Dfinity Finally Launches Promising “Internet Computer”
Revolutionary blockchain system Dfinity, which seeks to invent the internet, is finally live as of Friday, 7th May, 2021.
The Internet Computer Launches
Dfinity is a public blockchain system that seeks to reinvent the meaning of the internet. The large project that has garnered attention since 2018 was kickstarted by Dfinity Foundation, a decentralized non-profit organization based in Switzerland.
The public blockchain system which Dfinity named “The Internet Computer (TIC)” has been in the works since 2018. Dfinity foundation managed to raise a funding of $195 million in the same year but was unable to launch the project in 2018 as scheduled.
The Foundation calls the Dfinity network “the last Layer 1 blockchain project” because it believes it offers the ultimate solution to current scalability issues, while also offering incredible potential. Claiming a benchmark transaction speed of 3-5 seconds: TIC’s speed has been mooted to rival traditional web speeds.
Dfinity appears so confident in its impressive stat, it has touted TIC to be an interface capable of uniting existing blockchains like Ethereum and Binance’s Smart Chain.
“You’re not really interacting with a blockchain,” Chief Scientist, Dominic Williams, enthused about TIC. “You’re interacting with a website that’s interacting with a blockchain. You’re interacting with Amazon Web Services!”
Although several crypto experts have called Dfinity’s claims “bold”, there is a palpable increased eagerness within the crypto community to try it out.
In the future, Dfinity seeks to not only host decentralized applications, but also static traditional websites, hence making claims of becoming the New Internet. Whether this is possible, the Foundation is not sure, but hopes are high.
“We want people to abandon traditional IT and move all systems and services to smart contracts,” Williams said.
How TIC Affects the Crypto Industry
Dfinity claims are bold and unusual, and it is yet another tech that would need some time getting used to. Regardless, crypto enthusiasts are ready for this one, and have waited three years for it. A number of exchanges already have Dfinity’s token ICP listed, even before it was live, as a significant part of the crypto community has high hopes for the new system.
Is TIC Ethereum’s competition?
Williams has stressed TIC is not an “Ethereum killer”, but rather a system fulfilling a different set of demands. Harrison Hines, the founder of decentralized publishing app Fleek has shared the same sentiments.
Hines believes TIC might be beneficial for Ethereum and other blockchain networks in the long run. He sees TIC helping Ethereum Dapps escape censorship in the future, providing the perfect platform to host their front ends.
Dfinity is already preparing for considerable acceptance and possible future migrations to its systems as well, as they prepare their own versions of popular social media apps like Tik Tok.
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