I haven’t covered it in my blog here but many know the blockchain technology made popular by Bitcoin has other possibilities such as sharing data, files etc and one of the latest manifestations is the “Bitclave” project. The website doesn’t detail some of these things but here is what I gather and I apologize if it’s not 100%, but here is what I break it down as:
#1) Bitclave is a decentralized search engine based on blockchain technology.
#2) Bitclave has CAT which is it’s own cryptocurrency based off the same blockchain meant to be used as currency.
#3) Bitclave is unique in that unlike the current big search engines, they will not be freely selling your information to benefit unknown third parties.
#4) Bitclave is not only a decentralized search engine and currency but it also rewards you for engaging in particular offers if you want to buy a car or house, for engaging with particular companies and offers (even if you don’t buy) you are rewarded with some CAT currency.
#5) Your information is under your control and completely private so you can choose when and how to sell it for big money potentially to third parties.
I’m going to go into some of the pros and cons that I see.
First and foremost this is an exciting project on its own due to the decentralized aspect of the search engine. It takes it one step further by giving the user control over their private search/marketing data and even lets them directly and profit in ways that are under their control.
It will also revolutionize business potentially if things are done this way under a mutual benefit between business and user. In fact if executed properly it could end or significantly change the internet business and search model as it exists now with the big engines and social sites.
However, the Bitclave team would still largely retain certain controls just as developers of any blockchain do which makes some aspects only as trustworthy as the team is capable and trustworthy for.
It is theoretically possible that the business model above could turn biased in a somewhat similar way that the mega search engines have done things, where the rules are constantly changing for the benefit of a few. However, this is not a likely thing in the near future since Bitclave needs to prove itself and gain trust to both users and business.
Another big concern, which is still a concern for the mega engines is how would spam, hateful, defamatory and other harmful material be handled? It is great to be free and decentralized but there needs to be some legal or other mechanism to prevent abuse of such a powerful search engine. It’s definitely worth checking out to see how things play out.
I am very excited about this project, it is more commercialized than I expected and could not be considered entirely open source or community based but I’m OK with it as long as it is executed as envisioned it will have a massive and positive impact on the internet which benefits the majority.
Good luck to the Bitclave team they could be making serious history in both blockchain, search and online commerce!