Decentralization & Blockchain Technology
Decentralization means the Internet is controlled by many. It means millions of devices linked together in an open network. The primary difference between centralized and decentralized communication networks has to do with the question of who has control over the network itself.
In the future, many hope that a shift to censorship-resistant and decentralized internet will counteract large tech companies, whose censorship and surveillance serves to suffocate competition and destroy individual's privacy.
Blockchain technology will facilitate the decentralization of the World Wide Web, thereby equalizing control and ownership back from the grasp of profit-hungry corporations. The mission is to foster adoption and push the transition to Web 3.0; a more user-centric web where we retain complete ownership of our data, identity, and digital assets.
Decentralized Internet Projects
One of the biggest problems is that everybody is focused on cryptocurrencies rather than the blockchain itself. They also tend to look at it from a more speculative angle to get fast gains. Many of these projects have poor fundamentals and are not advisable for people to invest in long term.
The decentralization of the internet is presented as a challenge from which several projects have emerged. It is really important to promote active collaboration and complementarity. Cooperation is essential in this decentralized internet.
These projects generally have the same objectives:
· Security and Privacy
The Internet Computer Protocol
The Internet Computer reinvents the public internet as a blockchain computer and runs at web speed with unbounded capacity. It also represents a blockchain computer that scales smart contract computation and data, runs them at web speed, processes, and stores data efficiently, and provides powerful software frameworks to developers.
By making this possible, ICP enables the complete reimagination of software providing a revolutionary new way to build tokenized internet services, pan-industry platforms, decentralized financial systems, and even traditional enterprise systems and websites.
Internet Computer & Ethereum Integration
The Internet Computer is not an “Ethereum Killer”. The purpose of the Internet Computer is to illustrate the additive role it plays with Ethereum.
Dfinity’s Internet Computer announces integration with the Ethereum ecosystem. Both will be integrated to utilize novel Chain Key cryptography and the integrated smart contracts. Networks are stronger together.
You can read an article about the Internet Computer and Ethereum Integration Explained.
Despite being six years old, Ethereum is still facing issues like scalability and pocket-burning gas fees. Ethereum’s emerging ecosystem of layer-two solutions exposing users to counterparty security vulnerabilities.
The Internet Computer is more decentralized than Ethereum
Besides, more than half of Ethereum’s nodes are hosted by Amazon Web Services:
Blockchain shouldn’t be running on Amazon Web Services because big tech can steal the validator keys and essentially do its own bidding.
The Internet Computer anticipates providing solutions to the scaling challenges experienced by Ethereum and other blockchains while maintaining decentralization and security.
A Report by Goldman Sach's
The Goldman Sachs’ June report mentions ICP as 1 of the 6 platforms to keep an eye on. The report covered several assets, of which ICP was one. The banking giant highlighted both positives and negatives for ICP:
· Pros: Innovative, could pave the way to the future.
· Cons: Untested, early-stage, complex.
Badlands Will Bring Maximum Decentralization to the Internet Computer
If implemented, Badlands will be a new type of Internet Computer subnet. Badlands is a concept that involves applying Internet Computer technology to create a new network supported by amateur node providers from home, using low-cost devices, that creates the maximum possible level of decentralization and censorship resistance for smart contracts.
Dfinity uses decentralized data centers which are distributed across various locations worldwide. Whereas the node machines in the Internet Computer network have high minimum specifications and can cost more than $10,000, the node machines used in the Badlands network will standardize around special Raspberry Pi configurations, and cost less than $250. This will add value to the Internet Computer by bringing in amateur node providers.
Find out more by reading this article by Dominic Williams
- Disclaimer: The views and opinions expressed on this website are solely those of the original author and other contributors. These views and opinions do not necessarily represent those of the Dfiinty Community staff and/or any/all contributors to this site.*
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