...and telephone service providers preceding them but the concept has always been there. The basic premise behind net neutrality is that it is a means to ensure that the internet is for the common good of the people ensuring freedom to browse the web however the consumer pleases. The general consensus for the majority of United States citizens is that net neutrality benefits them. It is believed that without net neutrality, that big ISPs will now be free to please stockholders by driving up profits through being able to charge the customer for the specific sites they want to visit. The internet with net neutrality is an open highway, but without net neutrality it can be compared to being that same highway but with tolls. There are many pros and cons to net neutrality. An alternative to the outdated thinking that the people need to rely on the government for regulation is the use of blockchain to supplement ISPs (Internet Service Provider) by having individuals provide CDNs (Content Delivery Networks) to other users in need. The impact of Net Neutrality on consumer utility depends on the nature of competition at the ISP level. Concretely, a neutral network would most benefit consumer in a world with one ISP having a monopoly providing internet services. Inversely a world without net neutrality is advantageous for consumers under oligopolistic scenarios. This is due to intercompany competition driving better service for the consumer at better prices. It would be comparable to the...
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... Tejal Bhandari Date of submission: 24th December ‘13 EXECUTIVE SUMMARY: Virtual currencies are increasingly becoming a part of not only the virtual world but also in the real world. There are various problems associated with virtual currencies. Due to its similar nature to real currency, a lot of questions have risen regarding its acceptance among the people in the market, and the reliability factor. In the following paper, we have discussed the different types of virtual currencies based on their exchange factor. Bitcoins, a type 3 virtual currency is one of the most popular crypto currencies. We have discussed the characteristics and the process of transacting Bitcoins in detail, emphasizing on the pros and cons of its usage. We have also compared it with the ‘fiat’ money and mentioned its legal aspects. In the end we have mentioned a few areas for further research in relation to Bitcoins. TABLE OF CONTENTS: Sr no. | Content | Page no. | 1.2.3.4.5.6.7.8.9.10. 11. | IntroductionTypes of virtual currenciesIntroduction to BitcoinsTransaction Process for BitcoinsMethods for transacting BitcoinsStorage of BitcoinsNeed for legal statusCurrent scenarioConclusionAnnexureReferences | 456688910121415 | INTRODUCTION: The definition of money has constantly being reviewed over a period of time. Initially money was traded in the form of commodities for commodities by the name of barter system. However in the 18th...
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