Crypto:
30188
Bitcoin:
$67.802
% 0.76
BTC Dominance:
%54.4
% 0.13
Market Cap:
$2.44 T
% 3.67
Fear & Greed:
74 / 100
Bitcoin:
$ 67.802
BTC Dominance:
% 54.4
Market Cap:
$2.44 T

Dfinity Founder Criticizes Crypto Industry, Advocates for ICP

Internet Computer Dominic Williams

Asked for his views on the crypto and blockchain world, where he has worked for almost 10 years, Danny Williams of the Dfinity Foundation does not mince his words.

The investment in “snake oil” has become even more preposterous. “Who has the best snake oil? I’m going to invest in that because their marketing is better,” Williams had said previously to The Block. These stories are spread, and people are gullible. I think this is the most important challenge that the industry is facing today.

Williams founded the Dfinity Foundation, which developed and largely contributed to the development of the Internet Computer Protocol, and acts as its chief scientist. A few years back, Dfinity, which raised $195 million from a number of top financial organizations like Polychain Capital and Andreessen Horowitz, was one of the most anticipated projects in the industry. Zurich-based Dfinity is a nonprofit in the formal sense.

The Dfinity Foundation, which Williams asserts possesses “1,000 years” of R&D experience and created the Internet computer blockchain, is clearly highly regarded by Williams and his colleagues. In the other part of the business world, he isn’t so philanthropic.

I’ll be honest: there are piles of rubbish. According to him in a recent interview, almost all blockchains are waste and scams. The secondary significance is technology now. Websites perpetuate that the product is finished or doing something it isn’t, and that is no more than which person can spin the best story.

Williams Criticizes Major Blockchains, Praises ICP Potential

Williams recognizes the role of blockchains like Bitcoin, Ethereum, Solana, and Avalanche in creating an efficient and scalable internet, but he points out the fact that their limitations are being ignored. However, he believes that the Internet Computer Protocol, which he refers to as the “sole third-generation” blockchain, could open up an entirely new era of entirely blockchain-based online transactions.

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Despite the fact that Williams recognizes that some of the most-known blockchains are good at processing transactions, he is skeptical that they will be able to create a new decentralized internet that will be widely used by the general population.

“A blockchain is a kind of compute platform, and it can either be like a traditional blockchain that does compute sequentially, like Ethereum, Solana, or it can be a third-generation blockchain that can scale and compute” he stated that this would allow for the construction of web3 platforms, such as on-chain social networks, more effectively.

“Take a picture with your phone, three megabytes,” Williams said, attempting to demonstrate how inefficient web3 is at the moment. Putting that on Ethereum would set you back $110,000. Additionally, he mentioned that the process of uploading it would be expensive, costing around $400 on Solana.

 

Dfinity’s Internet Computer Protocol Faces Challenges

Developers of Internet computers believed they were unique in 2021.

At the heart of an Internet computer is a blockchain network that operates at web speed with unlimited capacity, addressing the ‘blockchain trilemma’ by delivering a decentralized, secure, and scalable blockchain network, as per the Dfinity Foundation.

While Internet computers may assert the technical superiority of alternative blockchains, the protocol has been time-challenged. The Dfinity Foundation put off the launch of the Internet Computer Protocol at the end of 2018, and it went live two and a half years later.

“At launch, Williams said that ‘in 10 years, the broader tech community will recognize that the Internet Computer is headed on a trajectory to become humanity’s number one compute platform for creating software and the Open Internet,’” (ICPs, 2021).

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Messari research highlights that the launch to the public “bordered the release of the Internet Computer’s source code” and “the ICP utility token’s transaction and governance functionalities.” According to CoinGecko, ICP’s value has collapsed after reaching $400 and an $18 billion market cap in May 2021. The end of last year witnessed the improvement of ICP prices.

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