#InOneTwetch: I think Bitcoin is a replacement of the exis…
#InOneTwetch: I think Bitcoin is a replacement of the existing internet. Not an upgrade, it’s a transition that will move the least valuable data off internet to Bitcoin last.
We once thought internet was the answer, let’s think that again once more.
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i'm sceptical of this view as the computational power required for a blockchain-run internet would be significantly more than what is used right now. could we really power the blockchain on such a massive scale?
Why do you think a miner uses more electricity for hosting, CDN or any other function the users of the internet (Bitcoin) requires?
Don’t look at hash rate, this will be the least important factor in ten years as the protocol is economically protected.
because a network of P2P miners + nodes is, unfortunately, not an efficient use of electricity when compared to a centralised server farm. it's the price we pay for decentralisation. hashing miners is more costly than a CDN serving data.
You think there will be more efficiency with Bitcoin replacing functions the existing internet can’t provide unless there is human intermediaries to verify data?
That assumption alone should dwarf the electricity cost POW increase.
could you give an example of functions of the internet which require "human intermediaries" for verification? i'm not sure what you mean. and why would these functions not need this in a blockchain-internet?
Simple;
Lawyers can add templates for sale onchain, when signed by two parties onchain it is automatically signed by lawyer as legal (script on protocol) and state (signed physically once as legal lawyer).
Same applies to anything you can think of.
ah, i see. thanks for the explanation! that is a really cool concept. i'm still not sure about the premise that a blockchain-internet would be cheaper than the current internet, but i'll certainly be looking more into it! cheers mate.