Despite all of the recent news “net neutrality spells end for cryptocurrencies” “the repeal of net neutrality will be the death of bitcoin”
Cryptocurrencies aren’t laying down that easily, and without putting up a fight. You heard it here first, the repeal of net neutrality- despite what the media would have you believe- will only strengthen cryptocurrencies and spur new innovation in blockchain technology.
Cryptocurrency is literally a response to malfeasance by global governments, mega-banks and mega-corporations. The genesis block of bitcoin had this Financial Times headline coded in to it: The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.
Cryptocurrency exists because our financial oligarchs have proven themselves not to be trusted, and today’s FCC ruling against a policy that 81% of Democrats and 73% of Republicans support is further proof of this maxim. Bitcoin has become a store of value that is something like a Swiss bank account for the common man—but with a better interest rate (for now). Bitcoin cash was forked off of bitcoin to make good on the initial promise of bitcoin’s whitepaper, and create a peer to peer transaction system that exists outside of the international monetary system’s reach. Ethereum aims to create a decentralized internet where this FCC ruling would theoretically have far less of an impact.
Bitcoin is the biggest existential threat to banking in the history of mankind, and a wave of cryptocurrencies are following in its wake to challenge other established orders. Today’s FCC ruling is only good for the free market if you believe that companies like Comcast, Time Warner, Facebook, etc…will not engage in predatory practices (that the FCC now deems to be legal) and that Congress will not try to rein in those bad actors.
Ethereum blockchain developers are apparently optimistic about the possible repeal of net neutrality rules. Many welcome the shift as it may encourage new interest and fresh innovation in blockchain technology. It could also affect the price of Ether, currently trading at $719 — up by about 6.15% within last 24 hours.
NET NEUTRALITY REPEAL
After weeks of public outcry and protests, the FCC votes on a repeal of net neutrality later today. Despite broad opposition to a repeal, the federal regulatory body is expected to approve the changes. Under the Obama-era rules, ISPs cannot limit access to the internet, or charge extra fees for content. Repeal of net neutrality could allow internet providers to offer “fast lanes” for paid content. Critics argue the change would drastically change the internet and stifle competition.
However, Ethereum developers see opportunities to sidestep ISPs altogehter. According to them, a repeal of net neutrality may revive interest in mesh networks, an old technology allowing users to access the internet without a conventional provider. Like blockchain, mesh networks are decentralized and rely on a community of users to work. Ethereum developer Karl Floersch believes the technologies could bypass ISPs like Verison, Comcast, and AT&T.
Mesh networks have been around since the 1990s — the heady early days of the internet. Many emerged among like-minded individuals concerned about privacy, and the growing influence of a few big internet providers. Other mesh networks filled the gaps where ISP’s refused to go such as poor, or remote areas. Rural Catalonia has the largest network with almost 40,000 nodes. Donors support most mesh networks, but as users increase, so does bandwidth. Cryptocurrency could cover the cost to run the service.
ETHEREUM BASED SYSTEM
Floersch described an Ethereum-based system that runs “in the background” of any mobile device. Using an interconnected series of smart contracts, the mobile device could theoretically act as a wi-fi enabled node, helping expand the mesh network’s reach. Floercsh went on to suggest users might use meshcoins — or Ether, of course.
“Ethereum will allow for the kind of payment back-end which makes a mesh network scalable.”
Others agree that now is the time for innovation. The FCC’s repeal of net neutrality may have unintended push-back from the community which could encourage innovative ways to leave the big ISPs behind. Ethereum blockchain could be the future of internet access.
Net Neutrality is the principle that Internet Service Providers should enable access to all content and applications regardless of the source, and without favoring or blocking particular products or websites(1).
Basically, Net Neutrality allowed a freer Internet to exist where companies could not dismantle and degrade the Internet as it is tampering with speeds and blocking content.
Although, that’s gone and over with.
There is a solution and one that exists right here in the Cryptocurrency realm.
Substratum and Net Neutrality
Substratum ICO’d in the middle of 2017 with a mission:
“An open-source network that allows anyone to allocate their spare computing resources to make the Internet a free and fair place for the entire world.”
Now, the original intentions were to help with dictatorships and encroaching governments that would block access and Internet to its people.
China is one of the biggest bad guys in the field.
Although, with Net Neutrality being repealed allowing companies to charge more and block content they feel necessary in the United States, Substratum seems to be an answer.
By having computers across the world getting bits of the search data, although coded, it can allow someone to be on the Internet freely, similar to a VPN but without jumping through hoops and without the ability to trace the data.\
It’s a codified method for free Internet…
And that’s why Substratum and Net Neutrality go hand-in-hand as it ensures the rights that Net Neutrality helped keep.
With all of that, it seems that people are starting to take notice, as today alone the price of Substratum has gone up to $.23 after sitting around $.11 and seems to be on an uptrend (per coinmarketcap).
Will it continue?
We don’t know, but what we can say is that the mission and nature of what Substratum is trying to do is a noble one, and it is companies like this with the real world, practical application that will be the Google and Amazon of tomorrow.
The United States has decided to do away with legislation that regulates internet service providers. Known as net neutrality, the regulations ensure that ISPs cannot dictate or block customer access to data and other services. Lead by President Trump, Republicans have criticized the regulations as overreaching, while Democrats believe them necessary to ensure fair and equal access to web content.
THE END OF AN ERA
On December 14th, the United States Federal Communications Commission voted to repeal net neutrality. In a 3-2 vote, the FCC opted to undoe the Obama-era regulations that oversee how internet service providers charge for and manage data access.
With net neutrality, ISPs cannot discriminate against certain content, applications, and platforms, nor can they charge users for quicker or exclusive access to internet services. During Obama’s presidency, the FCC voted in net neutrality by classifying internet providers as Title II common carriers. Today’s decision removes this classification, undoing the legal backing that gave net neutrality its legitimacy.
Jessica Rosenworcel, one of two Democrats on the FCC, said that the vote puts the commission “on the wrong side of history, the wrong side of the law, and the wrong side of the American public.” She believes that the repeal gives service provider a “green light to…discriminate and manipulate your internet traffic.”
SUBSTRATUM BENEFITS FROM THE NEWS
Substratum, a decentralized web platform, ran up to a new all time high today in anticipation of the vote.
With the service, users can access the internet through a network of nodes connected to Substratum’s blockchain. Access points are broken up into multiple individually run servers, making the platform completely decentralized. Anyone can choose to host one of these servers by downloading Substratum’s client, receiving SUB, Substratum’s token, in compensation for their troubles.
Substratum is appealing to investors for its ability to essentially circumvent the problems net neutrality’s repeal may invite, as the service functions like a more efficient VPN or Tor browser. The protocol encrypts all traffic and data run through the network, meaning ISPs would not be able to determine how customers are using their internet.
That comes in the form of Substratum Network, where the internet is not only free but decentralized.
You read that right:
A Decentralized Internet.
And the best part is that they have their own token, helping to incentivize a contribution to a freer internet.
After topping off at $0.49 earlier today, Substratum dipped back down to $0.40. Following the news, however, it immediately began a steady climb upwards, and given the gravity of the FCC’s decision, it’s likely that we’ll see a steady increase in the hours (or days) to come. In fact, we wouldn’t be surprised to see Substratum (SUB) break 2.00- 2.50 in 2018. For investors with strong appetite for risk, this company (with a great mission) could potentially deliver hearty returns.