When you go across the internet, you have certain expectations pertaining to your experience on the World Wide Web. You want and expect to connect with any website that you want and hope that your cable or phone operator is not messing with the data in any way that may stop you from visiting all applications, website and content. In short, you expect no one but yourself to be in control of the experience you have on the internet.
So, in a way, when you go through the internet you want a certain level of Net Neutrality. It is imperative to know now that our net neutrality across the internet and is under threat. The Chairman for Federal Communication Commission or FCC under Trump’s Administration has hinted towards and now enacted speculations that suggest that net neutrality may very well be a thing of the past soon.
The FCC seems to have decided to pull the rug from under the rules crafted on net neutrality by the Obama administration. Ajit Pai, the chairman of FCC under the Trump government wants the administration to back off from micromanaging the internet. She proposed a repeal of the 2015 net neutrality rules that hindered broadband organizations from slowing down or blocking access to numerous services or websites.
The proposal presented by Pai to the government proposes to eliminate all current regulations pertaining to net neutrality. The current net neutrality regulations put some sort of a leash on all broadband organizations for managing the internet based on their own preferences. The repeal of these laws would mean that broadband companies could now offer a so-called fast lane to all websites willing to pay extra in a bid to reach customers quicker than their competitors.
In a way the proposal suggests that FCC should be stripped of the authority it currently holds to regulate broadband. This means that the regulation that classified broadband as a utility and FCC as its caretaker would no longer be illegible.
What Would Happen if We Lost Net Neutrality?
If we lost net neutrality, the internet will never function like the internet we have come to know and like. It would, in fact, become a closed network where all telecom companies will call the shots regarding decisions pertaining to the website, applications and content that should succeed. Leading broadband organizations would have a bigger say regarding who is heard and who isn’t. They could eventually even block websites they don’t like.
Future for Cryptocurrencies
Although how this impacts cryptocurrencies might best be found out in the future, we can assume what to expect. Since ISPs and the US government have never favored the anomaly brought up by cryptos, we very well might see a conflict of interests. An ISP can affect cryptocurrency investment by either slowing down the net speed for blockchain sites or create a blackhole where all bitcoin transactions would suddenly be lost.
Lets’ hope that net neutrality opens possibilities and proves to be a blessing in disguise because the other side of the coin is just too gruesome to imagine!