Month: June 2022

Being part of a crypto/blockchain project really places things in perspective, as we are trying to strive toward creating technology that accelerates the convenience of our online lives that has a direct impact on our offline ones.

We often hear how blockchain projects can assist us in the real world, from quality control to government auditing, these are some applicational uses that blockchain technology can be utilized for.

However, numerous blockchain networks have struggled to develop a network that can enable on-chain activities to be converted into off-chain services. However, the NetFlowCoin Foundation’s network may have solved this issue.

On-chain payments in return for off-chain services?

NetFlowCoin is a layer one public blockchain that has developed a solution that enables users to share, store, stream, and communicate in an entirely peer-to-peer distributed network. Bringing to life the third evolutionary stage of web 3.0’s development.

Users of the NFC network can purchase streaming rights from other users across the NFC universal network. This has removed the boundary that streaming services can now be paid for, and received, in an entirely decentralized/distributed network architecture.

For example; a traffic miner in the NFC network, can host a series of video content and share access to their mining device with everyone. A user can then purchase (using NFC’s FUL pegged tokens) the streaming rights to access that video content, whether on a monthly fee, or a one-time fee and the user will receive the video, which is an off-chain service.

The entire transaction of the above example is done without any intermediaries involved and acts as a closed-loop economy that rewards the traffic miner in NetFlowCoins, and the user can enjoy the streaming rights given by the miner.

The idea would be to readjust the business strategies of streaming as a service, so that miners can reap the rewards compared to intermediaries, giving people the opportunity to retain 100% value of what they offer across the web 3.0.

Digitalizing our lives?

As we move toward the future, blockchain will intertwine with numerous advances in all fields of technological advancements; if we look at the digital twin concept, and apply it using conventional, centralized, methods, we will see a breakdown in trust among users and services.

But, if we apply blockchain to digital twins, we can address these trust concerns, which makes the concept possible; as every individual could have their digital twin, and any information/data generated about them, stored across the blockchain.

Individuals can then grant streaming rights to their digital twin’s data in return for services, a function that only NetFlowCoin possess, and by doing so, individuals can be assured that none of their data had been stored by any third-party company, this completely changes the way companies and users will interact in the future, creating the perfect balance between the two parties.

Over the years, we envision a sci-fi-style future, whereby we will all be interconnected in some type of digital form, enabling AI, data, and information to govern our lives, for the better that is, and the web 3.0 is the early signs of this future.

Interestingly, it is not a far-off assumption, that the way in which we communicate and access information will change dramatically. Considering how the internet had changed from the 1990’ to 2020, within this short period of time, the world had changed exponentially.

If it only took 20 years to advance so quickly, imagine how the internet, and the world for that matter, will look after 30 years. This is the center of this article, as we uncover how the internet will look by 2050.  

Data and the great transition

We are all aware that data is the crude oil that fuels artificial intelligence. It is known that the more data AI is fed, the smarter, and more advanced AI will become.

We are currently living in a world whereby data collection is being stalled by regulations, and this impedes the growth of artificial intelligence. But, what if there’s a solution, one that goes hand in hand with regulations while maximizing the fuel needed to accelerate artificial intelligence?

In all honesty, AI is inevitable, whether the world accepts it or not. The advantages of integrating AI across all walks of life completely outweigh the current operational model controlled by human labor.

But by doing so, data is needed. This is where blockchain and web 3.0 comes into play. In theory, every human would have an identical digital twin associated with them, and all their data, and any data generated about the individual, would be stored on the blockchain, that is only accessible by them.

By doing so, our entire existence could become tracked, monitored, and analyzed constantly 24/7, without the fear of our data being abused by third-party organizations.

Our entire lives, duplicated into digital form, could then be streamed, with our consent, to AI-based companies that use our data in return for services, such as medical, lifestyle, travel, etc…

We may, someday, become a race that is governed entirely by AI, which runs off data that we control. Every individual would be able to stop/start companies from streaming their digital twin’s data at any time, with the knowledge that their data was never stored.

This breaks into a whole new industrial opportunity, that will create a surge in demand for sensors and IoT devices to be deployed everywhere. These sensors will be directly connected to the blockchain that will constantly collect data about an individual and add it to their digital twin.

The world will be bigger than we know

Within the next 30 years, the entire blockchain, web 3.0, and metaverse would have matured enough to the point that web 2.0 architecture may be something of the past.

As our entire livelihoods would interact within an artificial world that resembles something similar to a digital universe created as a secondary means of interaction.

Perhaps the interactions made within this digital universe would be far superior to that of ordinary life, resembling something of a sci-fi film. But, the underlying principle is, that the limitations on data storage, data accessibility, and physical location restrictions, would all be eradicated.

Once the world adopts this new approach, the way in which we interact will be completely foreign to how we interact today, and the underlying technology that will drive this will be blockchain technology.

The challenges we face

This future doesn’t go without challenges, and the blockchain industry is plagued with them. Many people have the misconception that blockchain was designed for cryptocurrencies. This is not true.

In fact, the blockchain has been around for numerous years, before the launch of BitCoin, but it was a great solution for P2P financial transactions, and that is what brought life to the crypto world.

The current issues we are seeing today, are the exact issues that need to be solved. Whereby people put too much emphasis on the value of a digital asset, rather than placing a value on the technology behind it.

In light of the LUNA & CELSIUS collapse, this is a good representation of this issue. These projects were designed to offer financial returns to investors, without a deep dive into their technological backing.

It is time people realize that the industry is technology-focused, not prosperity-focused, at least not yet, and with this realization, the industry could finally get on with what it was designed to do, and that evolve mankind into its next digital era.   

