The Internet of Money, written by Andreas M. Antonopoulos, is a collection of nine delightful and thought-provoking essays that introduces readers to the innovative world of Bitcoin, cashless money, and crypto-currency. Antonopoulos is a recognized public speaker on Bitcoin and blockchain technology, and he has written a tech-savvy and accessible guide on a digital currency revolution that is revolutionizing the 21st century economy.
The book begins by discussing the internet revolution itself, a disruption of vast proportions that has transformed our world and economy. The Internet of Money examines the growing opportunities for disruptive cryptocurrencies and blockchains, digital money which can act as efficient networks of economic trust and value transfer.
In the first essay, An Overview of Bitcoin, Antonopoulos provides a comprehensive, but succinct, introduction to the technological and economic aspects of Bitcoin. He explains why Bitcoin was created, how it works, and how it can be used worldwide. According to Antonopoulos, there are many potential advantages of Bitcoin, including being cheaper and faster than traditional payment methods, not requiring trust in third parties, and allowing merchants to avoid chargebacks.
The second and third essays, The Beauty of Bitcoin and The Five Pillars of Open Blockchains, provide a more thorough exploration of the concepts of Bitcoin, detailing the benefits and drawbacks of the technology, and reflecting on how it affects the state of the current financial system. The essay, Bitcoin and Network Security, is especially noteworthy and addresses several key security issues around Bitcoin.
The fourth essay, An Introduction to Ethereum and Smart Contracts, introduces readers to the concept of blockchain-based smart contracts, and their potential to automate legal and financial processes with higher accuracy. Additionally, Antonopoulos provides an in-depth discussion on the scalability of Ethereum, a platform designed to serve as the foundation of the new worldwide, digital economy.
The fifth essay, Fintech, Digital Identity and the Internet of Value, is a timely and thought-provoking examination of the impact of digital money and digital identity on our ever-evolving digital economy. Antonopoulos explores the potential of distributed and autonomous systems to provide more secure, efficient, and resilient financial services. He also considers the potential of digital money to revolutionize and improve the global system of payments, contracts, and entitlements.
The remaining essays discuss topics such as the Regulation and Governance of Bitcoin, Digital Money and the Overton Window, and Scenarios for the Future of Money. Antonopoulos reiterates the potential of Bitcoin and other cryptocurrencies to transform society, as he also questions the role of governments, banks, and other financial institutions in the digital economy of the near future.
With its rich and engaging content, The Internet of Money provides a comprehensive but concise introduction to Bitcoin, blockchain technology, and digital money. Through Antonopoulos’s enthusiastic informational writing style, the reader can gain invaluable insight on the nascent blockchain industry and the potential of a digital revolution. The title is essential reading for anyone looking to understand the digital world of money and the potential of decentralization.
