Addressing the potential challenges of a Blockchain powered internet! @BlockRush
@BlockRush has published an exclusive report which proposes that the Steem Blockchain should be used to power the entire internet. In this report we would address some of the potential challenges likely to face such a system as proposed by readers. Enjoy.
If you have not read the full report please do so now!
Potential challenges
One reader, @voice-of-reason raised a few questions:
OK, this is interesting but I'm a bit confused. In this model, the ISPs are the miners and the act of mining is providing internet service? I assume some token would be the ISPs reward. Now since the public is not paying for the service, what is the valued of the token? If it is an existing token then mining cannot create it. If its a new token, then unstable exchange rates could shut down ISPs due to a token value drop. Also, ISPs could give priority to the big providers in exchange for money whether fiat or the token. So how does those ensure net neutrality?Is there anything with more detail that I could read?
We will address these challenges:
1) Would ISPs act as miners? No. Blockchain is Blockchain and would not force anyone be a miner. ISPs could be non-mining nodes, non-mining nodes and even not act as nodes at all. Steemit is hosted on Amazon - Amazon is not a mining node, it is simply a hosting service provider and is paid by revenue generated by the Steemit. In a Blockchain powered internet, ISPs would also act as service providers and be paid without delving into the Blockchain aspect.
2) Would the token have any value? Sure yes, if Steemit tokens have value based on the content created on Steemit, then how much content would the value of a token which powers the entire content on the net! The internet has professional news blogs, educational sites, entertaining sites, and countless other sites which provide pricesless services.
3) ISPs would still defy net neutrality and prioritize certain sites when paid more. Nope, when it comes it ISP prioritizing big sites to small sites, that would be impossible in a Blockchain system where there is transparency, autonomy and decentralization!
4) How then does such a system resolve net neutrality? With ISPs being paid on a percentage bases from revenues earned by content creators and curators, contents in high demand would surely generate more earnings allow ISPs to earn more from them!
5) Remember that @BlockRush only proposed a concept. It would be left to the engineers and developers to decide how to make such a system work; there is no way @Dan, @Ned and the engineers of the internet giants would not be able to figure out which scheme would work best for everyone.
Steemian discussions
- What do you think of our proposal for a Steemit powered internet?
- Would you help spread the concept by sharing and re-steeming this post along with the original proposal?
- Do you think we addressed the potential challenges correctly?
- What other challenges can you foresee for a Blockchain powered internet?
Let us know of your opinions by commenting below! Follow @BlockRush to receive updates one the Blockchain powered series as well as other intriguing #Blockchain reports.
Image credits: Wikipedia.com
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It is a very interesting approach. We will still be in danger of big nodes/miners becoming almost monopolistic and having too much power over the structure and the protocol to be used, but cersorship will become even more difficult
@metabs, here is everything you need to know a SegWit and August 1st > https://steemit.com/bitcoin/@blockrush/bitcoin-segwit2x-and-everything-you-need-to-know-about-1st-august-blockrush
@blockrush: upvoted, loved your insight into the potentials challenges of blockchain, we are heading towards a whole new trend, that's for sure.
@shyam.aandireddy, here is everything you need to know about SegWit and August 1 > https://steemit.com/bitcoin/@blockrush/bitcoin-segwit2x-and-everything-you-need-to-know-about-1st-august-blockrush
Your proposal is worth considering. But Point (4) tells us that ISPs would certainly like to favour certain content creators and curators in whichever way they would be able to do that. And that can be a danger to neutrality.
Secondly, with reference to point (1), what is the provision to pay funds to Amazon in the eventuality of a steep fall of Steem to about 0.00 BTC for a certain period?
I think a lot of thinking and creative input is still required to make this proposal viable. And if you believe that this could be done then why don't you go ahead with it. You will easily get a lot many supporters for your project?
🎹 🥁 🎷 🎺 🎸 🎻 I’m trying to use a lot of emojis here to Celebrate the World Emoji Day this week. Are you? 🎊 🎉 🎉 🎉⛄️