According to Wikipedia, blockchain decentralized internet is one that proposes to reorganize the internet using peer-to-peer infrastructure. This negates the use of centralized data hosting services or servers. The need to free the internet from regulatory bodies and companies arises from our modern insights. No one wants to be monitored, tracked, or have their private data sold to corporations.
The constant surveillance, daily tracking of user data and sale of such data to governments of other nations, developers in specific fields that require such information and giant corporation that uses the data to study individuals. This information is used to suggest items for purchase based on information gotten from individual data opening the door to the need to decentralize.
A decentralized blockchain-based internet would tackle this problem by being an alternative to the centralized internet we currently use. It would provide a decentralized, peer-to-peer network of providers.
What is Blockchain?
This is an encrypted digital database shared by several parties in a distributed network. Blockchain is built on technology, where multiple copies of data exist across a network. This is used instead of a single server or database. Because no centralized authority—or institution—controls it, participants can access the same version of the data in near real-time. Decentralized management allows for faster and less costly processing of transactions. This also allows trusted participants to reach a consensus on the state of the database.
It is an especially promising and revolutionary technology because it helps to reduce security risks and eliminates fraud. It also provides transparency to a scale that has never been seen before. Even though blockchain is a relatively new technology, it already has an extensive and fascinating history. The following section highlights blockchain development’s most important and noteworthy events.
Benefits of Blockchain
- Blockchain transactions are encrypted, building network participants’ trust in the distributed ledger.
- Converting plain text into unintelligible text protects data during transmission. This is used to create unique electronic fingerprints that must be verified before any changes are made.
- Block-chain saves cost and time by enabling shared infrastructure and trust technology.
- There is absolute transparency in transactions without the involvement of a third party.
- Blockchain network can handle a high number of transactions as it is scalable. It processes data in a sophisticated manner and supports many users.
Platforms Of Block-chain Technology
Although it is seen by most as an accounting book or a digitally distributed database, blockchain has evolved to become one of today’s most talked about innovations and has grown exponentially as a technology. It is now being used broadly across many industries as a disruptive innovation that might change how people follow up, interact, pay and monitor transactions.
- Bitcoin Blockchain: It uses cryptographic techniques to regulate cryptocurrency. It also verifies transactions and creates a chain of history of transactions in the long run. Furthermore, it is one of the largest and most popular public blockchains.
- Ethereum: This is another public Blockchain developed in 2013 with an operating system known as EVM used for executing smart contracts on participating nodes.
- Hyperledger: This is an open-source developing Blockchain solution launched in 2016. It seeks to create a decentralized setting that involves a committed peer, client, certificate authority, an order and an endorser peer. Here, the components communicate through channels set up to enable transactions in a private and hidden manner, dividing various application domains.
Characteristics of Block-chain that makes it a Revolutionary Technology
- Persistency: Instantly identifying blocks that contain invalid transactions as soon as a transaction is recorded in the blockchain makes it hard to reverse or erase transactions.
- Decentralization: The blockchain eliminates the need for outsiders. A centralized structure however requires transactions to be approved by a trusted entity.
- Security: The security of the transactions is achieved through public key cryptography. Every network participant has public and private keys to encrypt the data and issue digital signatures.
- Anonymity: The client’s real identity is not revealed on a decentralized Blockchain internet.
- Distribution: The Blockchain network is a peer-to-peer distributed network. If some of the nodes fail to work, it does not affect the functioning of the network as no single authority can control the whole network.
How Block-chain based internet would work.
Currently, the centralized internet uses servers. This is a disadvantage unlike the decentralized internet that uses a peer-to-peer network built on a community of users as one server going off could result in hours of downtime. A blockchain protocol is designed to allow transactions across a distributed network without the need for a broker overseeing the process.
Here, the blockchain-distributed ledgers supply and deliver a unique register of transactions and a database that is distributed throughout the network. Everyone has a similar database copy as information is shared and reconciled throughout the multiple nodes in the system. This removes any chance of single-point failure and verifies transactions without the need for a broker or third-party interference.
Furthermore, the ledger cannot be controlled as the decentralized system keeps track of changes to ensure this. The transactions done within the database are also agreed on and audited by consensus.
Advantages of a decentralized Blockchain internet over a centralized one.
- A decentralized blockchain internet would ensure adequate data security as each user would oversee their data.
- Population manipulation using this data gotten on the centralized internet would no longer be possible.
- This would allow members complete autonomy over their data, letting them own and operate the framework their data will be stored in.
- Ensuring net neutrality would take back control from the government and corporate bodies monitoring user data.
- The Blockchain’s reliable and secure peer-to-peer communication and information-shared model can lead to a more effective internet of things ecosystem.
- A decentralized blockchain internet leads to a fairer and considerably more secure system as it doesn’t rely on a central point of control.
Possible flaws from using decentralized block-chain internet over the centralized internet.
- One major hurdle would be getting people En-mass to utilize the platform.
- The anonymity provided could also lead to misuse and abuse.
- There is no clear-cut way to prevent the unlawful and illegal use of the system since no one is monitoring it.
- Without the right incentives, users on the platform might abandon it after a while. This might lead to the system’s collapse as it would rely heavily on constant participation.
Decentralized internet projects.
A few projects seeking to replace internet services with Blockchain-based alternatives have been invented. Filecoin for example is seeking to replace centralized cloud storage providers with a decentralized file storage network. This will allow users to rent out their unused hard drive space in exchange for cryptocurrency.
Blockstack, another start-up, is seeking to create a new layer for the traditional internet that can facilitate decentralized applications. Instead of exchanging text, images, and files through a centralized intermediary, users could share data through locally run apps and retain control over their data.
Other start-ups, such as Andrena, are seeking to replace centralized routing networks with peer-to-peer mesh networks. Such a decentralized Internet could also come with significant cost advantages, although this would be subject to market forces.
FAQs On Decentralized, Blockchain-based Internet
Is the concept of a decentralized block-chain internet possible?
Yes, it is possible, however, it will require a well-thought-out process and approach as there are many hurdles to overcome before this is possible.
How soon can this decentralized block-chain internet be made available?
This integration is still many years away from hitting the mainstream market as it is predicted by some to be a ground-breaking adoption of the internet.
What is the most decentralized network available?
Bitcoin is widely regarded as the most decentralized Blockchain although there are some arguments against it.
Although a decentralized Blockchain internet is possible, actable, and is coming and coming to stay, we shouldn’t ignore all the possible limitations.
We must be realistic that although the concept of a decentralized Block-chain based internet is gaining traction, the implementation will require a pragmatic and balanced approach within the whole ecosystem. There are several hurdles to be solved before such a system could be made accessible to most available internet users.