Many people in the blockchain industry have a huge misconception of what it’s all about. We see numerous individuals associating the blockchain with making money, which in a sense, isn’t entirely wrong, but that’s not its true purpose.

The blockchain can be described differently according to many different people, but, all the blockchain is, is a fancy database. One that stores information and data. The amazing aspect though is that it’s immutable and decentralized.

This means, the stored information is not stored in one location but is instead stored across thousands of different locations. It’s immutable because once something is added to the blockchain, nothing can be altered or changed.

In essence, the blockchain has actually been around for numerous years, dating back to the 1990s, it is only now that it has become so popular as it is the perfect solution to initiate peer-to-peer transactions, without the need of an intermediary.

But it can be used for more than this, in this article we will go through some of the real purposes of the blockchain, and explain how it can be applied to all walks of business.  

Building on top of its function

If we look at the way the internet is currently structured, we will uncover that it is comprised of a lot of information and data stored in central locations. For example, all the information we see on Facebook is stored on Facebook’s servers, and any data we (users) generate while using Facebook becomes the ownership of Facebook.

This is a centralized architecture and is also referred to as web 2.0. But, imagine if we could access similar services, but have our data stored in a decentralized/distributed network, and all the data we generate is owned by us.

Well, that exists, and this is due to the blockchain. If the entire internet is run on servers, and databases, then the blockchain can become a substitute for the current internet, with the advantage that users have ownership over everything they do.

Yes, cryptocurrencies are another great example of how blockchain is being used, and one that we can all use today. As any money we transfer over the blockchain is completely peer-to-peer, and any money we receive is owned and viewed by us.

The applications that can be applied to the blockchain are slowly becoming more than just a novelty, as we could eventually integrate blockchain into the public service sectors such as government, medical, transportation, etc…

The blockchain is a technology and is a solution, that will solve many issues that have plagued us online. Many people are still unaware of what the blockchain is actually used for, but, its technology is only just beginning.

Eventually, the world will be capable of seeing integration between our offline lives with our online ones, with zero data issues. By applying this analogy to the future, we are certainly entering the next level of our digital evolution.

It is no secret that the development of web 3.0 is still in its infancy stages. However, many people are usually misled by their understanding of what web 3.0 actually entails.

Cryptocurrency is not web 3.0, but instead, is a part of web 3.0. In fact, web 3.0 doesn’t necessarily need crypto at all. The concept of crypto is by bypassing financial intermediaries, and this is exactly the function of a web 3.0 internet.

An internet that no longer needs intermediaries or centralized companies is the perfect definition of what web 3.0 is. When we think about the current internet, we immediately think of data/information storage connected via a communications protocol.

That’s all the internet really is. Of course, we can delve deep into the ins and outs of it all, but ultimately the internet is just a giant accessible database, that is owned and controlled by a handful of companies.

How does NetFlowCoin fit into this?

As mentioned above, the current internet (web 2.0) is a giant database that stores information on multiple central servers owned and controlled by a handful of companies. As users, we then request permission, via a protocol, to access that stored information.

NetFlowCoin on the other hand offers a similar solution, but instead of information stored in central locations, information is stored on the blockchain that is comprised of thousands of distributed locations.

Users will be able to access these locations to either, store their own data, stream media content, share access of their information with others, and communicate with anyone around the globe, purely peer-to-peer.

The individuals who are offering these locations are called miners, and if a user purchases any of the above services from these miners, then the miner will be rewarded in NetFlowCoins, depending on how much data traffic is generated by the user’s request.  

The impact that this technology has is, that users no longer need to worry about their personal data being collected, or hacked and that they can bypass any restrictions set forth by web 2.0 giants.

Furthermore, developers will be able to deploy decentralized applications (DAPPs) by creating smart contracts on the NetFlowCoin network. Users will be able to access these DAPPs similar to how other DAPPs are accessed.

All the information and data generated by the user will be stored on the blockchain, and only accessible by them, no one else. Meaning, that all users will have complete control over their data.

If we dive deeper into data ownership, then, any and all revenue generated by a user’s data will also be rewarded back to the users. For example, if you created a video, and shared it with the network, then any money generated from that video will be given to you, the user.

What’s the tokenomics behind NetFlowCoin?

A good blockchain/cryptocurrency project will undoubtedly have an interesting tokenomics plan behind it.

The mining aspect of NetFlowCoin uses a dual consensus mechanism, which are proof of stake (POS) and proof of flow (POF). There are three types of mining features for NetFlowCoin they are as follows:

– Block generation: This runs on a POS model, whereby block gen miners are verifying transactions across the network and generating new blocks to add to the chain.

– Traffic mining: Miners will need to purchase a dedicated NFC-ready mining machine that has storage capacities. These miners offer their storage space to users and/or media content for users to stream. The more data generated across the network the higher the rewards for the miners.

– Bandwidth mining: These types of miners will still need NFC-ready mining machines, however, these mines contribute their extra bandwidth capabilities to the network, enabling users to experience higher network speeds.

NetFlowCoin has a dual-coin model. The counterpart coin is called FUL, and it is pegged to the US dollar. NetFlowCoin does this to control the inflation/deflation aspect, as, they need to ensure that pricing across the network is not influenced by the influx of the NetFlowCoin coin.

The distribution model is as follows:

There are 2.1 BN NetFlowCoins ready to be mined.

Founding teams 5%

Project teams 15%

Investors 10%

Traffic mining 55%

Bandwidth mining 10%

80% of the coins will be burnt, eventually leaving around 400 million coins in total.

The vision of NetFlowCoin is to become the foundational communications layer that will support the entire web 3.0 ecosystem.