A better Bitcoin, a better internet
“Lightning_03” by Oregon Department of Transportation via Flickr.com. License: Creative Commons
Some crypto startups crazy. Some want to do the Bitcoin better, the others want to improve the Internet thanks to the blockchain. From offchain transactions, sidechains, a decentralized world library and shared internet connections.
Do you want to know what the hottest Bitcoin startups of this spring are? Which trends are in the crypto industry and which major projects are waiting to be completed once? In this article you will find a handful of examples. In addition to these, there are of course many more.
The Lightning Network
One of the problems that the Bitcoin will certainly encounter is scalability: as long as a block can only be 1 megabyte, the network can only process 5-7 transactions per second. The idea that the Bitcoin can replace visas will become a cloud lock. There have been suggestions to increase the block size to 20 megayte. But this will only be a temporary solution and is already encountering considerable (and not always unjustified) resistance. The Bitcoin Lightning Network should remedy the situation. Roughly speaking, the idea is to create a decentralized system that leads transactions via a network of micropayment channels that do not work on the blockchain. Bitcoin amounts should be frozen first in order to send them via direct payment channel. As soon as the payment channel closes, the final accounting stands are solidified by a blockchain transaction. However, the Lightning network is still very at the beginning. Necessary in order to (somewhat!) to keep it safe would be a softfork of the Bitcoin client who finally dissolves the Maleaability problem.
Block stream
The block stream project is similar, but it is different. This project also starts with the scalability problem. However, it suggests loosening this through sidechain. “Sidechains are blockchains that intert -operate with each other and with Bitcoin and thus prevent liquidity bottlenecks, market fluctuations, fragmentation and fraud through alternative cryptocurrencies.“In short: the side cakes should incorporate everything that old coins can do in the Bitcoin-without endangering it through experiments, but with the safety of the strong Bitcoin blockchain. So: micropayments, smart contracts, maybe also grid computing, data storage, fast transactions and much more. How that should work? The developers behind block stream-among which, in addition to Hashcash inventor Adam Back and Bitcoin core developer Gregory Maxwell, are other experienced co-developers of Bitcoin Core-seem to have a solution that works at least theoretically.
Netki
With Netki we have another project that should make the Bitcoin better. The problem this time is the address: a Bitcoin address with its many letters and numbers in confused order is almost impossible to notice. It’s already a crux of having to type it. Netki now wants the Bitcoin address through a less random string like Wallet.miner.de replace-as similar as the IP addresses have been replaced by domain names. Netki uses the NameCoin Blockchain and Secure DNS to save names and connect to addresses. With a single name, it is even possible to receive different cryptocurrencies. In theory, Netki is possible, and by using the NameCoin blockchain, the risk of an attack by central systems is low. However, it will depend on whether this concept can prevail whether other wallets also implement Netki. Partnerships with Pheeva, Blockcypher, ChangeTip and HolyTransaction speak for this that this is possible.
Bitmesh
Now to something completely different. To a fantastic application that could enable the Bitcoin. Imagine you could share your non -used traffic. So, you only use a fraction of your DSL bandwidth, give the rest of it and get bitcoins for it. Or you can buy additional traffic if you need it for a download of the more corporate species. That is or. Will Bitmesh. “Bitmesh develops a platform that allows people to share their internet connection with peers against bitcoins … The price is negotiated in a local marketplace, so that neither a contract nor a third party is involved. The result will be a cheaper, more robust internet – and bring bitcoins into the hands of more people.“So far there is only one prototype for a Raspberry Pi. The system should probably build on the meshnet.
Block store
The idea of storing data in the blockchain has been in the room for a long time, but repeatedly comes across the scalability problem. After all, every client must also save this data, and we quickly arrive that the blockchain is spared, the clients need new hard drives and the data storage puts other transactions into the queue. Onename.Io suggests a solution with the Blockstore project: Instead of the complete data, only hashes are saved in the blockchain. How exactly this should work remains relatively open.
Alexandria
The Alexandria project is similar, but more ambitious. Nothing less is planned than “an open source decentralized library to store and share art, history and culture. Imagine a platform like YouTube, Soundcloud or Netflix – without expensive servers and bandwidths. Users can publish everything, videos, music, books, 3-D print recipes and more. The publicists have complete control over their work with various options to monetize it.“Sounds good. Alexandria wants to use the Bittorent technology to store and distribute large amounts of data. The Florincoin-Blockchain should provide a permanent, public database and payment layer as well as financial incentives for the users of the platform. The Florincoin has the advantage that you can also send messages with a transaction. Finally, the Bitcoin should be used to pay publicists by the audience. Alexandria is currently still very at the beginning and is to be financed by crowdfunding.
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