Bitcoin surely does serve a great purpose for it’s users. It’s decentralized, pseudo-anonymous, and secure. As we know, the Bitcoin protocol is based on the revolutionary blockchain technology which solves multi-decade long problem tracking of unique digital assets without a centralized ledger. Up to this point, the solution was to use a centralized entity in order to validate transactions, but blockchain technology enables us to keep track of each individual’s assets on a decentralized programmatic level.
Some companies have taken the ideas presented in blockchain technology in order to build decentralized services besides a currency.
Maidsafe
Maidsafe is one of the competing networks trying to make their vision come true. Their framework uses the SAFE (Secure Access for Everyone) network. They promise some pretty impressive things that could attract and grow into something as big as cryptocurrency. First, they state clearly there are no servers or data centers. No servers mean 100% security, and no data leaks. There’s no DNS, no DDoS, and unlimited data storage with no cost and no transactions. There are no administrators, only users. The network features many cool things such as automatic configuration, and network provisioning. But that’s not all, there are also 100% secure passwords, instant data encryption, cryptographically secure signatures and keys, and even more things like being able to share any kind of music or photo file, even operating systems without a size limit.
Synereo
Next up is Synereo, another next-gen social network. As specified, Synereo’s goal is to put security, identity, and community management under the purview of you- the user. Synereo gladly explained how with current social networks, you are the product being sold, and not the client. With Synereo, you are in full control. Synereo is very similar to the other two, being immune to attacks, having no center of control, and a developer’s purpose of not solely money. Overall it benefits everybody involved, and has huge potential.
Ethereum
Last but not least, Ethereum. Based off ether, ethereum is a platform and a programming language that makes it possible for any developer to build and publish next-generation distributed applications. It runs on what people like to call “cryptofuel”, Ether, the power of the apps of the decentralized network. It can be used for almost everything: domain names, voting, financial exchanges, crowdfunding, company governance, agreements of most kind, contracts, and even smart property thanks to its hardware integration.
All interesting concepts, but they’re all in a competition. Let’s look a little deeper and compare what each of the three are offering. Maidsafe focuses on complete security. They offer pretty remarkable features when it comes to security and file sharing. No DDoS, no servers, and no data storage limits are cool, but how do they compare to the other two? Synereo also focuses on security, but also community management. The way they explained how you are in control, and not the product being sold anymore is very beneficial for all users. Just like the others, it’s attack-free and puts the users in control. Ethereum is a little twist, since it’s not just about social media. They offer a platform and a programming language that can do much more things, such as domain names, contracts, and voting to name a couple.
So who is the real winner? There’s no definite answer, and we’re going to have to wait to find out more. Pretty interesting stuff you would think, right. Most services are centralized and have trust as a factor. If you deposit money at your bank, you are trusting them to be honest. Same with Facebook, or a document on Dropbox. What is special about these new networks, is that things are moving on to be decentralized.
Making a decentralized currency sure was a great idea, but there are so much more things that can be decentralized. I encourage to take the time and research about upcoming projects, and learn more about them. Wouldn’t everybody like a social media, where users are the administrators, and there are no risks of being hacked? The idea of making a decentralized network, and integrating coders and developers into it to make apps surely was one of the greatest innovations the Internet has seen in many years.
Source : http://www.btcfeed.net/news/beyond-bitcoin-using-blockchain-decentralize-everything/
Click on the bitcoin logo below to buy, use or accept bitcoin. Unocoin is India’s most popular bitcoin wallet.
To read the bitcoin white paper, visit: https://bitcoin.org/bitcoin.pdf
