Dr. Craig Wright breaks down the workings of Metanet
The Internet has revolutionized how the world shares information and does business. There have countless benefits, with ease of accessibility and low barriers to entry top amongst them. At the same time, those benefits have led to difficult to solve problems, like content piracy and data security. In a recent Medium post, Dr. Craig Wright spells out how the Metanet, powered by the original Bitcoin reborn as Bitcoin SV (BSV), will negate these issues and provide better functionality all around.
In the post, nChain’s Chief Scientist spells out in detail how, through his patented BSV technology, a secure file store can be created on the blockchain, and what it means for the content creator and the end user. Here we’ll try to boil it down for you to the essential bits.
The first step is in content publication. As a content creator, you keep your public key off the Bitcoin blockchain to ensure privacy for yourself, and any work you’re not ready to publish. Once you are publishing to the BSV blockchain, all your work is signed, proving it is authentic and allowing it to be traced.
All of your work is protected by individual keys as well, but as the content creator, you have access to all of it. As a result, you can keep all your files totally private, or individually sell access to them with BSV. In the unlikely event that a key gets compromised, new keys can be generated, and you’re safe in known that all the rest of the files were kept secure behind their own security.
End users benefit as well. They can prove with certainty that they have gained access to the authentic original content, and their consumption remains encrypted to the rest of the world.
Since all of it will be forever written to the BSV blockchain, it might be locked away from prying eyes, but it will never fade into the trash bin of history.
Compared to the current status-quo, the impact these changes will have are immense. Dr. Wright notes that cloud storage, with its arbitrary fees, becomes an outdated technology. He explains:
“In essence, the technique provides for improved secure communication and file storage, and even the creation of secure (and even watermarked) files and exchange between a pair of nodes or parties on a network. A user knows that they can save a file, such as an image, on the Bitcoin blockchain and that it will be available decades later.”
Furthermore, content creators of all types, such as musicians, artists, software publishers and more will have a piracy proof way of monetizing and distributing their work.
As an example of that, let’s use an artist named Aretha. Aretha publishes all her work to the blockchain for safekeeping, and when the opportunity comes, for sale. She’s never going to be fearful of some third party provider going bankrupt and losing access to her work, because the blockchain will be there forever. Furthermore, because all of her work is locked behind keys, there’s no fear that a hack will put all of her content out in the public without her knowledge or approval. She retains control over her content, and profits from it as she should.
The original nChain press release announcing Metanet spells out the full reality of this new technology very well:
“The Metanet will enable new ways to distribute web content and facilitate new e-commerce business models made possible by Bitcoin microtransactions. This can allow companies to earn instant micropayments for clicks, content, and data. Taking advantage of the economic security and stability of the blockchain, the Metanet can act to reduce the potential for fraud due to the higher data quality and integrity that blockchain-backed data storage provides. This enables companies to create new business models with blockchain-based content distribution and microtransactions that (until now) have not been economically feasible on the Internet.”
All of this is made possible solely because of BSV, the only crypto to follow Satoshi Nakamoto’s whitepaper. It’s the only cryptocurrency that is built to massively scale, and as a result, can take on this immense endeavor of creating the Metanet. Dr. Wright has recognized this potential, and leads the space with his vision for the next revolution of the Internet.
Checkout the original full Medium post from Dr. Craig Wright here.
To receive the latest CoinGeek.com news, special discounts on CoinGeek Conferences and other inside information direct to your inbox, please sign up for our mailing list.