Decentralised internet: the future of the internet?
Over the past decade, the proliferation of blockchain technology has led to hundreds of networks unable to communicate with each other. The sector is at a “historic crossroads” as data is isolated and developer capabilities are extremely limited. Unless the industry evolves and expands, there are fears that blockchain will not achieve the same reach and connectivity as the internet.
However, blockchain technology has the potential to be a transformational force in cybersecurity. It can be used to transform the way information is shared on the web and fundamentally redefine what it means to decentralise the internet. By harnessing decentralised systems, the industry can not only provide increased security and redundancy, but it will also improve global access to internet services. New technologies are poised to become the dominant force in the industry, removing the risk of online fraud and helping provide a new source of revenue for trusted sites. The industry is poised for dramatic disruption and the major players in blockchain may well be the ones to harness its power and harness the value of a trusted internet.
Fortunately for the sector, blockchain is more than just a payment processing network. With the decentralised nature of blockchain, organisations can leverage its technology for a variety of purposes — such as creating an open marketplace and a decentralised cryptocurrency exchange. The opportunity in this space is huge.
A growing number of projects are emerging that bring together the best of blockchain technology, identity and the internet. These decentralised networks will become the foundation of the future internet, allowing organisations, consumers and organisations to be connected together, with people able to control their data, their identities and their money through a decentralised platform. Projects like Openbazaar, Nebulous and Ethcore aim to bring decentralised technology to a wide variety of sectors. Openbazaar is being developed to allow people to purchase and sell goods and services through an anonymous, secure, non-custodial and borderless marketplace.
What if all blockchains and smart contracts could communicate with each other? To solve this problem once and for all, the industry may need to take a page out of the book of a technological marvel that many of us take for granted – the Internet.
One solution being actively touted at the moment is XRouter technology, which is supposed to deliver the elusive “Internet of Blockchains” that so many have dreamed of. Not only is it independent of the myriad networks that exist today, but it also operates on a free market basis. The long-term goal is to ensure that payments can be made in any cryptocurrency, paving the way for a “social, economic and technological revolution.” The technology was developed and driven by The Blocknet.
The project, which is spearheaded by one of the industry’s most well-known figures, Charlie Shrem, has gone public and has announced a major partnership with a global bank, Visa. The company also says that it has a number of strategic deals already in place. This should ensure that more blockchain initiatives are announced over the coming months.
The blocknet uses XRouter to provide Avalanche with a decentralized indexing system that allows DApps to use Avalanche’s contracts and transactions alongside any other blockchain in a trustless manner.
Owen, the project manager, said the Blocknet will not only remove all the duplicated information in the internet, but it will also allow users to upload and share content anonymously and privately. Avalanche’s vision is to provide a way for users to share and monetize content across a decentralised internet.
The startup says the power of blockchain technology lies in decentralised applications and that by building the Avalanche platform into our internet infrastructure will allow users to share and monetize content without having to worry about how to process transactions or wait for anyone to issue a currency for it. The Blocknet platform was announced at the Global Summit in May this year.
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