nChain, the global leader in blockchain research and development, has revealed its ground-breaking “Metanet” project to power and integrate the Internet through the Bitcoin blockchain. Using intellectual property it has created, nChain will develop the Metanet exclusively on Bitcoin SV (BSV), which reflects the original Bitcoin protocol and design.
The Metanet is the creation of nChain Chief Scientist Dr. Craig S. Wright, who announced the project during his November 30 speech at the CoinGeek Week conference held in London. Dr. Wright explains:
“What we are going to actually create is a secure alternative to the
Internet, built on the blockchain. The Internet becomes a sidechain to
the Bitcoin blockchain. The Metanet is a value network-the entire global
system of online activity and data connected commercially.”
The Internet has transformed how we live and operate, but it was born in a pre-blockchain era. On the surface, the Metanet sounds similar to the Internet. But the Metanet is powered by technical differences in how data can be stored and accessed through blockchain transactions, which provide security and economic efficiency advantages over current Internet technology. The Metanet will transform how the Internet operates by using Bitcoin transactions to transfer compressed data, and thus enable reliable, semi-automated exchange of web page and other information.
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. For example, new solutions will allow:
– Authorisation of access to web content, social media accounts, and
distributed systems securely, in real time, and with private identity
– Internet search, information and content services that rely on
micropayments by users rather than traditional advertising models
– Business models for real-time and secure pay-per-use of content and
– Integrated wallet systems for a seamless user integration and experience
– Automated contracts for and distribution of purchased products (both
digital and physical)
– Real-time supply-chain management in a verifiable and traceable manner
– Automation of form-free and real-time insurance policies
– Secure real-time event ticket, transportation and hotel booking
nChain Group CEO Jimmy Nguyen observes:
“The Metanet will initially enhance, then eventually drive the Internet,
making Bitcoin SV the global public ledger that underpins all Internet
activity. It is a mind-blowing concept with limitless possibilities based
on the additional security, efficiency, and data integrity of the
blockchain, and is another part of Craig Wright’s vision for unleashing
Bitcoin’s true power. We have taken the initial steps, and know it will
take work with others to make the Metanet a reality.”
The Metanet project is an enormous undertaking that will take time to specify and deliver in a business-friendly form. nChain will continue its work and find select collaboration partners to help progressively develop the Metanet.