Bitcloud Plans To Create A Shadow Internet System Based On Bitcoin Protocol
Anonymous developers have come up with an idea of a peer to peer system of sharing bandwidth to create a shadow internet system. The project titled Bitcloud is still in a draft stage and is accepting inputs from ‘thinkers’ across the world to help them improve and refine the idea before putting it to use. The project draws the inspiration from the anonymous virtual currency Bitcoin. For the uninitiated here is a brief explanation of how Bitcoin works.
Bitcoin virtual crypto-currency is generated by users by a process called as mining where bitcoins are generated by you when you provide computational power for transaction process. This means the more powerful the computer the more coins he/she shall receive when the mining process is complete. Bitcoins have gained popularity due to their decentralised design, which means there is no bank or any financial institution involved in the process. The process is also faster since it eliminates any middlemen and coins can be transferred in a peer-to-peer manner. Bitcoins can also be exchanged for real money. Currently a single bitcoin is worth 49,913 rupees.
Bitcloud is planning to work in a similar manner. Users will be awarded Cloudcoins virtual currency for providing bandwidth, storing content and routing traffic. Users can choose to be a publisher, a node or a user. A user will be able to create and host files and stream content from other users. They will need the help of a publisher who would be entrusted with the task of approving user content and selling them. The publisher can hire a node for bandwidth and these nodes will be responsible for storage of the files. Nodes can extract profit from the system by inserting adverts in the content.
To make sure that no one deceives the system users have to provide ‘proof of bandwidth’ which is similar to Bitcoin’s ‘proof of work’. The decentralised internet system will insure complete privacy since it eliminates the need of an Internet Service Provider. If implemented on a wide scale the project will be able to make alternate versions of social networking websites, video streaming websites and more. Unlike other peer-to-peer systems the Bitcloud system will be completely scriptable. To obtain detailed information on the system we would like our readers to go though the #-Link-Snipped-# which has been hosted on GitHub.
As its makers plan to put the system into practice we would like to obtain some expert feedback from our forum members regarding the project. Lets us know your thoughts in the comment section below.
Source: <a href="https://www.bbc.co.uk/news/technology-25858629" target="_blank" rel="nofollow noopener noreferrer">Bitcloud developers plan to decentralise internet - BBC News</a>
Bitcoin virtual crypto-currency is generated by users by a process called as mining where bitcoins are generated by you when you provide computational power for transaction process. This means the more powerful the computer the more coins he/she shall receive when the mining process is complete. Bitcoins have gained popularity due to their decentralised design, which means there is no bank or any financial institution involved in the process. The process is also faster since it eliminates any middlemen and coins can be transferred in a peer-to-peer manner. Bitcoins can also be exchanged for real money. Currently a single bitcoin is worth 49,913 rupees.
Bitcloud is planning to work in a similar manner. Users will be awarded Cloudcoins virtual currency for providing bandwidth, storing content and routing traffic. Users can choose to be a publisher, a node or a user. A user will be able to create and host files and stream content from other users. They will need the help of a publisher who would be entrusted with the task of approving user content and selling them. The publisher can hire a node for bandwidth and these nodes will be responsible for storage of the files. Nodes can extract profit from the system by inserting adverts in the content.
To make sure that no one deceives the system users have to provide ‘proof of bandwidth’ which is similar to Bitcoin’s ‘proof of work’. The decentralised internet system will insure complete privacy since it eliminates the need of an Internet Service Provider. If implemented on a wide scale the project will be able to make alternate versions of social networking websites, video streaming websites and more. Unlike other peer-to-peer systems the Bitcloud system will be completely scriptable. To obtain detailed information on the system we would like our readers to go though the #-Link-Snipped-# which has been hosted on GitHub.
As its makers plan to put the system into practice we would like to obtain some expert feedback from our forum members regarding the project. Lets us know your thoughts in the comment section below.
Source: <a href="https://www.bbc.co.uk/news/technology-25858629" target="_blank" rel="nofollow noopener noreferrer">Bitcloud developers plan to decentralise internet - BBC News</a>
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