Block's subsidiary, TBD, has launched a new open-source toolkit for its Web5 project. The Web5 platform is set to launch later this year.

According to BlockBeats news on May 19th, Jack Dorsey's subsidiary company TBD, which focuses on Bitcoin, has launched a new open-source toolkit for its Web5 project, aimed at making it easier for developers to create decentralized internet applications. These technology collections include DID; secure digital certificates called Verification Credentials (VC), which provide legal proof of name, age, and asset ownership; and Decentralized Web Nodes (DWN), which store data in a decentralized manner. The full Web5 platform will be launched later in 2023. One of the first applications to be launched on TBD's Web5 platform will be a remittance application for Africa and Mexico, which uses Bitcoin and stablecoins as payment channels and will be based on another TBD open-source project called TBDex.