DFINITY mainnet is officially online. After 6 years, the once-dominant public chain has entered a new phase of development.
A fundraising of up to $200 million and an airdrop of 25 million Swiss francs (about $27 million). DFINITY is already very “wealthy” even before it is launched.
DFINITY, the self-proclaimed “crazy sister” of Ether, has gone through iterations of its “vision” over the past few years, from originally being a “sister” to Ether, to now being a benchmark for the TCP/IP ICP protocol. From the original “sister” with Ether, to the ICP protocol that is now benchmarked against TCP/IP, DFINITY has taken a very different path from Ether.
In 6 years, how far has DFINITY come? Let’s find out.
Project DFINITY is finally available
DFINITY 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.
The hierarchical structure of DFINITY consists of a “software container” (Canister), subnets, nodes and data centers, with the “software container” being the interoperable base unit in DFINITY. In DFINITY, each smart contract is a scalable “software container”, which is the most fundamental component of ICP.
Unlike Ether, which hopes to provide a technology stack for decentralized applications that primarily involve moving and using digital assets, DFINITY aims to replace the traditional Internet by assigning special identities to data and using the eventual transfer of ICP governance to users.
In the DFINITY system, rewards are paid through inflation of ICPs (DFINITY tokens), partly to reward neurons (governance nodes) for participating in governance, and partly to reward data centers, but the number of ICPs allocated is not disclosed and may also be determined through neurons in the future.
Currently, the governance process of DFINITY is divided into creation of nodes, proposal phase, voting phase and execution phase, and the many neurons are built into a Network Neuron System (NNS, Network Nervous System), which is also the governance system of DFINITY.
The NNS is composed of Nervous, and each person holding ICP tokens can lock ICP to create Nervous nodes, which in turn participate in the on-chain governance of DFINITY and receive benefits.
The value of ICPs locked in neurons decreases if the content of proposals and votes harms the development of the network. The proportion of the number of users locked in the neuron ICP and the unlocking delay time represent their voting weight.
The features of DFINITY can be summarized as
- Seamless connectivity: DFINITY can be shared worldwide , and internal systems can interact seamlessly with each other while protecting privacy.
- Unlimited performance: DFINITY redefines enterprise IT with highly fault-tolerant performance, completely saying goodbye to backup recovery, database, and complex firewall setup, simplifying systems and dramatically cutting IT labor costs without crashing due to failure.
3.Open programmable platform: DFINITY dramatically reduces the development difficulty by simplifying the technology stack and simplifying the development storage.DFINITY not only can build all kinds of applications, its development language has a strong simplicity and at the same time is very inclusive.
DFINITY is launched in several stages, Copper, Bronze, Tungsten, Sodium and Mercury. All are test networks except the last one, Mercury, which is a public network. The Mercury Beta Candidate is currently live and is the last version of its codename before the main network goes live.
As planned, the release of Mercury’s Beta mainnet version signifies the official Genesis launch of DFINITY and represents that Internet computers will become part of the public Internet and will ICP tokens will be used as a complementary Internet protocol to TCP/IP.
The idea of DFINITY began in 2015 with founder Dominic Williams. Like Ether, DFINITY’s vision at the time was to create a “world supercomputer” that would make the Internet a public computing platform.
In October 2016, the DFINITY team established the DFINITY Foundation and built the network layer in January 2017, while DFINITY was still under the slogan of “Ethernet sister chain”, hoping to solve the flaws of Ethernet.
However, as the technology developed and the team received more funding, DFINITY reset its vision on top of the previous one: to become a super Internet computer.
In early 2017, DFINITY completed a seed round of fundraising, and in 2018, a private round of investment by institutional and community members represented by a16z and Polychain Capital, with a final fundraising total of $190 million.
However, although the fundraising has gone very well, the DFINITY project has progressed far from expectations, and there has even been a spate of negative news.
The main online launch date was pushed back again and again, the official T-shirt was not shipped, and even one of its co-founders, Tom Ding, was revealed to have quit the team and switched to researching life extension in the field of bioscience.
The DFINITY main online date, which was planned for 2019, was also repeatedly postponed.
However, a good meal is not afraid of late, on May 8 of this year, DFINITY, which is 3 years late, will finally go live with its main network Beta version and will distribute its token ICP simultaneously.
It is worth noting that long before ICP was launched, futures products on ICP had also appeared in the industry, and according to the 8 million circulation, its current circulation market value is already as high as $3.2 billion, while its total valuation is as high as $20 billion.
