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Jack Dorsey-backed TBD Launches New Web5 Toolkit to Decentralize the Internet

In a promising move towards Internet decentralization, Jack Dorsey-backed TBD unveils a new open-source Web5 toolkit, preparing for a remittance app launch using bitcoin and stablecoins.

In an exciting turn of events unveiled at the Bitcoin 2023 conference in Miami Beach, Florida, TBD, a division of Block (SQ), the financial-technology firm helmed by Jack Dorsey, has rolled out a revolutionary open-source toolkit for its Web5 project. This toolkit is geared towards facilitating developers to design decentralized Internet applications.

The Web5 toolkit brings together an assortment of technological advancements. It includes decentralized identifiers (DIDs) which operate similarly to email addresses or usernames, ensuring tamper-proof, self-ownership. Additionally, it features verified credentials (VCs), secure digital certificates providing legal validation of aspects like name, age, and asset ownership. Moreover, it incorporates decentralized web nodes (DWNs) that store data in a decentralized manner.

The official launch of the full-fledged Web5 platform is slated for later in 2023. However, with this preliminary release, developers now have the opportunity to commence the construction of decentralized applications on TBD’s developer platform.

Speaking at the Bitcoin Miami conference, Mike Brock, general manager of TBD at Block, expressed his support for Bitcoin and Web5, touting them as open protocols for freedom.

In a major development, TBD plans to debut a remittance app on their Web5 platform, specifically for Africa and Mexico. This app, rooted in the TBDex open-source project, uses bitcoin (BTC) and stablecoins as its payment channels, aiming to bring efficiency to the "messy" international remittances market.