Since the inception of blockchain technology, there a recurring issue in its innovation. It is how to scale it to billions of users. Bitcoin was infamously never designed for this, and other platforms such as Ethereum are currently struggling as well. If you could solve this challenge, you’d have the trendiest property in blockchain right now, according to the theory.
DFINITY, a company, and foundation based in Zug, Switzerland, and Palo Alto, wants to build a decentralized, non-proprietary network that will power the next generation of mega-applications. Investors are flocking to the company for many reasons, including ambition and computer science skills. DFINITY wants to launch an early version of its public network, dubbed Cloud 3.0, by year’s end.
Andreessen Horowitz and Polychain Capital led the round via a16z crypto, DFINITY said today. With at least $1.3 billion invested in blockchain technology in the first half of 2018. Both participates already in DFINITY’s $61 million round earlier this year. As of 2015, DFINITY raised approximately $195 million.
With full decentralization and outsourcing the mechanics to nodes or super nodes, DFINITY finds a halfway ground. Comparatively, Bitcoin takes 3,600 seconds and Ethereum 600.
In May, DFINITY delivered tokens worth 35 million Swiss Francs to DFINITY community members to help them become early users. DFINITY takes the more recent route of obtaining funds for its token through a private sale rather than a public offering.
While many blockchain projects focus on cryptocurrencies, this startup is developing a platform that may use for a far wider range of applications.
The Internet Computer, according to founder and chief scientist Dominic Williams, is public infrastructure for hosting future applications and services. That it is open source and non-proprietary makes it more secure and less expensive to maintain. DFINITY claims that such a design reduces R&D costs by 90%.
The Internet Computer is on its way to becoming an important component of the future technology stack. This is ground-breaking work, and it’s a credit to Dominic and the DFINITY team.
Dfinity is fascinating to a new decentralized world since it has the power to address today’s most pressing concerns, such as scale and network security. It’s one of just a few emerging blockchain platforms that can accomplish this. Dominic’s conviction in their approach always pleased Keld Van Shreven, CEO of KR1.
Unlike today’s Internet networks and players, which own and operate privately, DFINITY’s objective is to run more self-contained software. To calculate and conduct other activities without the intervention of other parties, these open-source software programs will exist as open-source software that updates itself using built-in governance. These can solve data handling or reassure entrepreneurs who want to implement features without losing platform access.