/biz/ - Business & Finance

This week, the ever controversial Bitcoin visionary Dr. Craig Wright promised to make an announcement that will transform the Internet. And boy, did he deliver.

On Day 3 of the CoinGeek Week Conference at The Mermaid Theatre in London, the nChain chief scientist unveiled a new, big Bitcoin project that will see “the Internet becomes a sidechain”—the Metanet.

Metanet is essentially a commodity ledger, and it’s going to be a game changer. Imagine being able to put everything in one blockchain, essentially “one source of truth” via a “system that cannot lie,” according to Wright.

“What we’re going to actually create is a replacement for the Internet. The internet becomes a sidechain. I don’t care how as a peer network you distribute data, I care that you distribute it. If you have HandCash or near-field or IP or private networks or X.25, it’s a value network. The entire global system connected commercially,” Wright tells the audience at CoinGeek Week.

Metanet, according to Wright, is a central, global network where there is one internet—one Metanet specifically—with all in competition. It’s a system with records that once registered, there will be no changes of the Enron kind will take place.

Wright stressed, “This is what Bitcoin really is about. Bitcoin is a value network, a global way of opening trade. Bitcoin is there to enable you to create the next wave of global commerce.”

>The difference between data and information is money.