Dfinity: Bringing Us The Decentralized Internet?
Some projects fly under the radar.
Before going any further, it must be stated that this is for informational purposes only. Each is responsible for his or her own research. This article is not an endorsement for the validity of the investment opportunity regarding this crytocurrency.
With that out of the way, we can proceed forward.
Many have speculated what will it take to break up the present system that is holding the Internet hostage. As we are aware, a handful of companies control major portions of the online world. We all have to go through these entities for the most part since avoiding them is extremely difficult.
Blockchain is something that many think can change the situation. By decentralizing the data, the centralized cloud companies are no longer as powerful. Projects such as Ethereum came into being touting the idea of being the world's virtual computer.
Obviously, there are some drawbacks to what is taking place on that chain. With the present traffic, it is not a platform that looks like it will scale. The shift to PoS could drastically increase the chances of success but we are stuck waiting to see how that unfolds.
What is not waiting around is a project called Dfinity. This is one that labels itself the "Internet computer". In fact, the team dropped the term blockchain from any materials it puts out.
It made some news with the release of the "brain" behind the computer. This has got a fair number of people excited and believing in the potential.
The foundation released the governance network named Network Nervous System (NNS) also called Sodium. The idea is to be able to run software from anywhere on decentralized data centers.
"The NNS now means the Internet Computer is feature complete," said Dominic Williams, Founder and Chief Scientist of the DFINITY Foundation. "It represents a seminal moment in the history of the internet. For the first time, internet services will be governed in a completely independent, decentralized manner."
At its core, the NNS is a governance system that regulates Dfinity's litany of data centers, providing everything the network needs to build an open internet, including a decentralized finance (DeFi) sector, along with a host of decentralized apps (Dapps) and pan-industry enterprise systems—all of which, Dfinity says, will be highly scalable.
One of the core issues with the growth of a centralized Internet, especially when it comes to cloud applications, is security. Hacks are common and only appear to be getting worse. Companies are continually under attack from outsiders. At the same time, as needs evolve, centralized systems have a tough time keeping up. This puts CEOs in the position of having to adjust their plans to contour to what the cloud is offering.
We are also seeing a push towards the edge. With AI becoming more advanced as well as computation increasing in power, we are seeing the shift of processing away from the main centralized location towards the edges. This increases efficiency yet also poses a large security threat.
Decentralization is often thought as a way around this. With data distributed across many decentralized data centers, the access point is shift. Instead of just one gateway to reach the honeypot, one will have to target multiple simultaneously. With the technology in the foreseeable future, this is near impossible to accomplish.
Dfinity is exciting the investor community. After the release of Sodium, the expected price of the token skyrocketed. Cointelegraph posted an article discussing how this project could be a top 5 in terms of market cap when it goes live.
While NNS’ most recent fundraising effort offered ICP tokens at a rate of around $4.50, the futures price of the asset is currently over $17. If this hypothetical value holds true, it would give the token a market cap of around $8 billion at launch. A price this high would be enough to place it squarely in the Top 5 on CoinMarketCap.
In this era of the 24 hour news cycle, we see a lot of hype surrounding projects. One advantage the developers of the Internet had was the fact the Internet did not exist where everyone was posting about what was taking place with the development of the Internet. The same is not true today.
Of course, amidst the hype, there is legitimate progress being made. Dfinity is one example of an organization that is intent on achieving the end of decentralized data. Fortunately, they are not the only ones working on this. Ultimately, it is safe to conclude that someone will arrive at the breakthrough which serves as a springboard going forward.
Based upon the news surrounding Dfinity, many believe they are onto something. We will have to await what else is released as we move into the new year. From the sound of things, it is a project that can move rather quickly.
With hundred of thousands of coders around the world (perhaps millions) who are not tied to major firms, this could be an exciting development. Few like to be restricted in their choices, something that happened in the computing-technology world over the last 30 years. I have yet to meet many IT personnel who care for Microsoft yet they have to tolerate the company since they own the enterprise market.
It sounds like Dfinity and projects like it are rapidly moving to a place where it will provide developers with new options. This could help to revolutionize how data is handled throughout the world.
After all, despite the best efforts of ole Softy, most servers in the world run on open source software, not a proprietary operating system.
So there is some history that tells us what is possible.
Picture from Decrypt.co article linked.
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Interesting concept and from Switzerland no less. It may be the final piece to remove the “gate” keepers.
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Could be. We will have to see what the technical people say about it. This could be something that really touches the industry at a deep level.
The next 6 months will be interesting.
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Great article, this might be very useful! Looking forward to it.
That would be a huge development. Will keep an eye on the DFINITY project to gather more facts. It looks promising on the surface and its all we need in the now - Decentralization!
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My brain still tries to wrap up and understand in what direction is heading and how Internet can change with DFinity. We are living times that will shape the future of the world, I am just overwhelmed and sad I cannot get involved in so many good projects out there.
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Thanks for the Article. I wonder is this going to be related to the Tangle?
I been reading on the verification process with tangle and it sounds like this is similar to what I was reading about it. (Not that I completely understand what the tangle actually is yet other than I guess its a type of a verification process in a decentralized format)
It started making me realize and wonder if there is going to be an internet that will increase with speed the more people start joining up which is like what I was reading about with Tangle.
And there probably will be a "decentralized" internet that starts off well and is accepted by the public and is intended to do good but over time it will become dramatically slower due to its semi-centralized node structure and because of that, any currency related to these types of chains will become obsolete because the demand for "time" to the majority is becoming the most recognized asset and increased waiting times for any type of transactions to be processed will devastate itself I would think.
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The issue I noticed with decentralising the internet is that a huge section of the World's populace don't care. They're fine with living in blissful ignorance and just allow centralised bodies run the show.
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