The Metanet is the term given to a value-based and economically incentivised internet built on the Bitcoin ledger. It was first announced as both a concept and a solution by Dr. Craig Wright at the CoinGeek Week conference in London on November 2018. 1 The Metanet protocol is a layer-2 protocol designed for a distributed peer internet on Bitcoin which not only to replicate much of the functionality of the internet but also to leverage many advantages of blockchain technology without changing the protocol or consensus rules of the underlying Bitcoin blockchain. It has improved efficiency and capabilities compared to the existing infrastructure of the Internet. See nCnain's [Technical summary here]2
The rising revealed problems and concerns of the existing internet, such as information manipulation, censorship, and privacy violation...etc, has enforced the inventor and its team of Bitcoin to think about the future of internet.
Some of the well-known problems are following:
- Advertisement-based business model on exploiting free data and privacy of users.
- Poor data privacy and lack of ownership for users.
- Reliance on intermediaries for transactions or payments.
- No real micropayment solution for efficient content monetization.
- Data redundancies and segregation for applications.
- Prevalence of spam, trolling army, artificial click farming and bots for manipulation on online social platforms.
- Poor security leads to dDos attacks, hacking and malware spreading that cost huge.
The new network model, Metanet, aims to solve all the problems above by leveraging the capabilities of Bitcoin network. People have started to build protocols and applications using bitcoin transactions and storage. The combination of p2p transactions, onchain script and immutable data storage using the Bitcoin ledger, could enable a more economically advanced internet ecosystem in which:
- Applications' main business model shifting to transactions fees produced by the monetized contents and activities of users.
- Applications become more secure because both of the encryptions and the increasing cost of attacking, hacking or trolling.
- Data ownership and monetary value are given back to users rather then platforms.
- Information and data can keep publicity or privacy forever.
The Metanet Protocol
The Metanet protocol is a protocol for structuring data within the on-chain internet architecture of the Metanet. The Metanet protocol uses a graph data model to create on-chain data structures for Metanet applications, websites and use cases. The protocol allows users to store, distribute and monetize their data using its native permissions framework.
The Metanet protocol is a graph-based data structure protocol. The protocol uses the native directed acyclic graph (DAG) data model of the underlying Bitcoin SV ledger to create overlay DAG structures that exist natively within the ledger's own structure.
See more information about the protocol on [bitcoin wiki]3