At the beginning of December, nChain, a company dedicated to blockchain research and development, unveiled its Metanet project. The program shows how the Bitcoin SV (BSV) blockchain can be used to power the Internet and has the potential to completely revolutionize the financial world as we know it. The Founding President of bComm Association Jimmy Nguyen, has now stepped in to break down Metanet and provide more details on the impressive project.
To better understand what Metanet is, here is what Dr. Craig Wright states of the application: ““What we are going to actually create is a secure alternative to the Internet, built on the blockchain. The Internet becomes a sidechain to the Bitcoin blockchain. The Metanet is a value network—the entire global system of online activity and data connected commercially.”
Following on that description, Nguyen points out that the Internet Protocol (IP) is a technical vehicle that allows data such as email, web pages, social media and other communications to be transmitted and displayed. Currently, financial transactions are obviously possible across the Internet, but require an additional layer – some sort of application or tool – that can process the payments.
Metanet helps to forego the extra layer requirement. Given that the Bitcoin blockchain was created to allow peer-to-peer financial transactions, it already includes the inherent capability to facilitate all types of financial interaction.
The platform works by using crypto transactions to enable the compression and decompression of web and other types of data that are routinely sent across the Internet. Nguyen asserts, “Therefore Metanet combines the power of the Bitcoin blockchain to do BOTH financial transactions [and] transmit data for Internet display/usage natively in the SAME transaction – rather than having the financial transaction be separate from the transmission of a web page, email, social media post, etc.
“By having both financial and data events happen natively together in the same transaction, it opens up whole new forms of business models for micro-transactions associated with internet activity where financial payments can happen instantly and concurrently with the internet activity.”
Metanet is not just another app for the blockchain; it is a powerful response to a global financial problem that forces delays and high costs in all payment transactions. Undoubtedly, it is one of the most important innovations to be brought to the blockchain since the idea was first conceived.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.