If ICP can continue its futures price after its launch, then it means that DFINITY has directly entered the TOP 10 of the cryptocurrency market capitalization list right after its launch.
Along with the launch of DFINITY’s main network, many projects developed based on DFINITY in the early years will also be opened simultaneously, adding to the DFINITY ecology and bringing more “wealth creation myths” to the industry.
The list of DFINITY ecological projects
1.ICPSwap: Uniswap on DFINITY
ICPSwap is a decentralized exchange based on DFINITY Internet computer, which can be described as Uniswap on ICP and Serum on Solana. ICPSwap has been successfully deployed on ICP test network, and you can test the trading of ERC20 tokens.
2.Sailfish: DEX with social features
Sailfish was the winning project at the DFINITY Tungsten Demo Day project presentation in September 2020. It is a decentralized exchange where users can complete activities such as trading, lending, and collateralizing. It also has some social features. In the demo video, the developers showed the ETH/DFN bridge function, which can exchange ETH for dfnETH on the DFNITY network.
However, Sailfish’s Twitter feed, Medium, was not updated again after the information was released last October.
- Tacen: A legal-first, non-regulatory exchange
Tacen, a demo project at The Open Internet Boom online event and one of the first startups to build a decentralized exchange on an Internet computer, has raised $2.3 million to date.
Tacen aims to bridge the rift between centralized and decentralized exchanges in terms of security and speed, achieving enterprise-level product speed while eliminating the need for KYC and giving users full autonomy to control their assets. Convergence is achieved through infrastructure such as smart wallets, speed aggregation orders, and settlement data prophecy machines. In addition to trading homogenized cryptocurrencies, Tacen can also be used for trading NFT assets and is still under development.
- DfiStarter: The first IDO platform on DFINITY
DfiStarter is the first IDO platform on DFINITY, providing PR, fundraising, technical support and other services for early stage projects.
- Enso Finance: Social Trading and Strategy Portfolio Platform
Enso Finance is a social DeFi strategy platform that allows users to subscribe to other people’s strategies to realize gains. Previously, Enso Finance announced the completion of a $5 million funding round with investors including Polychain Capital, DFINITY Beacon Fund, Multicoin Capital, P2P Capital, Spartan Group, Zola Global, and The LAO, among others.
Enso is designed to make it easy for everyone to participate in the DeFi ecosystem, all integrated by a clean, intuitive UI. Enso enables users to easily discover, create and change strategies, and combines social transactions to create and invest in other strategies for users.
- Distrikt (LinkedUp): DFINITY’s version of LinkedIn
Distrikt is a DFINITY-based decentralized social media network, formerly known as LinkedUp, dedicated to creating an open version of LinkUp.
According to official information, Distrikt will be available for user onboarding as early as summer ’21. The platform will be launched as a specialized social network for showcasing medium to long-form articles created by users. If we were to compare it to existing platforms, Distrikt would be a combination of LinkedIn, Twitter and Medium, only decentralized and autonomous and owned by its users.
Currently, the team consists of 11 experts, including engineers, front-end developers, mobile developers, designers and operations. The project is funded by the Open Internet Foundation and has received 1 million Swiss francs in funding.
- CanCan: To make “decentralized Jitterbug” on DFINITY
CanCan is a decentralized and scalable video sharing application, a demo made by DFINITY, which aims to be a “decentralized ShakeYin”. At the 2020 World Blockchain Conference in Wuhan last December, DFINITY’s founder introduced CanCan in a speech: “It is similar to ShakeYin in that it plays short user videos and uses tokens as incentives. At CanCan, users can give 10 ‘super likes’ every 24 hours. When they see some videos that they think will be popular, they can give super likes. When a video goes viral, CanCan looks at the users who gave superlikes in order. The first user to give a super like gets a lot of bonus points. Periodically there are ‘drop days’ where users can redeem rewards points for CanCan governance tokens or redeem rewards points for prizes, provided by sponsors. Sponsors can use the reward points to pay for advertising.”
8.OpenChat: “Decentralized WeChat”
OpenChat is the first decentralized encrypted communication application on DFINITY, following open applications on Internet computers such as LinkedUp and CanCan. OpenChat is a decentralized, encrypted social application whose front-end and back-end will run through Internet computers as part of the public Internet architecture.
OpenChat is similar to WhatsApp, Signal and Telegram in terms of functionality, and is commonly known as “decentralized WeChat”, allowing users to create accounts directly through biometrics on the terminal, and allowing cryptocurrency to be sent in the chat.
