Substratum Wiki ▷ What is SUB? Cryptocurrency & more!
Substratum is in the process of creating a decentralized internet. We have the following question from BC1 and now asked: What effects could Substratum have on the Internet?
What problem does the Substratum Coin solve?
The mission of the Substratum project is to create a free and fair internet.
What is unfair about the current Internet? Well, some say it is unfair for the Chinese government to restrict its citizens' access to online content. The Great Firewall of China is well documented and anything the government deems inappropriate is blocked from the perspective of the Chinese. This leads to state control over the content perceived by the citizens, which plays an important role in shaping the views & opinions of a whole Population can play. It all depends on whether you have the opportunity to consume content that politicians or political parties are critical of.
The Bitcoin-News.one team believes in a free and fair world where ideas and thoughts can be freely exchanged. That is why we are such strong supporters of projects like Substratum.
Online freedom is also threatened in the West. Substratum offers internet users a way out of state oppression and a method of securing rights to consume uncensored content.
How can Substratum break the centralized internet?
Today's internet is highly centralized. How many people use the search engine Google or Facebook? Strong platform centralization has disadvantages, such as the high level of data collection from Facebook users by companies such as Cambridge Analytica. The terrible thing about this form of centralization is that it creates data barons like Facebook that can influence the outcome of supposedly free and fair political elections. For this reason, today's centralized internet actually undermines principles like democracy and creates an environment where elites can buy the daren they want.
Website hosting is very centralized in 2019 too. Hosting companies are placed in a position of immense power that could be abused. Substratum enables everyday people to become hosting providers by using some of their computer resources for blockchain based hosting while earning cryptocurrency. Companies benefit from Substratum because they can host websites at a lower cost. In fact, in the future, Substratum could completely eliminate the need for hosting companies and completely decentralize website hosting.
Cryptocurrencies: The Money of the Internet
Most people would agree that we live in a digital age. Logically, it would make sense if our currency were digital too. Twitter CEO Jack Dorsey entered the records in March 2018, stating: "The world will ultimately have a single currency, the internet will have a single currency. Personally, I believe it is Bitcoin" will be.
What exactly does Jack Doryaber mean by "the Internet"? The problem with cryptocurrencies is currently the introduction at the merchant level. Without the ability to issue cryptocurrencies on e-commerce websites, it is impossible for crypto to become the single currency of the Internet.
Substratum is currently developing a product called CryptoPay. This online wallet enables Substratum users to send and store Substratum Coins as well as conventional currencies such as USD. On e-commerce sites, websites will be able to accept payments in cryptocurrency or conventional currency with CryptoPay. It is interesting that the Substratum Coin is used as an exchange currency. That is, if a user needs to spend EUR and the website accepts USD, then the transaction looks like this: EUR> Substratum> USD.
Substratum could reveal the dark side of humanity
A decentralized internet sounds good in theory. In practice, it is quite evident that people should not be free to have absolute freedom of action. Freedom is limited and some censorship is required. Substrate aims to have its new decentralized Internet managed by itself. It is not clear how exactly they intend to do this, but it is likely that there will be some sort of voting system in place to censor inappropriate content.
Perhaps anonymous internet users will refuse to censor content that they would publicly declare to be immoral? Substratum offers the dark side of humanity the opportunity to hide under anonymity.
With the decentralized Internet, you have to be aware that the technology is not “bad”. Unless the majority of people are sane, censorship shouldn't be an issue in this new free and fair internet.
Excited about the impact Substratum can have on the internet?
There is no doubt that Substratum is a highly innovative project. Would you like more information about Substratum? Our ultimate Substratum Guide explains how you can buy and trade the cryptocurrencies.