The economy of the world is going to change. One of the main reasons for that is the internet. First of all, it's the most influential thing that we've ever come up with. It's the only way in which the entire world can be connected at the same time.
However, that's not true for every part of the globe. Some communities still don't have access to this network of computers. When the introduction to this powerful platform occurs, there are a select few companies that control the bandwidth, and they can pick and choose what the people will see.
This can be a monopoly of a single company or a multitude of them which can influence the thought pattern of entire nations. If you've seen the documentary "The Social Dilemma," you know exactly what could happen. Click here to read more.
Major social media channels have been used as means to harm innocent people. However, that can all change if the network becomes self-sustainable. One of the best models for that is the PKT network which can reduce the power of those major companies and make the entire internet autonomous.
It's a blockchain technology that's based on proof of work that will decentralize the power of the internet. Little by little, it will use the bandwidth which isn't used to create an infrastructure that will have no owner, and it will literally be for the people.
How will that work?
To answer that question, we need to start at the beginning. How is the internet constructed? It's made of a few companies that give us the bandwidth, and they do that with the help of physical components. We agree to the deal, and they give us the data, and we use it for anything we like.
This allows people to share files, photos, videos, and text messages, without the ISPs knowing anything about the data that's being sent. This is done with the use of a public and a private key. This entire system is based on cryptography, and you can rest assured that no one besides you and the person you're sending the message will see what's delivered.
However, that freedom of use has changed over the last couple of years. Technology has advanced, and internet service providers started to notice who's using the most internet. If you're using too much data to download files, they can mark you as someone who's pirating content, even though that's none of their business. Follow this link to read more https://www.republicworld.com/technology-news/other-tech-news/bill-gates-betting-on-total-collapse-of-bitcoin-as-cryptocurrency-slumps-analysts.html.
Plus, you might be streaming Netflix all day long, and since you've paid for it, you want to use it as much as possible. Additionally, your freedom of speech and freedom of information is in jeopardy if someone else decides what you can and can't see on the internet.
The ISPs essentially have a hold of the information, and they can perform massive national surveillance without you being able to do anything about it. Sure, this type of network will be cheaper to use, but that doesn't make it good. It's quite the contrary.
It's scamming the people for their money, claiming to care about their privacy while stealing all of their data. This gives all of the power of free speech to a few organizations, and it creates a monopoly of information.
How does PKT come into play?
This cryptocurrency is revolutionary because it's not just a means of payment. It's also technology. The reason why it's so powerful is that it gives everyone the opportunity to become an internet service provider.
You could buy a device that will give you the ability to become an edge point with PacketCrypt and allow other users to connect to the network. It's also integrated with a VPN which will keep all data anonymous and completely secure.
When using it, there will be two types of leases. The first one is related to bandwidth, and the other one is related to virtual routers. These two are based on time-tested protocols, which will provide peer, customer, and provider relationships with two different components.
How's that connected to the blockchain?
Blockchain technology is used to force the people who have the hardware to become internet service providers. It's similar to Bitcoin. It's more secure, and it gives you money if you use the hardware to give you the incentive.
Also, since this is a new cryptocurrency, it has improved all of the initial concepts, and it's much more efficient. First of all, block time has a duration of 60 seconds, and that makes it ten times faster than Bitcoin. Next, the parts of this coin can be divided into one billion parts instead of Bitcoin's 100 million parts.
Also, there will be more in circulation. The duration of this project will be 63 years, and there will be 6 billion coins. Even though many new coins are using the proof of stake system, the developers that made this project believe that proof of work will remain the standard.
Mining is how everything started, and the entire premise is to create new coins from a decentralized network. The distribution for these coins will decrease every 100 days by 10 percent. This will make things run smoothly. Finally, you should know that any crypto project which uses proof of work is going to succeed.
Many economists disagree with this, saying that it wastes electricity as a resource. But demand is the thing that forces the supply. Of course, you should do your own research before investing in any kind of project.