Digital Payments firm Block’s founder and Ex Twitter CEO, Jack Dorsey, is supporting a new project “Zion v2” which is built using the newly released Decentralized Web Platform Web5 from Block.
In June, Jack Dorsey announced Bitcoin Blockchain-based Web5 which is a combination of Web2 and Web3. Dorsey noted that with Web5, individuals’ interests would be the focus and they will be empowered with self-owned identities.
Zion v2 would allow for each user “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 users join Zion they will be assigned a new Decentralized identifier (DID) and a user name. This DID will be secured by a 12-word seed phrase to ensure user privacy and security and Zion has no access to these cryptographic private keys.
The Zion v2 app will include another core component of web5 which is a Decentralized Web Node (DWN), a data storage and message relay mechanism entities can use to locate public or private permissioned data related to a given DID.
DWN will be used for messaging and data storage by acting as an interface to store, discover, and fetch data related to the flows and experiences they are participating in.
On the Zion v2 mobile app, the Bitcoin Lightning Network will serve as Zion’s native payment system and all payments on Zion will be quick, immutable, and untraceable.
Without the aid of or custody from a third party, nodes connected to the Lightning Network route large numbers of immediate micropayments directly between peers.
The Zion team will roll out the new product in stages as they note that “Building new software on new primitives for products that have not existed before is exponentially harder. So it will take time.”
