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- Many applications like Ethereum and other similar apps will migrate towards the Internet Computer
- It took Dfinity more than five years to develop
- Will bring down the cost of computing significantly
Dfinity Foundation is going to launch the Internet Computer on Friday, according to a report by CoinDesk.If the claims made by the project are to be believed, it will make every aspect of decentralized Finance (DeFi) applications uncensorable.
If the claims are accurate, it could find successful applications like Ethereum and other similar apps migrating for good to The Internet Computer. It could also mean that The Internet Computer is beyond its times and something no one anticipates now. Dominic Williams, the chief scientist at Dfinity, was quoted by coindesk, and he said that it would open new doors for users to abandon the traditional IT and move systems and services to smart contracts.
It took five years in making
Dfinity launched the Internet Computer after a long gestation period of development stretching five years. Finally, we have the long-awaited ‘The Internet Computer’ for smart contracts which will run at internet speeds.
Dfinity is the last breed of Layer 1 blockchain projects. The revolutionary public network will afford a limitless environment for smart chain operations, running at web speeds and reducing computing costs by a million times. It will afford to build DeFim mass-market social media services and extend Ethereum dapps.
Achieving blockchain singularity
Founder Dominic Williams said in an interview that the ultimate goal is achieving blockchain singularity. The ecosystem will include
- Enso, Finance (a decentralized exchange)
- District (a professional social network)
- Fleek (infrastructure for the decentralized web)
- Origyn (a provenance platform for luxury goods),
The launch, according to Coindesk, also opens to grab 469,213,710 utility tokens (ICP) under the authority of the Network Nervous System (NNS). Coinbase has already announced a plan to list them on its Coinbase Pro product. Dfinity is funded by Andreessen-Horowitz, Polychain Capital, and many others.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
