How will net neutrality will affect cryptocurrency?

There has been a fight for the internet to be unregulated for years yet it might be the case those times are drawing to a close as net-neutrality is again thrust under the spotlight.

This can have an effect on many aspects of the internet and businesses that operate online. One area of concern is how it will affect the future of cryptocurrency.

Who Decides?

It used to be the case that all traffic on the internet was treated equally. In December there was a vote with the FCC (Federal Communications Commission) to repeal any government protections that were in place to make sure ISP’s followed these rules.

Now it is the case that ISP’s don’t have to follow these regulations. Now traffic can be prioritized at the ISP’s discretion which changes things entirely.

Internet Monopoly

These net neutrality regulations were in place to help small businesses and content-providers from any restrictions so they could have an equal share of internet bandwidth as much as anyone else. Now it is the case these ISP’s can restrict and throttle bandwidth should they so choose.

Net Repeal and Crypto’s

Certain ISP’s have links to the US government, and they can influence the internet in several ways.

Cryptocurrencies would be a hot topic at the moment yet if the government decided to take a dim view of their existence these ISP’s could make it difficult for these coins to flourish as they should be able to.

What Could Happen?

In 2011 Verizon decided they would ban the use of Google Wallet as they had their own payment system.

A couple of years later Comcast forced Netflix to pay a premium for providing its streaming services to its customers.

Now the government has lifted these restrictions on the ISP companies they are free to do as they wish.

With regards to cryptocurrencies, this can have an adverse effect as the ISP can easily restrict or throttle bandwidth for any given crypto exchange.

They can also provide preferential treatment to one coin or exchange over another, or they can increase prices to continue having access to fast traffic.

What Can Cryptocurrencies Do?

There are a few cryptocurrencies that in the way they are going to operate, they can bypass the restrictions or bandwidth throttle that an ISP might wish to impose against a coin.

For the altcoins that have chosen this route as part of their infrastructure, the future could be bright whereas coins that are based on conventional network types might have a struggle on their hands.

One other benefit of each network explained below is they offer a great deal of privacy to end-users and have no one continually looking over their shoulder.

Substratum Coin and Net Neutrality

This coin runs on top of the substratum network which is open source and is seeking to change the way we operate on the internet.

As with other currencies that are taking this approach the theory is the internet or the Substratum network will be powered by nodes in much the same way as Bitcoin miners operate.

These operators of nodes will be paid for the running of the equipment. This, in turn, builds interest in the network and gives a value to the SubstratumCoin.

 

MaidSafe Bypassing Restrictions

The infrastructure for this network and coin is decentralized in the same way as SUB. Maidsafe (Massive Array of Internet Disks, Secure Access for Everyone.) 

The end users are the ones who make up the network and provide additional storage, computing power and forwarding bandwidth to other users on the mesh network.

With security, a high priority on this network data is broken into chunks and stored in separate locations which are unknown to anyone apart from the application and the network.

If any user is off-line or a piece is damaged a new copy is made from the remaining three fragments. All connected nodes are in continual contact for to maintain the network or as the creators say “An autonomous system.”

Skycoin and a New Internet

From the three front-runners, this is the coin and decentralized network that stands out as it is set to revolutionize the internet. All the talk the net neutrality repeal will not affect the underlying network which is Skywire.

This is powered by high powered a Skywire miner which are dedicated mining rigs to perform the hosting and forwarding of the network at various nodes. When a user decides to host one of these rigs they get paid as with the other altcoins that aim to create this type of system.

Skycoin and the network it runs on can be used separately yet when used together they fix many of the problems with BTC and other altcoins which are based on the same Blockchain technology, this alone makes it a top cryptocurrency to invest in.

Skycoin has no mining of coins so transactions will happen in seconds and mining pools cannot be formed, so there is no possibility of a 51% attack.

With the Obelisk algorithm making sure transactions are processed in the most secure and fastest way.

This is the one that is not only going to get around anything the ISP’s throw at cryptocurrencies. It is going to revolutionize the internet as we know it.

I am Abhishek Kumar founder of Tech2Post.com and managing over 5+ other blogs, websites and services. I was born on March 3rd, 1994 in Faridabad, Haryana, India. I am a Pro Blogger from Faridabad and Professional SEO & Digital Marketing Consultant.

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About Me

About Me

I am Abhishek Kumar founder of Tech2Post.com and managing over 5+ other blogs, websites and services. I was born on March 3rd, 1994 in Faridabad, Haryana, India. I am a Pro Blogger from Faridabad and Professional SEO & Digital Marketing Consultant.