New project by Bitcloud could replace current internet with peer to peer system
A visionary new project lead by Bitcloud promises to replace the current internet with a new mesh network built on a modified version of the Bitcoin protocol.
Bitcloud, who are currently looking for developers to join the project, propose a peer to peer system whereby users would be rewarded for sharing bandwidth in a similar way to Bitcoin miners sharing processing power.
As an incentive Bitcloud aim to introduce a new crypto-currency called Cloudcoins payable in relation to the amount of bandwidth a user shares.
At the core of this system Bitcloud will need to establish a ‘proof of bandwidth’ equivalent to the Bitcoin ‘proof of work’ and whilst it’s currently unclear how this will be achieved the group are confident they’ll succeed.
If Bitcloud’s ambitions gain momentum then we could see a decentralised internet where alternatives to Facebook, Youtube and Spotify would run outside of the control of invested corporations and internet service providers ISPs.
In principle the project looks well equipped to succeed where previous attempts to decentralise, such as social network diaspora struggle to gain traction. As the recent hiatus surrounding Bitcoin shows, the prospect of financial gain from leaving your PC to run tasks has obvious draw.