The ambitious Bitcloud project intends to utilize methods that are reminiscent of the now famous online currency, Bitcoin, hoping to one day replace the services currently provided by Internet service providers (ISPs).
Specifically, Bitcloud, as outlined in a relevant white paper published on the Internet, is a new protocol based on the ideas behind Bitcoin, Mediaglobin and Tor. Its basic philosophy is decentralization: users will be able to perform functions such as data storage, routing and bandwidth provision, in exchange for payment. As briefly described in the Bitcloud white paper, it is a peer to peer system for sharing bandwidth.
The founders of the ambitious program are looking for developers to work on this specific project: "we will start by decentralizing today's Internet and then we can create a new Internet to replace it," they tell the BBC.
The incentive of monetary gain is introduced into the “equation” in order for the program to be able to move beyond similar other projects of the past. As in the case of Bitcoin, where “miners” are rewarded with the virtual currency for providing computing power for the smooth operation of the entire system, so too will Bitcloud participants earn money depending on the bandwidth they provide to the network. For this specific purpose, the creation of a special “currency”, the so-called Cloudcoin, has been proposed.
The ultimate goal of the program is to create a network that prioritizes the protection of user privacy and security, as well as ending censorship.
Within the framework of the white paper, examples of services that could be based on this protocol are presented, such as a "WeTube" that could replace services like YouTube, Netflix, Hulu, etc., with artists being paid with percentages of advertising revenue.
It is noted that the members of the team behind Bitcloud have not published their names, while at the same time admitting that they are still only at the beginning of the project and are seeking the help of thinkers and developers from all over the world to move forward.
Source: naftemporiki.gr
