Epic project Dfinity goes live, an overview in one article

Dubbed an epic project, Dfinity has been covered countless times by the industry press since its inception and is frequently featured in Forbes. After wrapping up its pre-launch roadshow around the world a few weeks ago, it will finally go live on May 7th at 10am Pacific Time, 2am China time on May 8th.

Introduction: Dubbed an epic project, Dfinity has been covered countless times by the industry press since its inception, and is often featured in Forbes. After wrapping up its pre-launch roadshow around the world a few weeks ago, it is finally going live on May 7th at 10am PST, and May 8th at 2am CST.

Epic project Dfinity goes live, an overview in one article

(Image source: https://dfinity.org/)

Originally conceived by Dominic Williams in 2015 and founded in Palo Alto, California as Dfinity, Dominic is the President and Chief Scientist of the Dfinity Foundation and the Dfinity Foundation, which is currently in charge of the project, is located in Zug, Switzerland, where the project was founded and now has The project has more than 180 employees and researchers.

  1. What is Dfinity?
    Dfinity creates the first blockchain-based solution that runs at web speed and is capable of infinitely increasing capacity. Calling itself the “Internet Computer”, Dfinity promises to provide blockchain-based cloud computing, which will form the basis of the next generation of decentralized Internet.

The Dfinity team’s vision is to create applications similar to the ones we already have, but with the difference that they will run directly on the web. This will allow the next generation of the Internet to bypass the control of major technology companies such as Alphabet, Amazon, Microsoft and Apple, which now control almost all online traffic due to their ownership of the servers that power the Internet. Dfinity wants to take back control from the tech giants that dominate the Internet, and Dfinity’s developers are creating the Internet Computer. This will be a global blockchain network with independent data centers that will allow applications to run directly on the network. This will take back control and put it in the hands of the users, rather than a few large companies.

  1. Dfinity Team Background
    Dominic Williams started his career in technology back in 1995 when he graduated from King’s College in London with a first class honors in computer science. Over the years he has developed many innovative software products and is a serial entrepreneur, having founded many successful companies. In Dfinity’s R&D department are Ben Lynn, Timo Hanke and Andreas Rossberg.

Ben is the “L” in “BLS” cryptography used by Threshold Relay, which generates randomness and enables incredible security, speed and scalability in public networks. Ben is a former Stanford PhD from Dan Boneh, who joined the Dfinity team after 10 years in a senior engineering role at Google.

Timo was a professor of mathematics and cryptography at Aachen University in Germany, but later entered the Bitcoin space. in 2013, he created AsicBoost to reduce the number of gates on Bitcoin mining chips and make Bitcoin mining 20% to 30% more efficient, which has since become the standard for large-scale mining operations.

Andreas was previously an engineer at Google, with whom he co-designed the WebAssembly virtual machine, and continues to serve as the lead editor of the language specification and work on Chrome’s V8 JavaScript engine. Andreas was a postdoctoral fellow at the Max Planck Institute.

Epic project Dfinity goes live, an overview in one article

(Image source dfinity.org)

  1. Token economic model
    Token name : ICP

DFINITY conducted an airdrop of $35 million worth of tokens to early DFINITY community members in June 2018, and in the U.S., the free Dfinity tokens given away prior to the network launch can still be classified as an unregulated public securities transaction. As such, the airdrop distribution was limited to non-U.S. persons. At the time of network launch, 469,213,710 ICPs exist, allocated to teams involved in contributing work and investments in the early years prior to the foundation’s inception, with a token allocation ratio of

9.5% early contributors.

24.72% seed round investors

6.85% strategic investors

4.75% Pre-sales round investors

1.25% Community Airdrop, preferentially allocated to community members who have supported the project for a long time

52.93% Foundation grants, teams and partners, tokens held or used by the Foundation to achieve its competitive goals to fund R&D and project operations, community programs, employee incentives, partner incentives and other long-term needs.

