Bitcloud developers plan to 'replace' Internet

A new project has been launched that could replace the Internet.

The ambitious project, Bitcloud, aims to provide services currently controlled by Internet service providers (ISPs) and corporations.

The project is based on the same methods used to mine Bitcoins.

According to the BBC, individuals would perform tasks such as storing, routing and providing bandwidth, in return for payment.

The founders are searching for developers for the project, adding that they will start by decentralising the current Internet, and then create a new Internet to replace it.

According to the report, like Bitcoin miners provide computing power and are rewarded for solving complex mathematical equations with the virtual currency, so individual net users would be rewarded based on how much bandwidth they contribute to the Bitcloud network.