The Block Head's Web 5.0

Verifiable Credentials

They are a fully certified W3C standard that works in tandem with Decentralized Identifiers to enable trust-less interactions, which means that two parties do not need to trust each other in order to participate, but statements made about a DID topic may be validated.

Source: TBD Official Website

Given above is how TBD describes verifiable credentials.

Suppose Alice must demonstrate that she has a bank account at Acme Bank. Acme Bank generates a cryptographically signed Verifiable Credential that is kept in Alice's identity wallet. The credential includes the issuer Acme, the subject Alice, and the claims, which include Alice's account number and complete name. When asked for evidence of banking, Alice shows the Verifiable Credential, which is cryptographically signed by both Alice and her bank.

Decentralized Web Nodes

An entity that satisfies the requirements of the DIF Decentralized Web Node specification for decentralized personal and application data storage and message relay nodes. Data replication across users' numerous nodes is possible.

Given below are some of the features of DWN

Source: TBD Official Website

Decentralized Web Nodes (DWN, DWeb Nodes) are a developing standard for data storage and relay that enables entities of any kind (people, organizations, etc.) to send and store encrypted or public messages and data, enabling a wide range of decentralized apps and protocols to be built on top.

Stakeholders of Web 5.0

Stakeholders are those who have an interest in the result of your project. They are often project team members, project managers, executives, project sponsors, customers, and users. Stakeholders are people who will be impacted by your project at any stage of its life cycle, and their feedback can have a direct influence on the result. To collaborate on the project, strong stakeholder management and ongoing communication are required.

In the case of web 5.0, we have the following stakeholders:

1. Wallets By allowing identification and data connections, wallets operate as agents for individuals or institutions.
2. Decentralized Web Nodes (DWNs) These are the personal data stores including both public and encrypted data.
3. Decentralized Web Apps (DWAs) These are web applications with decentralized identification and data storage capabilities.

Self-Sovereign Identity Service

The Self-Sovereign Identity Service (SSIS) is a one-stop shop for everything related to DIDs and Verifiable Credentials. The SSIS core functionality includes, but is not limited to, interacting with standards related to Verifiable Credentials, Credential Revocations, requesting Credentials, exchanging Credentials, data schemas for Credentials, and other verifiable data, messaging using Decentralized Web Nodes and using Decentralized Identifiers. Using these basic standards, the SSIS offers strong functionality to permit all verifiable transactions in varying degrees of complexity, such as establishing, signing, issuing, curating, requesting, revoking, trading, validating, and verifying credentials.

Source: TBD official website

Self-Sovereign Identity SDK

This SDK, known as ssi-sdk, contains a set of standards relevant to Self-Sovereign Identity. The ssi-sdk aims to provide modular functionality based on a set of standards-based primitives for developing decentralized identity applications.

Source: TBD official website

Note: The SDK's vision is depicted in the graphic above. Standards may be added or withdrawn at any time. The standards themselves are in the process of being developed and, as such, are susceptible to change. When feasible, we try to specify the versions or revisions of standards we are basing our implementations on.

The SDK has not been subjected to any rigorous security assessment or audit, therefore use with caution.

Conclusion

Hope you got an idea about what is TBD and how their version of the Web can revolutionize the coming future.

To know more about TBD, please feel free to connect at the following:

Twitter: @TBD54566975

Discord: https://discord.gg/hNkRpZp7fe

GitHub: https://github.com/TBD54566975

How many confirmations should I wait for before trusting a transaction?

On Bitcoin, scale confirmation depth with the amount at risk, since finality is probabilistic. On Ethereum, wait for the finalized checkpoint. On rollups, wait for the batch to be final on L1.

#consensus#transactions