Saturday, December 11, 2010

Could the Wikileaks Scandal Lead to New Virtual Currency?

By Keir Thomas
PCWorld
Saturday, December 11, 2010

http://www.pcworld.com/businesscenter/article/213230/could_the_wikileaks_scandal_lead_to_new_virtual_currency.html

It's not an exaggeration to say that the recent Wikileaks scandal has shaken the Internet to its core. Regardless of where you stand on the debate, various services have simply refused to handle Wikileaks' business--everything from domain-name providers to payment services--and this has led to many questioning how robust the Internet actually is.

Hackers have already stated their aim to create their own DNS system, which will bypass officialdom. This uses peer-to-peer technology to get around the problem, a favorite of hackers because it's impossible to regulate.

But how about an entire currency based on peer-to-peer technology?

That's what's on offer from Bitcoin, a decentralized virtual currency that could either be the best idea since they figured out how to slice bread, or just another hacker's daydream. As the Wikileaks debacle continues, it's being increasingly discussed in various sections of the Web as a possible solution to the PayPal online payments monopoly.

Read the rest of the article.

For further reading:
"Amazon, P2P and non-centralised infrastructure", Simon Phipps, December 10, 2010
"Gov't crackdown spurs initiatives to route around DNS", Keith Dawson, December 7, 2010
"Things Fall Apart; the Centre Cannot Hold", Glyn Moody, December 6, 2010

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