Decentralization of the Internet
Blockchain is not just about money or NFTs as it also changes the structure of the internet and puts your data back under your control. In this article we will see how.
The Internet played a key role in how innovation developed and the internet led to an incredible technology. But the web as we know it today is not the reason why it was originally designed. Commercialization led it down a miserable path of centrist entities and monopolies, which means that the user doesn’t have as much control as they think they can have.
Fortunately, there is an alternative in the foreground. Blockchain is entering as the next phase in the evolution of the Internet, and the road ahead seems much more user-friendly.
Unraveling the history of the internet
Turn your mind to an era before the Internet. Libraries were the sources of information, the Amazon was just a river, and the local sport would be broadcast on a radio. Sounds like a different life, right? In a way it was. The Internet has undoubtedly changed the world as we know it. From shopping at the touch of a button to being able to read it on the device in your hand, The Dotcom era has allowed the world to make great leaps in a completely foreign region, the world of the Internet.
Before turning into what we know now, reviews predicted whether the Internet would go out of fashion and that interest in this new “online space” would fall as the dotcom bubble burst. But their negativity is gone (unlike the Internet), and many of them are thanks to commercialization.
You see, the Internet did not start life as we know it today. In fact, the early vision of “net shares similar values to blockchain.” Let’s take a rigorous history lesson in a nutshell: British scientist Tim Berners-Lee invented the world wide web while working at CERN to automate the exchange of information between universities around the world.
One of the most important points mentioned in the first iterations was that the Web should always remain open for everyone to use and that no one should be able to own it. It was an open source information hub designed to connect people.
The cost of internet space
However, things took off as the big companies adopted it, making it easier for our everyday Joe to use the “network”.
And yes, yes, while this commercialization has opened its place for some excellent innovation, the expansion comes with some nasty reservations.
The warnings include a shocking lack of data privacy, general security issues, monopolies, manipulation, and a dreaded distribution of control and wealth.
On the internet there is generally a sneaky payment tactic to play with. Sure, you may not be paying out of pocket on your own by giving some money but rest assured that you pay with your information. We use “free” basic services online every day, but this is a burden on data and privacy. As the old saying goes, “if I don’t pay you, you become the product.”
But what if there was a better way to enjoy the internet without the ugly side?
You’re lucky because it turns out to exist. Neat analysis lives within the ingenious idea of blockchain technology. Blockchain means that the online playground can be safer, more transparent, and more accessible for everyone, without sneaky tactics.
Essentially, blockchain adopts the unfair model of the Internet, where companies tend to have a monopoly of control and subverts the scenario. giving the power back to the individual and leveling the terms of the game.
Ok, that’s nice. But how does blockchain technology solve this problem?
One of the most interesting aspects of blockchain is that it focuses on collaboration rather than competition. It encourages more people to join together and function as a community. The exciting implication here is that in a community it means that there is consensus, instead of an entity controlling a system, blockchain decentralizes the internet. Think of it as a digital democracy and not as an online oppression.
How can blockchain give power to people?
Banks tend to have a big hand in controlling the movement of money leading to a monopoly on the economy. This means that Joe doesn’t really have full control over his money and has to pay to store it. It’s not ideal for Joe, we know.
Imagine if Joe could safely hold, store, spend, and hold his own assets without institutional interference. Well, with Bitcoin and other blockchain-based digital currencies, it can. Blockchain allows for a financial system that cuts off the middleman (like banks) and makes a distributed network a much fairer, more accessible and affordable operation for the end user.
Resolving privacy issues
The digital version for you and your information doesn’t really belong to you. Every time you press the “accept” button for the terms and conditions regarding your digital property and information, you give them away.
Fortunately, you don’t have to “step away from the Internet network” to protect your digital identity. Through the transparent nature of blockchain technology, you don’t have to offer your identity or store these details in a central database. With the blockchain that decentralizes the internet, you can choose what level of privacy you feel comfortable with during a transaction.
It’s like this: While the blockchain is public, user identities are linked to a pseudonymous wallet address. So, if Joe sends $100 to Jim, everyone can see that $100 has been sent from one wallet to another, but no one knows that Joe or Jim is part of the transaction.
Value as motivation
Blockchain aligns the incentives of everyone involved (not just big men) which encourages behavior that benefits the entire blockchain network. As a result, people tend to collaborate and create with great effect, rather than competing for control.
It solves a destructive system of incentives and takes concentrated power from large corporations. It means that control and wealth are better distributed around the world.
Imagine a world where there are fewer huge players in the game and more room for equal opportunities. With blockchain running on systems around the world, it’s possible.
Smart contracts
Keeping it smart simple: A smart contract is basically a deal between people based on a blockchain. The parties involved draw up the T’s and C’s that determine how the smart contract is executed. The main advantages of using a smart contract are that they offer transparency between the parties (which makes trust a easy criterion to manage) and that they exclude intermediaries, such as lawyers, making the overall process more streamlined and cheaper.
Ignoring the odds against monopolies with DeFi
One of the exciting advantages that DeFi offers is that financial applications that are usually based on the expensive and tedious process of the middleman (such as loans, insurance, crowdfunding, etc.) can be controlled by the user. This means that attorneys’ fees, corporate payments, and general commission have been cut and there are no waiting games when submitting your applications. Smart contracts equal smart technology.
Nifty NFTs
NFTs represent non-fungible tokens. In reality it simply means that each item or token is unique and different from another asset or token. Let’s put it this way: One US dollar is equivalent to one US dollar (fungible). But a painting by Van Gogh does not equate to another painting by Van Gogh (non-fungible). NFTs are most often collectible pieces (art, music, baseball cards) that are created and sold as blockchain-based assets.
They have become popular recently and are extremely useful to stop the spread of illegal copies. Why is this exciting? Well, it helps keep intellectual and digital property safe. However, the most important thing about NFTs is that the beautiful combination of code and culture maintains control within the community and means that some middleman doesn’t own your online asset.
Brave Browser (BAT)
Whichever browser you use now is likely to store your data and retain it to target an ad to you. “Cookies” on the Internet are not so fun as they store information not only from you but also from everyone else who accepts them.
Brave is a free and open-source internet browser (two things we like) that blocks ads, bans website crawlers, and protects the community from monopolistic third parties who want to take advantage of your browsing. It gets even better! If you choose “Brave Rewards”, the browser pays you in BAT to run untracked ads that match your interests.
It relies on the blockchain to run and ensures that end-user privacy is the priority.