Does this idea about future of computer science seems realistic ?

My teacher has asked me to make a project on an idea that may revolutionize Computer Science in future.So here is my idea

A normally people spend up to $1000 dollars to buy a computer that suits his needs. What happens is that new softwares and games are being made all the time . After few years our computers can not run these games and softwares as they require more resources. So we have to spend a considerable amount of money upgrading or buying new computers.My idea is that we do not spend money on computer hardware instead we get very fast broadband connections.Computer sends the data to be processed to supercomputers through the internet.Supercomputers process the data and returns it to our computer.Since the data wont be processed locally in our computers there will be no need to have computers with high specifications.Like nowadays we pay for different internet packages 8Mb,16mb,50mb etc we will be paying for different processing speeds offered by companies.A person who just browses web may get a low end package (like he will be getting processing power equal to a intel i3 processor with 4GB ram) pay accordingly.While a person who uses high end softwares( requiring more resources) can get speeds equal to intel i7 processors with 16GB of RAM and pays accordingly.Our data will also be stored on the servers and we wont even need hard disks with huge capacity.I will have to research on this topic if i select it. So does this idea seem reasonable.

You can also suggest you own ideas?