P2P network could take power away from huge internet corporations.
Developers have launched an ambitious project that they hope will reshape the way we use the internet. Bitcloud aims to harness the same methods used to mine Bitcoins in order to provide services currently controlled by internet service providers (ISPs) and corporations.”We will start by decentralizing the current internet, and then we can create a new internet to replace it,” they said.
In the same way that Bitcoin miners provide computing power and receive virtual currency rewards for solving complex mathematical equations, so too would individual net users be rewarded based on how much bandwidth they contribute to the Bitcloud network.
Bitcloud joins the wave of recent anti-NSA themed software, devices, and networks, but could also do so much more:
If you’re interested in privacy, security, ending internet censorship, decentralizing the internet and creating a new mesh network to replace the internet, then you should join or support this project
The network would be underpinned with a new currency called Cloudcoins, while the proposal also describes how services like YouTube could become WeTube. “WeTube can act as a replacement for YouTube, Netflix, Hulu, Soundcloud, Spotify and other audio video streaming services,” it said.
Bitcoin itself is proof that decentralized networks can work, but there is still a long way to go before ISPs and big corporations can be upended. “There are still many key decisions that need to be made in the Bitcloud protocol. We have a basic idea of how everything will work, but we need assistance from programmers and thinkers from around the world who want to help,” said the developers, whose names have yet to be revealed.