Fall Regulatory Summit

Platform Economy

Web 3

What is Web3/5?

Web 5 + protocols

Decentralized Economy (Web5)

“Possess” defined: •

Give COMPLETE control/possession of all personal data to the consumer. Don’t hold the data in a central DB (honeypot) behind a userid/password. • This is accomplished via a W3C Verifiable Credential (VC). Sometimes also called an attestation, claim, badge, token. • Doesn’t solve the point-to-point network lock-in and consumer-is the-product problems.

Web5 = A decentralized web that is built on the Web standards + DIDs + VCs + personal datastores (e.g, DWNs) w/ open protocols. Web3 = platforms, not protocols; and not built on identity (possess). Web5 can “feed” Web3 and/or Web3 can “join” Web5 .

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