Blockchain technology is quickly expanding beyond bitcoin. While many proponents of bitcoin see the blockchain as no more than competition for existing payment methods or gold, I believe blockchain technology is the harbinger of things the world has never before seen.
In a world with many blockchains and hundreds of tradable tokens built on top of them, entire industries are automated through software, venture capital and stock markets are circumvented, entrepreneurship is streamlined and networks gain sovereignty through their own digital currency. This is the next phase of the internet.
To date, bitcoin companies have received more than $1 billion in venture funding — the entire industry was built on the shoulders of VCs.
Yet Ethereum, a blockchain protocol that allows arbitrarily complex financial transactions to be encoded by anyone and executed in a provably accurate manner by a distributed network, has seen a de minimis amount of VC investment. Rather, open participation crowdsales run through financial contracts built on Ethereum have raised more than $250 million from backers all around the world.
These application-specific tokens, or app-tokens, are built on top of existing general-purpose blockchains like Bitcoin and Ethereum. For the first time, open-source project creators can directly monetize their open-source network. Historically, successful open-source projects like the torrent protocol or the Tor network were not directly monetized at the protocol level. Now, the founder of a decentralized file storage network can issue blockchain-based tokens that represent ownership in the network.
What this means is that what ultimately disrupts many of the major web services created in the last decade could be peer-to-peer protocols, not companies. This would be similar to the effect that the torrent protocol had on media companies, but on a much larger scale. The result would be twitter the protocol without Twitter the company, facebook without Facebook, uber without Uber.
Why it is Internet 2.0 is because unlike Internet, which is basically about sharing information in the form of content, blockchain allows you to share and store anything of value as Don Tapscott – one of the world’s most influential management thinkers and co author of his recent book “Blockchain Revolution: How the Technology Behind Bitcoin is Changing Money, Business and the World” – says be it money, any kind of intellectual property like a new technology, work of art, research work, and even votes.
Blockchain Internet Space is created to provide focus on Blockchain latest news and insights from the experts to the people who are enthusiasts of Blockchains.
The future of Blockchain technology is Internet 2.0. With that being said, the hardest part for everyone who is bullish about it, is how to move that from here.
Currently, there is only a small subset of the population that’s even aware of this technology. To achieve wide-scale adoption of Blockchains, much much more people need to get involved in it. As Fred Ehrsam posted the answer:
“The biggest bottleneck to solving scalability is the number of people working on the problem.”
I hope my website could generate more awareness of its importance and how it could impact our economic and social lives.
Please click this link to access the said website.
Thank you.
Reuben Ong