Bitcoin And Metanet
On November 30, 2018, Craig Wright, an Australian computer scientist and businessman who claims to be Satoshi Nakamoto, initially introduced the Metanet as a concept during the CoinGeek Week conference in London. According to him, the Metanet is a blockchain-based “value network” that will serve as a safe alternative to the Internet as we know it, with the Internet eventually becoming a “sidechain to the Bitcoin blockchain.”
If you are unfamiliar with Metanet, we hope this article will help you grasp this value-based internet in the world of Bitcoin for beginners; you can learn all you need to know about it below.
What is Metanet?
In a peer-to-peer system, the Metanet is a data structure protocol that allows merging data and content for tracking, monetisation, and ownership. The Metanet can refer to either the Metanet Protocol or the next version of the Internet built on Bitcoin Satoshi’s Vision (commonly known as Bitcoin SV).
It was developed to create a public ledger-based internet that works as an efficient value network with better characteristics and capabilities than the present Internet infrastructure. Since then, the Metanet concept has been extensively accepted by the Bitcoin SV community. Numerous protocols and apps have been developed to realize the goal of a highly linked internet for peer-to-peer content production and monetization.
How is Metanet as a protocol?
The Metanet is a “protocol for structuring the on-chain internet” built on top of Bitcoin’s data storage network. It simply creates data structures for storing, transmitting, and authorizing data from Bitcoin transactions. It takes the form of a DAG (Directed Acyclic Graph), which has the following properties:
- Directed – each node-to-node edge is directed;
- Acyclic – it does not accept cycles; and
- Graph – it transports nodes and edges.
What’s the difference between the Internet and Metanet?
The Internet has such a broad and strong capability that it may be used for practically any information-based purpose. It is available to anybody who connects to one of its constituent networks. It facilitates human contact through social media, electronic mail (e-mail), “chat rooms,” newsgroups, and audio and video transmission, as well as allowing users to collaborate remotely. Many programs, like the World Wide Web, can use it to access digital information.
On the other hand, Metanet seeks to transform the data market by allowing users to maintain control over their share and give. Users control their data on the Metanet, and they may choose which applications or services have access to it and establish their price for its sale. To put it another way, the Metanet is a secure and directly monetized Internet alternative.
The Metanet’sobjectives are connected to well-known issues with current Internet and e-commerce, such as the following:
- Payments are made through intermediaries.
- A granular micropayment layer is missing.
- Users’ concerns about data privacy and ownership.
- Data silos and walled-garden apps.
- Spam, trolling, and bots are common on online social media platforms.
By rewarding excellent content with micropayments, giving users control of their data, providing barriers to the entrance for trolls, and executing legally binding acts through the Metanet, the Metanet solves the issues that the internet has created. One great example of this is Twetch, a Bitcoin SV-based application wherein web users own all of their data and profit from the content they generate.
How can Metanet transform society?
Let’s take a look at some of the societal implications of the Metanet.
- Your data is yours to keep. You will have control over the data used by the online products and services you purchase, and you will be able to select who has access to it and when they have it.
- You don’t have to be concerned about corporations gaining access to your information. Without your permission, companies can no longer access or handle your data. Companies pay to access data you provide them through the Metanet, but only with your consent.
- You will have your own digital identity. Every Metanet user will have their own digital identity, which will take the form of a password. Users pay and are recognized, confirmed, approved, and paid using their encrypted identification (e.g., fingerprint, facial recognition, iris scan).
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Mustafa Al Mahmud is the Founder and CEO of Gizmo Concept and also a professional Blogger, SEO Professional as well as Entrepreneur. He loves to travel and enjoy his free moment with family members and friends.