Cryptocurrency News

$ 223M fund for Internet computer makers – but community is wary

Zurich-based Definity Foundation Has announced a CHF 200 million, or approximately $ 223 million fund to support development on Internet computers – a blockchain-based decentralized network with wildly ambitious plans that “replace” most of the Internet in a day.

The non-profit scientific research organization announced the “Developer Ecosystem Program” on May 26, and is now accepting applicants for development grants.

These grants will operate separately from the $ 14.5 million Beacon Fund, announced in September 2020, and is a dedicated venture fund that helps developers build open Internet services on the platform.

In a blog post announcing the new grants, Dfinity founder and chief scientist, Dominic Williams, Having said:

“Our objective is to support the re-conceptualization of all systems and services into new forms using smart contracts on infinite public blockchains, nothing else.”

Dfinity was founded in 2014 by entrepreneur Dominic Williams and has seen Investment from Andreessen Horowitz and Polychain Capital, Who supported the project in a $ 105 million funding round in 2018.

The purpose of Internet computers is to replace most of the Internet with a self-governing blockchain-based decentralized platform that can provide users with the convenience of smart contracts directly at web speeds, with unlimited scalability, while more of a system built on traditional infrastructure. Provides efficiency and utility.

Internet computer is a decentralized. it depends on Web 3.0 cloud-like protocol To create a network of computers to host this new version of the public Internet – called Internet Computer Protocol, or ICP, uses a combination of data centers and high-end node machines, or verifiers, worldwide.

ICP is “intended as a complete replacement” for the existing Internet infrastructure, Williams. Told In forbes 2019

Dfinity proposes decentralization by introducing a consensus model called threshold relay with its networked nervous system, or NNS – algorithmic software that controls Internet computers, economics, and infrastructure.

Internet computers, or ICPs, enable participation in governance by staking ICPs in token NNSs and locking them inside “voting neurons”, the longer the holder holds the ICPs, the greater the voting power. They receive.

Dfinity’s grand vision for the ICP has been greeted with mixed reaction among many in the crypto community, with questions about how decentralized the governance of the project really is.

In an illustration Thread On May 25, on the “r / dfinity” subredit, user “u / Additional_Plant” noted “I don’t doubt that this is a powerful, game changing project. But that doesn’t mean it’s good for us common people.” . “

‚ÄúThere are so many red flags. For all intents and purposes, Dfinity has complete control through the NNS. Is this really a crypto? Not necessary. Is it really decentralized? away with.”

CoinBuro also released a popular review and Breakdown Of ICP on Youtube on 23 May, and highlighted various issues with privacy and decentralization.

The breakdown raised issues such as Dfinity’s apparent “total control” over the network, the amount of undisclosed power NNS had over governance, and the potential impact by users handing over their private data to the project, as they needed to be made single on the network. “Internet Identity” to work with.