Blockchain Internet is a term that has appeared many times in recent months. It should be the foundation of a future in which the digital world is completely determined by blockchain technology. But what does the term “internet blockchain” actually mean and how far are we in implementing it?
In this article, we want to explain the concept of the Blockchain Internet and look at how this vision can be realized in the future.
What is Blockchain Internet?
Deadline “Blockchain Internet” has been mentioned many times as a vision of the future in recent months and years. Some cryptocurrencies use this term to market their own blockchain network. We are talking about a huge network where many different blockchains are connected and communicated with each other.
The blockchain internet is intended to represent a new version of the internet that is made up of many different blockchain networks. The most important factor is the interconnection between the different blockchains. If this can be guaranteed, a huge network of blockchains, the blockchain Internet, can emerge.
What is the purpose of the Blockchain Internet?
The blockchain internet is supposed to be a huge network of different blockchains that make up a huge new global digital network that can create a new form of the internet. Another term that continues to crop up in this area is: Internet 3.0. In this article, we deal extensively with Web 3.0.
The great vision of the Internet is that blockchain will become a new version of the Internet in the future. Ideally, blockchain should be the backbone of the new internet. So Web 3.0 would be a new version of the Internet where the Internet is completely decentralized and censorship would no longer be possible. In addition, ownership of digital assets would be secured. The basis for this would be blockchain.
What are blockchains?
The big problem with the blockchain internet vision is that the various blockchains in the marketplace vary greatly in terms of features and functionality. This makes it extremely difficult to realize that all the different blockchains can communicate with each other.
Blockchains on the market differ in the following areas:
- consensus mechanism: e.g. Proof-of-Work for Bitcoin, Proof-of-Stake for Cardano, Proof-of-History for Solana
- blockchain speed: low speeds with Bitcoin, extremely high speeds with Solana
- functionality and security: safe and reliable in Cardano, security concerns and network outages in Solana
- blockchain advantages: The basis of decentralized applications (Ethereum), value stabilization (Tether), no specific start-up benefits (Dogecoin)
Based on this comparison, we can see how much blockchains differ from each other and why we are still far from the blockchain internet.
Which networks are trying to create a blockchain internet?
The internet blockchain has become the slogan of various networks trying to make the blockchain internet a reality. These networks try to create a way for different blockchains to interact and communicate.
An important technique is Introducing the side chainsthat can connect other blockchains together. These networks have their own blockchain, the main chain through which other blockchains can connect to each other via sidechains. These blockchains create, so to speak, the “glue” between these different blockchains. The networks are still working to enable these connections, despite the differences between other blockchains.
The following blockchains want to create a blockchain internet:
- polka dots: Probably the most famous project looking to create connectivity between blockchains is Polkadot. Polkadot uses sidechains which Polkadot calls “parachains”. The Polkadot network offers parachain slots for various blockchain projects. Polkadot’s DOT token is currently the 11th most valuable cryptocurrency in terms of market capitalization. Check out this article to learn more about Polkadot.
- kusama: Kusama is basically Polkadot’s “little brother”. The Kusama network also offers parachaines for emerging blockchain projects. Thanks to this, Polkadot can offer more slots for new blockchains. Parachain auctions took place in late 2021. We’ll talk more about these auctions in this article.
- cosmos: Another important blockchain network that has taken on the creation of the blockchain internet is Cosmos. Cosmos also set itself the goal of the interoperability of different blockchains. This creates so-called zones in the Cosmos network in which blockchains interact intensively with each other. Find out more in this article.
Is blockchain the future?
Blockchain is one of the most innovative inventions of the last 20 years. It creates a network that is completely decentralized and allows a safe and uncomplicated exchange between two parties without the exchange being controlled or manipulated by a central authority.
Blockchain fulfills the desire for autonomy and decentralization in a world where more and more control is being delegated to central institutions and companies. In the digital space in particular, there has been an increasing concentration of control and power in the hands of large internet companies such as Facebook and Google in recent years.
Blockchain is a way to decentralize the internet and put users back in control. This vision continues to drive the digital space towards blockchain. If the usefulness of the blockchain network exceeded that of the current digital structures, the blockchain could indeed take control of the Internet.
Should you invest in blockchain?
Blockchain has been gaining importance in recent years. The development of blockchain and cryptocurrency technology was not linear, and the technology had to overcome several crises and resistance. But blockchain adaptation continues to grow massively. The blockchain internet may be a vision that will actually come true in the next few years.
The success of the NFT and Metaverse shows that blockchain-based concepts can enter the mainstream and should help shape the future of the internet. We are also seeing a growing popularity of decentralized financial services (DeFi), while many people are losing confidence in traditional financial service providers.
Finally, we must mention that the value of cryptocurrencies, and especially bitcoin, has increased significantly in recent years. Despite the bear market, the current price of bitcoin is much higher than it was a few years ago. Investing in cryptocurrencies and blockchain is almost a necessity in order not to sleep in the future.
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