Why Is the Internet Growing at a Slower Rate Compared to Blockchain?
Blockchain, which has often been seen as bitcoin’s backbone, in addition to what many cyber pundits claim to be a value-based-internet, has at present began outdoing the World Wide Web in terms of the speed at which it is being deployed by startup platforms, crypto enthusiasts, and crypto exchanges across the globe.
The last few years have favored many cryptocurrency assets as a majority have gone on to become mainstream tokens. This can, for instance, been seen in the manner by which XRP, Ethereum, and Bitcoin have been embraced by the mass populace.
In spite of the growth recorded by this cryptocurrencies, many are of the belief that the only reason this has happened is because of the distributed, decentralized, and secure nature that has come to be associated with the blockchain technology. It is expected that these three attributes will continue to play a central role as more cryptocurrencies continue to pop up, and as the technology becomes wholly embraced by the public.
Blockchain vs. the Internet
Cryptocurrency experts currently believe that compared to the rate at which the internet was adopted after introduction, blockchain can be said to be at the same pace the internet was at in 1994.
But before looking at the comparison between the two, it is important to first take a look at the real-world use cases. Statistics indicate that cryptocurrencies and digital assets as a whole have come up with many use cases which tend to vary from what Bitcoin was initially intended for. Considering that blockchain was initially developed as an alternative to digital currency, there are very many interesting use cases that have been introduced by other assets.
Blockchain and Its Relation to Cryptocurrency
When you look at the history of blockchain and how it came to be, you will realize that it was designed to act as Bitcoin’s backbone. This was way back in 2009 when the cryptocurrency was first introduced. The connection between the two is often compared to the connection between emails and the internet.
Given that the internet has made it possible for email as a service to exist, blockchain technology has also done the same for cryptocurrency assets. It is the reason why blockchain is in some cases being referred to as a value-based internet. By relying on DTLs (distribution ledger technologies), it has now become possible for individuals to verify all transactions pertaining to cryptocurrencies.
The technology also ensures that all these transactions are protected through the use of a unified process. Once protected, they are then published and logged into a public ledger that cannot be erased by anybody. This means that the ledger can be used to verify any crypto transaction carried out by two parties.
Use of a public ledger is often hailed by many enthusiasts as a game-changer as it did away with the double-spending issue that plagued the earlier digital assets. The fact that you can use blockchain to transmit value to a person located in another corner of the world, in a process that is not only affordable but is efficient and secure, means that this technology may in a few years be as disruptive as the internet was more than twenty-five years ago.