TECHnicalBeep

Block, a California-based FinTech provider, announces Managed Web5 Decentralized Web Nodes at the WeAreDevelopers World Congress. Powered by the Decentralized Identity Foundation (DIF), Web5 Decentralized Web Nodes (DWNs) enable developers to create decentralized, serverless applications.

Web5 Decentralized Web Nodes (DWNs) operated by the Decentralized Identity Foundation (DIF) enables developers to build decentralized, serverless applications

DIF now offers Web5 Decentralized Web Nodes (DWNs/DWeb Nodes) as a managed service leveraging Google Cloud technology. Consequently, DWNs serve as personal data stores that eliminate the need for individuals to trust apps to responsibly use and protect their data. Therefore, the individual owns and controls the data. This offering, announced at the WeAreDevelopers World Congress in Berlin, will allow existing and new Google Cloud customers to more easily build test applications using Web5 DWNs. Rather than having to run their own DWN or server infrastructure to store data, developers will be able to leverage a DWN on Google Cloud to build test applications.

Web5?

Web5 is an open-source platform that provides a new, reliable identity and trust layer for the Web. Consequently, it enables decentralized applications and protocols that solve real problems for people. Built on open standards developed by the World Wide Web Consortium (W3C) and the Decentralized Identity Foundation (DIF), Web5 consists of three key pillars: Decentralized Identifiers (DIDs), Verifiable Credentials (VCs), and Decentralized Web Nodes (DWNs/DWeb Nodes).

DWNs are personal data stores and peer-to-peer communication nodes that serve as the foundation for decentralized apps and protocols. They reside on devices; moreover, they can be replicated on hosted instances in the cloud. These data stores represent a true realization of serverless applications. Consequently, developers can store app data without relying on centralized servers or accounts with centralized services. This setup empowers individuals to gain ownership and control of their data by hosting it themselves on DWNs, thus decoupling it from apps that seek permission to read and access their data.

Related Content: Blockchain Trends 2024 – What to expect from DeFi, NFTs, CBDCs, and More

Daniel Buchner, Head of Decentralized Identity at TBD, part of Block, and one of the companies building the DWN specification within DIF, said:

“Web5’s Decentralized Web Nodes are a paradigm shift in the way people, apps, and services exchange data with each other. In a Web5 world, consumers own and control their data, not centralized authorities, and can decide how it is stored, shared, and accessed – encrypted just for them, permission for a select group, or published to everyone. But to truly own all of your data, a personal data storage system is needed. Even if an individual chooses to host one of their DWeb Nodes with a provider, private data is encrypted, so it is only available to the individual and whoever they grant access to.”

Kim Hamilton Duffy, Executive Director of the Decentralized Identity Foundation, stated:

“DIF feels thrilled to collaborate with TBD and Google Cloud to bring this groundbreaking initiative to life. The DWN community node provides a quick start for developers to build products and services that provide individuals control of their data – by design. As consumers experience the ‘a-ha’ moment of applications offering unprecedented personalization, security, and trust, they will come to expect this new standard in all their digital interactions.”

To start building decentralized apps on Web5, developers can visit here. To access the community node, start here.

TBD OSS community building on Web5:

Web5 is a TBD open-source project (TBD OSS), designed to benefit the public. The community involved in this project is working together to develop applications using Web5’s Decentralized Web Node (DWN)

technology. This technology aims to give users control over their data while making it easier for developers to manage that data in their applications.

FormFree developed Decentralized Credential Exchange (DCX), one of the TBD Open Source Community Incubation Projects leveraging Web5 DWN technology, to improve consumer lending and address long-standing biases in lending. FormFree does so by issuing Verifiable Credentials (VCs) that indicate an applicant’s ability to pay (ATP) indices in place of the status quo credit reporting system. Additionally, DCX will use Web5 DWNs to manage reusable identities and ATP VCs that other participating financial institutions can leverage.

Additionally, Block invites companies and developers to start building on Web5 and join the TBD OSS ecosystem.

About the Decentralized Identity Foundation (DIF):

The Decentralized Identity Foundation, hosted within the Linux Foundation, develops the foundational components of an open, standards-based, decentralized identity ecosystem for people, organizations, apps, and devices.

About TBD:

As one of four businesses at Block (fka Square), TBD focuses on creating open and decentralized technologies to connect the financial world. Guided by this vision, TBD is building an open-source developer platform and infrastructure that enables everyone to access and participate in the global economy.

About FormFree®:

FormFree empowers consumers to understand their ability to pay and share it with lenders like never before. Using FormFree’s Passport, consumers can share all the core financial data required by loan underwriters — including identity, assets, income, employment, credit history, and cash-flow data — in seconds. Once consumers are ready to transact, they can anonymously share their data on the FormFree Exchange (FFX) and receive immediate offers from a marketplace of lenders who fully understand their ability to pay, residual income, and eligibility for down payment assistance and inclusive lending programs.

Image Credit: Block

administrator

Data professional, Writer and Thinker at TECHnicalBeep, aspiring to provide quality content with respect to "All things Startups" to our readers. It is important for the people that they are aware of how the world is changing and evolving daily, and how those ideas and innovations can potentially help grow the Ideasphere of the region.

Leave a Reply

Your email address will not be published. Required fields are marked *