Joe Lubin, the ConsenSys and Ethereum co-founder, has predicted that blockchain technologies will eventually become a decentralized internet taking over the current World Wide Web as we know it.
His speech that included his projected view of what the future holds was made at the recently held Lisbon Web Summit. The question is at the moment is does this seem possible considering the fact that there are hundreds of individuals blockchain ecosystems each using their own perceived way that smart contracts and ledgers should work.
For example, some companies like IBM are just creating solutions use blockchain technology to solve food supply chain issues, and there are others like Ripple that are out there purely to solve the issue of borderless and super-fast transactions of digital assets (mainly money if we can refer to cryptocurrencies as cash in this case).
Enjin Coin allows developers to release their own games on the internet and has recently created its MintShop, so people can create their own blockchain tokens in a matter of minutes.
There are just so many different blockchain ecosystems out there, how would we ever connect them all? Taking Lubin’s forecast into account, connecting all of these very different architectures will be a mammoth task for any group of developers that decide it is time for a decentralized internet to connect all blockchain ecosystems.
As per a report by Forbes, Lubin did admit that such a task would take some time to achieve. In essence, he is saying is that we can expect a decentralized blockchain based internet, but it is not a system that we can expect to happen overnight.
There Are Companies Out There Connecting Blockchain Architectures
Let’s start with Ethereum. There are hundreds of ICOs that use its blockchain ecosystem in order to create their own blockchain tech-based solutions. As all these ICOs are on the same network, they can all connect and communicate with each other. Therefore, it is almost as if the Ethereum ecosystem is its own internet within itself.
Now take all the other blockchain architectures and get them to communicate with the Ethereum protocol. Then, design more protocols so they can communicate with Bitcoin, Ripple, and so on.
Creating the internet in comparison to a decentralized blockchain internet ecosystem was simple. The only devices used to connect to the internet were Microsoft, Apple, Unix, Novell, and Linux. Maybe we can include some AS-400 mainframes. There were just a handful of technologies that all needed to adapt to one common protocol. The protocol in question is TCP/IP.
For Lubin’s Prediction To Come To Life We Need A Blockchain Version of TCP/IP
As mass adoption of blockchain technologies looks almost certain with companies such as Walmart, IBM, Samsung, and the majority of the banking industry in Japan taking on blockchain technologies. Plus despite a ban on cryptocurrencies, China still invests in blockchain technologies it seems inevitable that one day all these systems are going to need to interact. There will need to be a decentralized internet.
Arguably the concept of a decentralized internet is already there – at least for the World Wide Web. Just as a reference here, the internet and the World Wide Web are two different species. The internet connects all the devices on a massive global network. Satellites, fiber cables run through cities, villages, and even rolled out across the bottom of our oceans, telecoms towers transmitting 3G and 4G and so on.
The World Wide Web is the servers that use the internet’s infrastructure to send data packets that eventually reach the screens of our devices. The information is kept on these servers even if that server is a cloud. The website on a server is part of the World Wide Web. Despite the fact we often use WWW and internet interchangeably to mean the same thing, they are in fact technically speaking different species.
At the moment the blockchain has a DNS solution out there. It was used recently by the FBOT anti-malware that we reported on September 22nd. Although not stated in the report, the FBOT cannot be deleted or traced to an owner because it uses a DNS server that is decentralized. The company that has created this is called EmerDNS from EmerCoin. The Darkweb also uses similar technology, which is why it cannot be shut down.
Therefore, the DNS system for a decentralized internet is already in place. Could this be the answer to an initial decentralized World Wide Web before then introducing a decentralized internet using the concept of storing data on multiple nodes across a connected network, which is the way all blockchain ecosystems currently function.
Thank you, Mr. Lubin, for a brilliant food for though opinion. One that we will be thinking about more and following in the future.