Digital Payments company Block’s founder and Ex Twitter CEO, Jack Dorsey, is backing a new project “Zion v2” which is built using the recently released Decentralized Web Platform Web5 from Block.
In June, Jack Dorsey informed Bitcoin Blockchain-based Web5 which is a mix of Web2 and Web3. Dorsey stated that with Web5, people’s interests would be the priority and they will be authorized with self-owned identities.
Zion v2 would authorize each user linked to the network through a DID, and decentralized web node that operates as a secure, private server (accessible only by private key), granting individuals absolute and conclusive custody over their data.
When users enter Zion they will be assigned a unique Decentralized identifier (DID) and a user name. This DID will be guaranteed by a 12-word seed phrase to assure user privacy and security and Zion has no admission to these cryptographic private keys.
The Zion v2 app will contain another core component of web5 which is a Decentralized Web Node (DWN), a data storage and message relay mechanism entities can use to discover public or private permissioned data connected to a provided DID.
DWN will be utilized for messaging and data storage by serving as an interface to store, discover and fetch data linked to the flows and ventures they are participating in.
On the Zion v2 mobile app, the Bitcoin Lightning Network will operate as Zion’s native payment system and all payments on Zion will be fast, immutable, and untraceable.
Without the help of or custody from a third party, nodes linked to the Lightning Network route large numbers of direct micropayments instantly between peers.
The Zion team will roll out the latest product in stages as they remark that building new software on new primitives for products that have not existed before is exponentially more difficult. So it will take some time.
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