however merging the 2 has been a seemingly arduous job — notably in relation to securing private information. 

Jack Dorsey — the cofounder and former CEO of Twitter — believes he’s discovered an answer to the issue within the type of Web5, his newly introduced decentralized data and identity platform leveraging Bitcoin. However whereas Dorsey unveils designs for a brand new decentralized internet utilizing the Bitcoin community, different blockchain applied sciences have moved far past the conceptual stage.  

Delving deeper into Web5

Whereas considerably complicated, the title of Dorsey’s proposal really implies a literal mixture of Web2 and Web3 options as in “two plus three equals 5” — thus “Web5” was coined. Searching for to behave because the ‘extra decentralized web’ equal, Web5 proposes to place management again in customers’ palms and grant them autonomy over their digital information and identification. 

In essence, the three essential pillars of Web5 are decentralized identifiers, verifiable credentials and decentralized internet nodes — which, frankly, sounds much like present trendy blockchain applied sciences. Dorsey’s rationale for Web5 is that whereas the present web democratized the trade of data, it’s nonetheless lacking a vital part — the reclamation of non-public identification.

At present, private information is usually secured by way of accounts and passwords, and it’s been this manner for fairly some time. On this mannequin, identification and private information are basically the property of third events, reminiscent of huge tech firms. Traditionally, this method has been fraught with points, whether or not that be huge data leaks, illicit exchanges of consumer data, or the final lack of management for the tip person.

What Web5 makes an attempt to result in is decentralized identification and information storage for web purposes. It guarantees builders can give attention to creating significant person experiences whereas returning the possession of non-public info to people. Whereas self-sovereign identification and information possession are important aspects of the decentralized internet — this already exists. 

Web3 identities are already right here

The Internet Computer (ICP) blockchain launched its genesis block on Could 10, 2021, and has been designed to make a completely functioning decentralized web a actuality. By onboarding web sites, DeFi, social media, video games, and metaverse initiatives completely on-chain, working at trendy internet speeds, ICP strives to blur the traces between blockchain and the web and create an interoperable future. But, amongst this method lies what’s in any other case referred to as “Internet Identity,” abbreviated merely to II.

II permits customers to anonymously authenticate their credentials to decentralized purposes (dApps) working on ICP utilizing their private units. To attain this, the nameless authentication framework combines Internet Authentication (WebAuthn), a two-factor authentication normal of the World Wide Web Consortium (W3C) that’s supported by the vast majority of trendy units, and Chain Key cryptography — a breakthrough in trendy cryptography that can enable ICP to run hundreds of thousands of nodes at scale. 

One of the notable points of the chain is that it allows any gadget to confirm the authenticity of artifacts generated by ICP, together with smartwatches and cell phones. Suitable authentication strategies embody conventional {Hardware} Safety Modules (HSM) — USB units that plug into a private laptop and handle keys — and any cell gadget with a Trusted Platform Module (TPM) chip frequent in trendy laptops and telephones. 

Which means, for instance, anybody can authenticate themselves when accessing dApps by merely utilizing the fingerprint sensor on their laptop computer or the digicam on their cellphone. The system offers a frictionless login expertise that also maintains privateness. Because of the Chain Key cryptography working behind the scenes, customers can’t be linked throughout dApps and aren’t vulnerable to having any of their information collected, scraped or hacked at any level. 

Tomorrow’s web, in the present day

The probabilities listed here are countless, however one of many first apparent advantages is that customers will probably be free to anonymously work together with the net with out worry of being tracked. Secondly, you additionally gained’t must preserve observe of dozens of accounts and passwords or cryptographic key materials.

Even higher, customers can have a single key that confirms who they’re to the blockchain whereas creating a vast quantity of “pseudonym” IIs that may every be distinctive to a particular service. So, from the person facet, it can look like only one identification, however providers will every see a unique “title” hooked up to it. This eliminates the flexibility for account info to be correlated throughout a number of platforms, additional preserving privateness.

Customers can have a unique II for social media, monetary exercise, procuring, gaming or anything. Customers may create a number of types of backup for such an identification, making certain they’ll retain entry even when a tool they had been logged in on ought to get misplaced, broken or stolen. This opens up a world the place anybody can acquire entry to their checking account or office with a easy facial scan, however it will likely be achieved in a means the place the person controls all information, that means they’ll’t be arbitrarily tracked.  

So whereas Dorsey’s Web5 appears to be like to place the management again in customers’ palms, it might take some time for its merchandise to take kind. Happily, Web Id already has Web3 lined. 

Josh Drake is the chief working officer at DFINITY Foundation.