Most people throughout the globe are now familiar with the internet and have a basic grasp of how it works, even if they do not use it on a daily basis. Few things have altered the world as much as the internet, which has influenced every aspect of life, from communication to finance. However, the internet may be on the verge of a transformation that will alter not only cryptocurrencies but also the way of living as we know it.
This development is the proposed transition from a centralized to a decentralized internet, which has significant consequences for privacy, security, and so forth.
What is Decentralized Internet?
To grasp the concept of a decentralized internet, it's necessary to first comprehend how the internet as we know it now operates. At its heart, the Internet is essentially a collection of computer systems communicating with one another and exchanging information.
During the 1980s, when the internet was in its infancy, users interacted directly with one another via their computers. However, a few decades later, Web 2.0 was developed, which meant that internet users could now access information and interact via services offered by a small number of large technology corporations, such as Google.
Essentially, these firms have become dominant enough to achieve a monopoly-like position on the internet, which presents complications. For starters, it means they have access to a vast quantity of user data from users all around the world, which means any security breach may have serious implications.
Only a few years ago, the Cambridge Analytica incident exposed that Facebook had been mishandling user data and unethically sharing it with other parties without the consent of its users.
The decentralized internet (or DWeb as it is sometimes referred to) is a return to the former system in which computers connect peer-to-peer rather than numerous computers accessing a centralized data platform controlled by large corps. This also implies that the computers in question exchange information as well as receive it. Consider blockchain networks that are powered by numerous computers that contribute to the network's processing power; the network's power is distributed collectively rather than coming from a single source.
What Effect Will it Have?
Naturally, a hypothetical shift to a decentralized internet would have a slew of consequences for the rest of the globe. To begin, it will provide an unprecedented level of privacy and protection for user data. Many consumers have already accepted that their data will be exploited by technology firms and that there is nothing they can do about it. However, a decentralized internet will alter this. Additionally, it essentially undermines these big firms' dominance on the internet.
Additionally, there are significant consequences for free speech and human rights. Citizens under dictatorships or nations with extremist governments have turned to decentralized internet platforms to express themselves freely without fear of state censorship. Internet access has been blocked by governments in countries such as Tanzania, Zimbabwe, and Ethiopia, in what some believe is a ploy to conceal human rights violations.
What Does it Mean for Crypto?
The adoption of a decentralized internet has ramifications for the future of cryptocurrencies as well. Cryptocurrencies, and blockchain in general, currently operate in a decentralized fashion and are frequently referred to be the money of the future as a result.
People will be more inclined to seek out more decentralized alternatives to existing systems, including monetary systems, as the internet becomes more decentralized. The upsurge in cryptocurrency use has also been associated with an increase in general blockchain use, and the decentralized internet is expected to follow suit. In fact, much of the current debate over the decentralized internet was sparked by the usage of cryptocurrency in the first place.
As a result, it is reasonable to conclude that the decentralized internet represents not just the future of cryptocurrencies, but of the whole globe.