The promise sound alluring enough: a web without servers.
Forget the currency; it’s the protocol behind it that matters. It will mutate and take over everything we do (or could one day do) on the Web.
To break it down even simpler, using Bitcoin protocol (the mechanism, not the money), we get to have an uncensorable web where everybody keeps a ledger of everything on the internet, thus freeing us from the enslavement of webmasters.
… seek to reverse one toxic trend, which is that we lack “true agency” on the Internet. That is to say, all of the data we create online and all of the operations we execute are handled for us by centralized servers, most of which sit in massive data centers operated by corporations and government institutions. We depend on these servers for everything. They store our e-mail for us. They send our e-mail for us. They verify our identities for websites and smartphone apps. They track our shopping carts and process our payments.
Given Bitcoin is has been running since 2009, the solution to a p2p web has been staring at us.
But I’m not so optimistic, this argument has been debunked before.
A Nakamoto blockchain, then, becomes more secure as more people participate in the network. But why would they? In the case of Bitcoin, it’s because they are paid to do it. Every time a block gets solved, a virgin transaction is created with a handful of newly minted bitcoins signed over to the first miner who completed the work.
What motivates Bitcoin miners to keep the records straight for the network is the monetary reward. To run something as simple as Twitter clone, the prospect of reward is hard to imagine.
Until then, Bittorrent hold more promises in this department.