- dscvr.one: “Decentralized Reddit”
dscvr.one is an ICP-based decentralized social content platform with a custom governance engine embedded, designed to determine future development and content censorship through a vote of governance tokens. The dscvr alpha beta is currently in beta and will be deployed when the main DFINITY website goes live.
10.Capsule: Super simple decentralized social media
Capsule plans to launch a super-simple decentralized social media platform based on ICP. In March this year, the company received a $1.5 million seed round led by Beacon Fund (an eco-fund co-funded by Polychain, a16z and DFINITY Foundation). Previously, Capsule has also received a seed round from investors such as former Coinbase CTO Balaji Srinivasan, William J. Pulte, and Wamda Capital.
- Canistore: Digital media services for subscribers
Canistore is a future digital media service provider based on Web3, governed by a community of audio and video content creators, subscribers and advertisers. Users can store, sell, and share their photos, music, and videos on it.
12.Fleek: Open Web Developer Platform
Fleek is an open web developer platform, formerly known as TERMINAL, with everything you need to seamlessly build sites and applications on the emerging web, with support for underlying protocols such as DFINITY, Ether, IPFS, Filecoin, and more, offering services such as hosting, storage, gateways, domains, databases, and more.
Fleek plans to migrate its supported Ethernet applications and NFT projects to DFINITY’s ICP. Upon completion of the migration, 11,000 traditional and blockchain-based websites on Fleek will be able to run on the main Internet Computer network, and Fleek is expected to be one of the first applications on the main DFINITY Internet Computer network.
- Get Impact Now: an on-chain political communication and participation platform
Also a winning project at the Tungsten Demo Day in September 2020, Get Impact Now is a political communication and engagement platform that uses Internet Computer to address some of today’s most pressing social and political issues in the hopes that citizens can participate in the political decision-making process.
- Bonus: Brand Loyalty Incentive System
Bonus is a next-generation brand loyalty incentive system based on DFINITY and an excellent project at Tungsten Demo Day, which allows brand companies to create and distribute rewards to users who can freely redeem, trade, and transfer these rewards.
However, the project was shown at Demo Day mainly as a concept introduction and has not been updated on Github for 7 months.
- Syra: Enabling people around the world to collaborate on music production in real time
Syra is a web-based digital audio workstation that enables people around the world to collaborate on music production in real time. syra equips users with a professional Studio toolkit with a seamless plug-in interface, as well as chat, video and project management features.
From the ecological point of view, the ecology of DFINITY is more mature than the previous Solana ecology, and it is more inclined to social applications. At the previous event, Xiao Feng, chairman of Wanxiang Blockchain, also took a more positive attitude towards the development trend of DFINITY after the main network went online. He believed that the similarity between DFINITY and Ether is that they are both developer-friendly networks. And DFINITY, as a distributed application platform, provides a more simplified application environment for developers, in which application development, deployment and distribution have the characteristics of low cost, low code, low operation and cold start.
However, DFINITY also has some drawbacks.
For an underlying application, the importance of the developers in its ecosystem cannot be overstated.
While the industry has never stopped complaining about the congestion of the Ethernet network, at the same time, it is still the hottest ecosystem right now with far more developers on its chain than its competitors.
One of the reasons for this is the universality of the underlying application programming language.
Solana and Polkadot, for example, have a niche programming language, which makes their on-chain ecosystem much cooler than that of Ether. It will take time to verify whether DFINITY, which is compiled in Motoko language, can break this spell.
At the same time, many users are worried about DFINITY, they think the golden period of the public chain market has passed, the former “ethereum killers” have chosen to embrace ethereum, and the early public chains such as EOS have lost public trust long ago, and the new star public chains such as Solana are facing The emerging Solana and other star public chains also face the powerlessness of lack of infrastructure, insufficient user volume and unformed ecological development after the mainnet.
However, despite this, the retail community is still optimistic about the prospects of DFINITY.
Will the market pay for DFINITY again, and will DIFINITY really be able to afford the word “Diva”?
In the years of vision iteration, it can be seen that the team is really to the forefront of the industry, and along with DFINITY ecology has been precipitated by the project is certainly not the so-called junk project.
Whether the “old project” of 6 years can deliver a satisfactory answer for the market, I think the answer is yes.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/the-main-network-is-finally-online-an-article-to-read-the-dfinity-ecological-development/
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