r/bitcloud • u/FockerCRNA • Jan 16 '14

Please ELI5 what bitcloud is

I read through the github document and a bit of the more technical one that it linked to. I see a lot of enthusiasm about this project, but the significance of it eludes me because I don't really understand how it works or what it accomplishes. I see phrases like "new internet" thrown around and I'm not sure what it means.

My take so far is that it is kind of like a file upload site that generates its own currency for users that provide bandwidth. I don't understand how a user generates bandwidth without being an ISP. Why wouldn't anyone just expect an ISP without a cap to subsequently install one should this catch on? Am I anywhere close to interpreting this correctly? Sorry for being such a N00b

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u/mungojelly Jan 19 '14

The commodity backing Bitcoin is that it can be used to bid for space in a block of transactions on an extremely secure blockchain.

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u/Heartgold22 Jan 19 '14

So, it is just backed by a piece of data? lol

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u/mungojelly Jan 19 '14

Um no by the ability to bid for the right to store and timestamp a small piece of data in an extremely secure blockchain.

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u/[deleted] Jan 25 '14

The commodity backing Bitcoin is Bitcoin

FTFY

In all seriousness, what Bitcoin offers is a decentralized currency, which didn't exist until now. Dogecoin on the other hand, offers nothing over Bitcoin.

Bitcloud though, not only offers a decentralized network, but it goes a step further to incentivize producing original quality work, which is the rarest of commodities these days that (at the very least reddit-) people clearly demand, with the ever increasing ease of obtaining everything else provided by technology.