There’s a universal truth recognized by virtually everyone—the Internet has turned to mud. When it first began, it was a great asset—it allowed users to find and exchange valuable information and created an entirely new industry, e-commerce, that put bread on the table of hundreds of thousands of people around the world. As it evolved, though, it became corrupted. It is now a haven for anonymous persons who only want to spread hate and FUD (fear, uncertainty, doubt), but it doesn’t have to be this way. SBI’s Jerry Chan gave a presentation at the recently held CoinGeek Toronto 2019 conference, explaining what’s wrong with the Internet and how Bitcoin can fix it.
Bitcoin’s Metanet is the singular solution to a lot of the problems associated with the Internet. It is a combination of Bitcoin plus the Internet and is leading to the creation of an attention-based economy. This is because Metanet, as opposed to the Internet, is monetizable. Information may be free, but good and accurate information has value and this value needs to be recognized.
Simon Gleeson in The Legal Concept of Money said, “It is unlikely that any asset came to be valued because it was used as money—it is much more likely that it came to be used as money because it was already valued.” This is why putting information on an immutable ledger—Metanet—adds and solidifies its value.
Metanet is a network of data that has an intrinsic value property (6:48). It can be compared to a marriage of internet of data with value and is resistant to DDoS (distributed denial of service) attacks, private and transparent. It also allows for complete verification of data as owned property.
Utilizing Metanet properly can solve many problems. It can create easy copyright enforcement, simple tax accounting and more transparent corporate finance—no more corporate fraud like what was seen with Enron and others. It becomes a truly global marketplace with fewer scams and more accountability.
Metanet is also a solution to the “Byzantine General’s Problem,” described as a problem of governance and a way to restore a proper balance of power. A solution to that problem means that a solution to corrupt government has been created. Metanet is a way for minorities to get together and overthrow an oppressive ruler or government. This ultimately means that a truly self-adjusting, free-market capitalistic governing system has been created and that we can trust politicians more since they are held to higher, verifiable standards. (11:25)
Satoshi Nakamoto once said, “All issues in Bitcoin and associated systems, including those of privacy and node incentives, are solved at scale.” Metanet is able to scale because it is built on the Bitcoin SV (BSV) blockchain, the same—and only—blockchain that has proven that 1GB blocks are possible.
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.