Web 5 in its own case is open source, is something that is a technology that is constantly being developed. There is a website that you can go to to find out more about web 5 in general and are we web 5 yet? I'm going to be sharing that on screen in a second. But these pillars as decentralized as they are, are also, you know, developed by open bodies, open standard bodies. For example, decentralized identifiers is, you know, managed by the W3C Foundation, same as verifiable credentials. And then this decentralized web nodes is something that is being managed by the Digital Identity Foundation, right? Which is the DIF.
So a bunch of questions I also get is what is the similarity between, you know, building a decentralized web app and a progressive web app? At the core of it, as taking outside, you know, identity or how identification is done in these applications, data storage is also a very key part of it. With progressive web apps you can still have, you know, data stored on the web or sometimes through your service worker, but with DWAs, the data is introduced as a form of, you know, being in control of the user and it can still work as a PWA, right? So you can still be PWAs that can either be or not be a decentralized web application. So that is kind of like the major similarities and differences, as case may be, between PWAs and DWAs.
Why am I excited about WebR and why I think it should be as well? Yeah, so data and identity is owned and can be transferred across board based on what the user has chosen to do. You can give permissions to any platform that you want and also take away permissions as the case may be, right? It also reduces incredibly the friction of onboarding on new platforms or services, with the example that I shared with, you know, trying to move from a different music platform to another one. If your data is yours, you can easily do this as easily as possible. And also building, you know, decentralized applications with WebR, for example, allows developers to focus more on user experiences and not worry, you know, about customer infrastructure or, you know, managing databases and servers and the likes, because all of this can be, you know, distributed and decentralized across the individuals and users themselves. So why would companies buy into this? Web5 is not called to convince giants, you know, just, oh, absolutely give away your data or lose control over it. But when we get to a point where people have the, what's it called, understanding that they can be in control of their own data and, you know, new companies or older companies, as case may be, start to adopt this technology, it starts becoming a given, it becomes a norm for users to be in control of their own data through platforms or through their own, you know, choices and be able to just go around and use a focus more on user experiences that could be beneficial and just make life easier, right? And also companies will buy into this because it helps develop the ecosystem. There's less costs to be spent on data servers and centers and the likes and all those things. They could also be, you know, more companies that provide opportunities and platforms to manage DWs, for example.
A couple of example applications that could be made possible with Web5 at the moment, because it's also a work in progress, the example I showed you, you know, Spotify and Google, which is Universal Music Playlist, Connected Travel, which is essentially you booking a flight, hotel, you know, taxi and the likes, and being able to share all this information easily, for example, with preferable credentials, that definitely, definitely improves the quality of life, right? And also health experiences. It's a common case where people, you know, have like a GP in Europe, like we call it general practitioner or a doctor of their medical files in this in a separate, you know, part of the world and they want to move somewhere else. And it becomes really complicated to, you know, transfer this information. If all of this, you know, are done through DWNs or VCs, as the case may be, it's easy to digitally transport and share this and also maintaining high quality, you know, health experience across locations. And finally, financial solutions. Web5 and what it brings provides an easy way to improve the current financial solutions of the world. An example is a project that we also work on called TBDex, well, that's by the way. It enables people to be able to transfer and just, you know, maintain anonymity when they want to, but also connect stuff to their deeds in a way that they can continue to stay in control of their own identity and financial control, as well. Everything isn't figured out yet. Web5 itself is a work in progress and when things are decentralized like this, it means more control is also going to the user, which has its own pros and cons, right? One of it is key management, means self-custody is really, really difficult and users also need to be enabled, you know, or figure out a way to properly manage their keys. Data usage as well, if users are in more control of their data, how do we prevent abuse? How do we make sure that organizations or platforms that are giving access to these data do not necessarily abuse it? But, yeah, building for Web5 personally for me has been very exciting. I'm learning something new almost every other week, but if you also have found any of these technologies interesting, that's decentralized identifier, verified liquidity and sharehouse, or decentralized web nodes, you can check out developer.tbd.website.docs, which talks about all of these technologies. You can check, you know, areweweb5yet.com, you can check w3c.com and just, you know, give a Google search, right? Because this is essential technologies that even if they are not used together as Web5, they are used individually, they, you know, provide an opportunity to change how we essentially build for the web. Thank you very much. And it's been an honor speaking here at GIS Nation. Enjoy the rest of the conference. Thank you. Thank you.
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