Digital Payments agency Block’s founder and Ex Twitter CEO, Jack Dorsey, is supporting a brand new venture “Zion v2” which is constructed utilizing the newly launched Decentralized Web Platform Web5 from Block.
In June, Jack Dorsey introduced Bitcoin Blockchain-based Web5 which is a mix of Web2 and Web3. Dorsey famous that with Web5, people’ pursuits can be the focus and they are going to be empowered with self-owned identities.
Zion v2 would enable for every person “linked to the network via a DID, and decentralized web node that acts as a secure, private server (accessible only by private key), granting individuals absolute and irrevocable custody over their data.”
When customers be a part of Zion they are going to be assigned a brand new Decentralized identifier (DID) and a person identify. This DID shall be secured by a 12-word seed phrase to make sure person privateness and safety and Zion has no entry to those cryptographic non-public keys.
The Zion v2 app will embody one other core element of web5 which is a Decentralized Web Node (DWN), a knowledge storage and message relay mechanism entities can use to find public or non-public permissioned information associated to a given DID.
DWN shall be used for messaging and information storage by performing as an interface to retailer, uncover, and fetch information associated to the flows and experiences they’re collaborating in.
On the Zion v2 cellular app, the Bitcoin Lightning Network will function Zion’s native cost system and all funds on Zion shall be fast, immutable, and untraceable.
Without the assist of or custody from a 3rd social gathering, nodes related to the Lightning Network route giant numbers of quick micropayments straight between friends.
The Zion crew will roll out the new product in phases as they word that “Building new software on new primitives for products that have not existed before is exponentially harder. So it will take time.”
Compiled by Coinbold