By Henry Benjamin, Skycoin.net
Editor’s Note: Technology will play a significant role in fighting tyranny. One such technology is cryptocurrency, which allows financial transactions to occur in privacy. Henry Benjamin, who is with Skycoin, looks at how we can use that fact to keep prying eyes away from our business.
There is an urgent need to change the way we of manage the Internet and do business.
Right now, Donald Trump’s FCC is working to give Internet service providers (ISP) the power to control the browsing of their customers. That is very bad news. But, there is hope. Decentralized Internet services could help fight against laws repealing Net neutrality
What Is A Decentralized Internet?
A decentralized Internet is the exact opposite of a centralized net; it comes with all the advantages of the Internet we know today, but it is not controlled by any one central provider. An example of a decentralized Internet is Skywire. Skywire is a private, all in one Internet package designed with a blockchain technology.
Skywire operates like a peer-to-peer or community dependent alternative Internet.
A decentralized network can run within its community. This concept led to the development of cryptocurrency. A cryptocurrency is a type of digital currency created to secure exchange in a decentralized network. Skywire, for example, uses its own cryptocurrency, Skycoins, for buying and selling.
The advantages of a decentralized Internet over a centralized Internet include
Access to Internet is less censored
It creates an opportunity for future development
There is possibility to gain ownership of a network through blockchain technology
It is expandable.There is a lot to gain in a long run
There is total freedom from the influence of a central authority.
What Is Net Neutrality?
Net Neutrality refers to the level of control exerted by Internet service providers over the users. The ideal is that the ‘net sees that all data on the Internet as the same.
Furthermore, it condemns the discrimination on content accessed by users. It opposes any ISP or other authorities’ control over what can see in terms of content, website, application, and platform, mode of communication, and type of files attached.
Until recent rescinding laws, the net neutrality concept made Internet use accessible and equal. People had unlimited access to large amounts of data.
The FCC recent regulations lower the liberty Obama-era “net neutrality” agenda helped foster. Internet service providers now have authority to slow-down, block or interfere in a user’s access to the Internet.
How Does The Net Neutrality Repeal Affect Cryptocurrency?
Americans now realize they face impending doom in regards to Internet freedom. There will be severe consequences if the FCC’s net neutrality regulation repeal remains in place.
A regulation that once sought to serve the masses better will become a thing of the past, a regulation dedicated to protecting medium scale enterprise.
Protection of user privacy against service provider’s intrusion shall be gone.
A regulation which quashed the monopoly and control imposed by huge Internet service giants such as Verizon and Comcast will be a thing of the past.
Internet service providers (ISPs) will be able to censor contents, track and restrict data usage, disrupt transactions and slow data usage.
So, cryptocurrencies over the past few years have soared in reputation and use, benefiting from the past neutrality regulation which the Obama administration had put together.
Bitcoin and other cryptocurrencies became known and accepted. In February 2015, after the regulations took effect, there was a 300 percent increase in bitcoin price, this prompted a universal acceptance from countries such as Japan and China who were resistant to the use of cryptocurrency.
Although the fate of cryptocurrencies remains unknown, one thing is certain; cryptocurrencies have enjoyed a tremendous financial growth from Obama’s net neutrality regulation. Unfortunately, the net neutrality regulation repeals may disrupt that growth.
In the wake of the net neutrality regulation repeal, ISP’s (who had never been fans of decentralized networks) will have access and authority to disrupt cryptocurrencies by slowing down transactions through slowing down the broadband speed of blockchain site. Implications are a loss of transactions and wastage of processing power.
How Can Cryptocurrency Fight Back Against This?
Although blockchain (the fundamental structure of a decentralized Internet and cryptocurrency) are immune to human disruptions, ISP’s may choose to adopt a delaying tactic with them. The task is to find an alternative means of operation should the repeal proposal pull through.
One way of responding to ISPs’ attack is Mesh Networking. It is a local network used in routing data to and fro to clients using an enabled node. Mesh networks have been in use for decades.
It operates as a peer to peer or community network. Users not pick off signals but can access websites which are only accessible to others on the same network. An example is skywire and the use of its currency the Skycoins.
With mesh networks, ISP’s have little or no control over the activities of blockchain and of course cryptocurrency.
There will be total independence from any abnormality created by the net neutrality regulation repeal. If cryptocurrencies show signs of stability, more users will search for new cryptocurrencies to invest in such as Bitcoin, dash, Monaro and bit cash values will sky-rocket.
In conclusion, cryptocurrency can withstand net neutrality repeal if implemented. The future if the world’s financial and monetary system lies in a human-free monetary system.
If the impending storm affects cryptocurrency, there will be an accelerated financial, technological advancement in no time to fix the current discrepancies. In a way implementing the net neutrality regulation repeal may help provide a better future for the cryptocurrency.