LONDON: A group of developers is now working on this project that they envision to replace the present internet. The ambitious project, Bitcloud, aims to provide services currently controlled by internet service providers (ISPs) and corporations. The project is based on the same methods used to mine bitcoins.
“We will start by decentralizing the current internet, and then we can create a new internet to replace it,” they said, according to a report from the British Broadcasting Co.
The network would use a routing process similar to Tor’s hidden services, and it would employ a “proof of bandwidth” to ensure only connected nodes generate money – thus avoiding any attempts to fool the network and flood it with useless connections. In essence, this approach would allow “miners” to make serious money, but only if they perform serious services.
To do that, they would need quite a bit of hardware, not just a couple of ASIC rigs running in the basement. However, this approach might attract some serious organisations and companies. For example, if a business has plenty of spare storage and computing power, it could contribute it to the network when its offices are fast asleep and its infrastructure isn’t being utilised.
The team is still anonymous and according to the BBC, they acknowledge that they are only at the beginning of the project. One application proposed by the group is a decentralised version of YouTube, which could replace traditional video streaming services. Everyone who contributes storage and bandwidth would be compensated along with artists, who would make a buck or two from advertising. “WeTube can act as a replacement for YouTube, Netflix, Hulu, Soundcloud, Spotify and other audio video streaming services,” it said.
The founders are searching for developers for the project, adding that they will start by decentralising the current internet, and then create a new internet to replace it.
According to the report, like Bitcoin miners provide computing power and are rewarded for solving complex mathematical equations with the virtual currency, so individual net users would be rewarded based on how much bandwidth they contribute to the Bitcloud network.
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