#InOneTwetch: I think Bitcoin is a replacement of the existing internet. Not an upgrade, it’s a transition that will move the least valuable data off internet to Bitcoin last.
We once thought internet was the answer, let’s think that again once more.
i'm sceptical of this view as the computational power required for a blockchain-run internet would be significantly more than what is used right now. could we really power the blockchain on such a massive scale?
Fields the transaction did not carry are omitted. Open the payload to see the bytes as stored.
15TJEqnW3foPVFuQ4csJ1NqqD24LBG8Ma7 VerifiedWhy do you think a miner uses more electricity for hosting, CDN or any other function the users of the internet (Bitcoin) requires?
Don’t look at hash rate, this will be the least important factor in ten years as the protocol is economically protected.
because a network of P2P miners + nodes is, unfortunately, not an efficient use of electricity when compared to a centralised server farm. it's the price we pay for decentralisation. hashing miners is more costly than a CDN serving data.
You think there will be more efficiency with Bitcoin replacing functions the existing internet can’t provide unless there is human intermediaries to verify data?
That assumption alone should dwarf the electricity cost POW increase.
could you give an example of functions of the internet which require "human intermediaries" for verification? i'm not sure what you mean. and why would these functions not need this in a blockchain-internet?