Like PiedPiper in the hit TV show Silicon Valley, Substratum is making a new decentralized internet. The big question is: What impact could Substratum have on the internet?
What Problem Is Substratum Solving?
The Substratum project’s mission is to create a free and fair internet. What is unfair about the current internet? Well, some say it’s unfair that the Chinese government restrict their citizen’s access to online content. The Great Firewall of China has been well documented and anything that the government deems inappropriate is blocked from the view of Chinese nationals. This results in government control over the content viewed by its citizens and this can play a vital role in shaping the views of an entire population. It all depends on if you believe in the freedom of information and ideas or if you have the right to consume content that is critical of politicians or political parties.
The Total Crypto Team are believers in a free and fair world, one in which ideas and thoughts can be shared freely. This is why we are such strong supporters of projects like Substratum. You might think that being in the West makes you free to consume online content. Sadly, this is not the case. Even if you are based in the US you have had your rights to online freedom stripped away. This happened on 14th December 2017 when the Federal Communications Commission eliminated Net Neutrality rules. These rules protected US citizens by making it illegal for internet service providers to block websites and choke internet speeds. The lesson here is that online freedom is under threat even in the West. Substratum offers internet users a way around government oppression and a method of safeguarding our rights to consume uncensored content.
How Can Substratum Disrupt The Centralised Internet?
The truth is that the current internet is highly centralized. How many of you use the search engine Google or Facebook? We bet around 99% of you. Heavy centralization has its drawbacks, such as the heavy data harvesting of Facebook users by firms such as Cambridge Analytica. The scary thing about this form of centralization is that it creates data barons like Facebook who are able to influence the outcome of supposedly free and fair political elections. Because of this, today’s centralized internet is actually undermining principles like democracy and creating an environment where elites can buy the outcomes they want. With this in mind, rolling back the current internets centralization with a solution such as Substratum is probably a good thing.
Website hosting is also very centralized. Have you ever seen the banks of servers in warehouses owned by a single company? This puts hosting companies in a position of immense power, which could be abused. Substratum enables everyday people to become hosting providers by dedicating some of their computer’s resources to this function, whilst earning cryptocurrency in return. Businesses benefit from Substratum by being able to host websites at a lower cost than available at current providers. In fact, Substratum could make hosting companies entirely redundant in the future and completely decentralize website hosting.
Cryptocurrency: The Money Of The Internet
Most people would agree that we are living in a digital age. Logically it would make sense for our currency to be digital as well. Twitter CEO Jack Dorsey went on record in March 2018, stating: “The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin”.
The real question for Jack Dorsey is what precisely does he mean by ‘the internet’? The problem for cryptocurrencies currently is adoption at a merchant level. Without internet users being able to spend their crypto on e-commerce websites, it is impossible for crypto to become the single currency of the internet.
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Substratum is actually creating a product called CryptoPay. This online wallet allows Substratum users to send and store Substratum coin, as well as conventional currency like USD. On the business side, websites will be able to use CryptoPay to accept payments in cryptocurrency or conventional currency. The interesting thing is that Substratum coin will be used as the conversion currency. This means that if a user has EUR to spend and the website accepts USD, then the transaction will look like this: EUR > Substratum coin > USD.
If Substratum takes off and becomes the dominant way users access the internet, it would not be farfetched to say that CryptoPay will be commonly used. If this future comes to pass, then Jack Dorsey will be correct in saying the internet will a single currency. Where he got it wrong is saying it will be Bitcoin. Instead, widespread adoption of CryptoPay would make Substratum coin the money of the internet.
Substratum Could Expose The Darkside Of Humanity
A free internet sounds all well and good in theory. In practice, it is quite obvious that people should not be free to do whatever they choose online. Most would agree that using the internet for human slave auctions should not be allowed. There are limits to freedom and a degree of censorship is required. Substratum intends for their new decentralized internet to be self-governed. It’s not clear how exactly they intend to do this, but it is likely that there will be some sort of voting system to censor inappropriate content.
Maybe when people are anonymous online they will refuse to censor content that they would declare as immoral publically? Substratum does provide an opportunity for the dark side of humanity to rise up under the cloak of anonymity. Maybe people are not as ‘civilized’ as we think and this new internet will be used in ways that it wasn’t intended for.
With technology you have to remember that it is not the technology that is bad, it is people. Provided the majority of people are reasonable, censorship should not be an issue in this new free and fair internet.
Excited About The Impact Substratum Can Have On The Internet?
There is little doubt that Substratum is a highly innovative project. Maybe you are interested in investing in Substratum coin? After all, it could be the single currency of the internet one day. Not sure how to buy Substratum? Our comprehensive walkthrough shows you the two main ways -buying via Coinbase and Binance.
Substratum is a truly exciting project and solves a real problem. However, could it be a technological dead end? Or might it change how we think of the internet forever? Only time will tell, but there is little doubt that Substratum is an interesting cryptocurrency project to follow and has world-changing potential.