The token acts as a utility within the platform used to pay data centers in the network system. For example, to install and run software or store data using the ICP protocol, the token will be used as a payment processing fee, and the person providing the data center will be paid for these tokens. The consumption incurred in any operation will be determined by the system executing the precise instructions for processing the amount of data and storing the amount of data for a processing fee, which is no different from the current pricing of cloud computing. The tokens will also provide the utility of voting in the governance of the protocol, which will take an autonomous form. This is similar to the current concept of mining, but at a cost (pledging tokens) to provide storage capacity, not just to secure the network.

3.1 What is the Dfinity Neural Network (BNS)?

Network upgrades and recommendations are managed on the chain through the Blockchain Neural System (BNS), the BNS neural system’s equivalent of a human brain.The BNS operates similarly to a decentralized autonomous organization (DAO): network participants vote on the periphery and final decisions are automatically implemented by the network itself. But BNS enables participants to set their preferences before voting on proposals, and issuing votes is no longer a manual process.

ICP tokens are locked to generate votes on proposals for the neural network system. Neurons can also be made to follow each other to perform tasks automatically. For example, a neural network can be created to follow the votes of another neural network and in this way represent the same voting preference.

  1. Funding size

Dfinity Foundation launched an ICO (seed round) in early 2017 and raised 3.9 million CFH (Swiss Francs), mostly in BTC and ETH, for a total of about $4.1 million this time. After a year of hard development, they raised $61 million (strategic round) from A16z and Polychain Capital, real heavyweights in the Crypto investment space and beyond.Mid-2018 saw new investments, led by A16Z and Polychain Capital, with the major investors from the previous round investing another 100 million (pre-sale round), joined by 9 other venture capital funds, SV Angel, Aspect Ventures, Village Global, MulticoinCapital, Scalar Capital and Amino Capital, KR1, all raising for Dfinity has provided over $195 million in total funding to realize its vision for Internet Computer.

  1. How does Dfinity work?

Dfinity Internet is built on a new decentralized protocol called the Internet Computer Protocol (ICP) that combines the collective computing power of a large number of computer nodes to produce a single unified computer platform capable of supporting applications of any size and complexity.

With the Dfinity Internet Computer, smart contracts are divided into secure units of code (called “containers”) that act as computational units for individual applications or functions. End users are able to interact with these containers through entry points – their user experience will be very similar to that of the Internet today.

Unlike the traditional Internet, Dfinity Internet computers will host and serve applications and data directly on the chain, rather than relying on a centralized infrastructure. At its base layer, the data center network can start nodes running the ICP protocol. These nodes can then be arranged into subnets that are used to host software containers that users can interact with as part of their Web 3.0 experience.

  1. How does Dfinity compare to Ether?

Unlike Ethereum, which hopes to provide a technology stack for decentralized applications (DApps) that primarily involve moving and using digital assets such as ETH and ERC-20 tokens, Dfinity Internet’s mission is to replace the traditional Internet by assigning special identities to data and using the eventual handover of ICP governance to users.

On the one hand, Ethernet uses smart contracts to automate protocols and actions. On the other hand, Dfinity computers use containers. They are very similar to smart contracts and are hyper-scalable.

In addition to this, the two platforms differ significantly in terms of speed and efficiency. While Ether currently suffers from relatively high transaction fees and slow transaction confirmation times (due in large part to congestion), Dfinity’s huge throughput ensures that it can achieve absolute transaction completion in 5-10 seconds, while its scalability is almost infinite thanks to Ether’s innovation of threshold relays.

These performance advantages can be seen when comparing Dfinity to the current state of Ether. With the gradual rollout of Ether 2.0, these differences could change significantly. Ether is now being accepted by technology developers to reduce the learning cost of development. The current Dfinity Internet operational utility is relatively complex and developers need to relearn a new development language to adapt to developing technology for it.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/epic-project-dfinity-goes-live-an-overview-in-one-article/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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