Thread by @pippellia

The #Web5 is a revolution.

It’s powered by #Bitcoin, but most bitcoiners don't know anything about it.

Here 👇 is what you have to know 🧵

What is #Web5?

Web5 is a new set of Web standards that aims to return ownership of Data and Identity back to the individual.

It does so by leveraging the power of decentralized protocols like #Bitcoin

The Problem with the Web today is that it is centralized.

This impacts your digital life in 3 crucial aspects:

• No free speech
• No property
• No identity

■ There is no free speech.

You have to ask permission before speaking on the Web.

Your words can be deleted at no cost from the platform you shared them.

■ There is no property

Your data is held captive inside walled gardens that you didn’t choose.

The Big Tech Companies are in the business of exploiting this to the very last bit.

Remember: there is no cloud, it is just someone else's computer.

■ There is no ‘you’

Your Digital Identity is whatever others use to identify you. It can be your phone number, your @, or your email.

But you don’t own these, the issuer does.

And here is the thing.
These *accounts* are *contracts* between you and the platform owner.

You can be banned, censored and used all without crossing the agreement's limits.

The Solution

Web5 is solving these problems with 3 core components.

• Decentralized Identifier (DID)
• Verifiable Credential (VC)
• Decentralized Web Node (DWN)

■ Decentralized Identifiers

The DID is a Digital Identifier that doesn’t require a centralized registration authority.

If you simply have the key, you are the master of your DID.

No platform, government, or corporation can take that from you.

■ Verifiable Credentials

Verifiable Credentials are digital and cryptographic certificates, linked to a DID.

With VCs you will be able to prove claims in a way that is:

• Cryptographically verifiable
• Privacy-preserving

■ Decentralized Web Nodes

The DWN is a data storage and message transmission mechanism.

It’s the equivalent of today's servers, but with 2 differences:

• The Data is private (only the owner’s DID can access it)
• Messages are private (only the recipient's DID can read them)

Web5 is not Web3

The way I have presented Web5 so far, #Bitcoin doesn’t seem to play a role.

I have done this to prove a point:

Web5 != Web3 on #Bitcoin

Web3 uses the “blockchain”, it’s full of scammy tokens, ICO and useless Defi.

Web5 is not like that.

Here 👇 are the 2 roles that #Bitcoin plays in Web5

1. Money of the Internet

The money of the Internet has to be decentralized and unstoppable, uncensorable and immutable.

It has to be sound money.

Among all, only Bitcoin meets these points.

2. Tamper-proof Record

In Bitcoin, each block is tied to the previous block and the one that follows.

Changing the record requires redoing the Proof of Work, which costs energy.

These two properties make Bitcoin perfect for securing Digital Identities.

The Web5 identity protocol ION does just that.

Don’t know how ION works?
You can check this 👇 thread and come back here later.

https://twitter.com/1471766016824905738/status/1595808266755330048

Decentralized Web App

Thanks to this technical re-foundation of Money and Identity, Data storage and Message transmission, a new kind of application will be born.

They will enable people and computers around the globe to interact, communicate and exchange value freely.

Let’s consider how Twitter could be rebuilt on top of #Web5 @elonmusk

First, Twitter users will own their DIDs, preventing anyone from deleting their accounts (yes, including Twitter the Company)

Second, each DID will be connected to an independent DWN of its choosing.

This has two important implications:

• Users cannot be silenced
• Users are free to customize the feed algorithm

With #Web5 it is even possible to solve the much-discussed problem of bots.

Instead of charging people $8/month, which is completely nonsensical, they can be verified using Verifiable Credentials.

To prove you are a human being you need to have a certificate related to the physical world, such as :

• Electrical bill
• Rental agreement
• School Degree

Here is the important part:

👉 You don’t need to show the certificates, you simply have to show that you *own* one.

In other words, because Verifiable Credentials are privacy-preserving, it is possible to verify real people without having to compromise their sensitive information.

The certificates I mentioned are virtually impossible for bots to forge.

Problem solved ✅

Twitter is just one of many examples that demonstrate how Web5 can truly decentralize the Web.

And here 👇 are two more that are being built as we speak.

tbDEX, the Liquidity protocol of Web5 👇 - by @TBD54566975

https://twitter.com/1471766016824905738/status/1579501546936893440

@TBD54566975 @get_zion , a Social Network built on Lightning and Web5 👇

https://twitter.com/1471766016824905738/status/1593270034314436608

@TBD54566975 @get_zion "Okay Pip, this is super cool, but is it completed yet?"

Glad you asked. No, there is still work to be done, but it is progressing well and as planned!

https://twitter.com/1471766016824905738/status/1587142185023143944

@TBD54566975 @get_zion Still, there are problems to be solved and improvements to be made.

I discuss them here 👇

https://twitter.com/pippellia/status/1589647708587020289

@TBD54566975 @get_zion That's a wrap!

If you found this thread valuable, consider giving value back 💝

1. Follow me @pippellia for more content on #Web5
2. RT the tweet below to share this thread with your audience

Thank you 🙏

https://twitter.com/1471766016824905738/status/1597272419374403586