Building Blocks: Jack Dorsey's Block has backed "TBD," a decidedly open-source initiative. TBD first made headlines in November 2022 with the "tbDEX" whitepaper -- a protocol for decentralized exchange that creates on and off-ramps between fiat and digital currencies. It is still just an idea, but one with heightened importance as the digital asset ecosystem struggles with banking access. Bringing tbDEX to life relies heavily on cryptography to enable new forms of decentralized identities ("DIDs"). In May, TBD released a new open-source toolkit making it easier for developers to create and interact with tamper-proof, self-owned identities and credentials. The project, called "WEB5," brings together top engineering talent from traditional web powerhouses like Microsoft, the DID Foundation, and leaders at Dorsey's Block. Guiding principles? Not pure anonymity or permissionless access. Instead, TBD focuses on identity ownership and mutual consent. The tools are designed to enable online government credentials, regulatory registration, as well as trust-minimized peer-to-peer interactions. The emphasis is on minimizing information leakage when your credentials are exchanged, helping you maintain control of your identity and data as you engage digitally over time. We have a long way to go before DID is the norm in all digital interactions, but efforts like TBD are driving the change. These tools could usher in an era of responsible privacy, enhanced choice, and increased competition. A foundation is being laid for cryptography to have a much broader impact than just improved financial infrastructure -- these are critical building blocks for the next phase of growth.