There’s a universal truth recognized by virtually everyone – the Internet has turned to mud. When it first began, it was a great asset – it allowed users to find and exchange valuable information and created an entirely new industry, eCommerce, that put bread on the table of hundreds of thousands of people around the world. As it evolved, though, it became corrupted. It is now a haven for anonymous persons who only want to spread hate and FUD (fear, uncertainty, doubt), but it doesn’t have to be this way. Jerry Chan, the chief of Digital Asset Solutions for SBI Bits, gave a presentation at the recently held CoinGeek Toronto 2019 conference, explaining what’s wrong with the Internet and how Bitcoin can fix it.
Bitcoin’s Metanet is the singular solution to a lot of the problems associated with the Internet. It is a combination of Bitcoin plus the Internet and is leading to the creation of an attention-based economy. This is because Metanet, as opposed to the Internet, is monetizable. Information may be free, but good and accurate information has value and this value needs to be recognized.
Simon Gleeson in The Legal Concept of Money said, “It is unlikely that any asset came to be valued because it was used as money – it is much more likely that it came to be used as money because it was already valued.” This is why putting information on an immutable ledger – Metanet – adds and solidifies its value.
Metanet is a network of data that has an intrinsic value property (6:48). It can be compared to a marriage of internet of data with value and is resistant to DDOS (dedicated denial of service) attacks,