The launch and emergence of Metanet is one of the most recent changes in the Bitcoin ecosystem. Something as complex and abstract as Bitcoin need a suitable framework to ensure that it functions properly and without difficulties, and this is where Metanet comes in. “Metanet powers and lives on Bitcoin.” It is a type of Internet 2.0 that is protected by Bitcoin.
Many individuals and businesses are currently dealing with privacy and data control challenges. nChain Chief Scientist Dr. Craig S. Wright, the founder of the Metanet and the inventor of Bitcoin, stated that the Metanet is a “value network” constructed on the blockchain that would serve as a safe alternative to the Internet as we know it, with the Internet eventually becoming a “sidechain.”
Bitcoin and the Metanet Protocol
Because to Bitcoin, it is now feasible to transfer data in a safe and secure manner via encrypted, private, and public channels, while also allowing for easy, quick verification via blockchain.
One of Bitcoin’s most important characteristics is its capacity to create worldwide identities and allow anyone to hold intellectual property in the peer-to-peer network. This makes holding people accountable for their activities simpler and makes it difficult, if not impossible, for fraudsters to create several phoney accounts in order to propagate misleading information. This is one of the Metanet’s primary goals.
To be clear, the Metanet does not invalidate anything built on top of Bitcoin. Instead, it adds a layer to current systems. It is neither needed or encouraged for everyone to utilise it; nonetheless, it opens up a whole new world of potential and a fair and secure internet experience for both consumers and businesses.
What Is the Difference Between the Internet and the Metanet?
In today’s world, data is money, and user data is the most valuable commodity on the internet, yet its worth is difficult to measure for the common person since it is privately protected in opaque, corporate silos. Tech behemoths appear to provide “free” access to their applications or online services, but they are actually capturing and selling human attention as advertising data!
With data breaches that fail to protect users’ right to privacy, such as the Cambridge Analytica and Facebook scandal, in which Cambridge Analytica harvested millions of Facebook users’ data without their consent primarily for political advertising, it’s reassuring to know that your data can be made safe through sovereign ownership with Metanet technology.
The Metanet intends to change the data industry by allowing users to retain control over the information they share and give. Users control their data on the Metanet, and they get to choose which applications or services may access it, as well as establish their own price for the selling of their data. In other words, the Metanet offers a safe, monetized alternative to the Internet.
Take, for example, the BSV-based application Twetch, which is a decentralised social networking platform in which individuals have complete control over their data or content. Twetch lets users to earn money based on the quality or popularity of the information they post.
Users pay micropayments (e.g., $0.02 per post) for each action they take since it costs money to publish and store data on the blockchain, and a tiny amount of those payments also go to Twetch, removing the need for them to sell user data to generate money.
As previously stated, all content created and posted online by a user is their own. As a result, the user gets a tiny sum each time another user interacts with the post (i.e., comments on the post or shares the post). Furthermore, access to social media accounts in the Metanet ecosystem requires authorisation through a private key.
How the Metanet Can Help Society
Consider this: you may utilise a service or app without fear of your data being mined or scraped for commercial gain. That is, you own your data and privacy, not the other way around. Let’s have a look at some of the societal implications that the Metanet can have.
How the Metanet is Changing the Search Business Model
The Metanet will enable businesses to experiment with new business models based on on-chain content distribution and microtransactions, enabling greater security, stability, and data quality.
The Internet Game-Changing Metanet
Users are currently giving over their information for free. While every action on the Metanet costs money, there are methods to gain money back – producing economic velocity. One of the Metanet’s main selling points is how swiftly and effectively it stores and arranges data, as well as how private it is.
Consider a venue in which you may share and genuinely own your information and the stuff you create online while yet maintaining your rights. The Metanet is an amazing concept, and while it has its own set of obstacles, the reality remains that its purpose is to significantly alter how people access, engage, and interact with online information and e-commerce transactions.