Dfinity Foundation Set To Build Internet Computer

Dfinity Foundation Set To Build Internet Computer

What if I told you there is a massive computer used by everyone? What if it is closer to reality than we think? Dfinity Foundation states it has found a way to build such a computer and Andreessen Horowitz and Polychain Capital had already invested some $61 million in its development.

Blockchain Technology: The Next Big Thing
German start-up Slock.it uses blockhchain to open locks
Real Estate Platform Uses Ethereum Blockchain

What if I told you there is a massive computer used by everyone? What if it is closer to reality than we think? Dfinity Foundation states it has found a way to build such a computer and Andreessen Horowitz and Polychain Capital had already invested some $61 million in its development.

Andreessen Horowitz is a leading Silicon Valley venture capital firm, while Polychain Capital is a cryptocurrency hedge fund. Both investors will receive tokens when the Dfinity project is finished.

The Dfinity Foundation is connecting computers via a blockchain to create “Internet Computer”. The founder of the foundation, Dominic Williams, notes – “This applies new cryptography to public blockchain technology that is faster and more secure than anything around today.” You can check his detailed explanation here. During technology tests last year, the network was 600 times faster than the ethereum network.

Dfinity is a public, open source blockchain and anyone willing to run the protocol can join the public network. The open code guarantees that applications can literally emerge at any moment in time. Williams believes that his creation can disrupt cloud services provided by Amazon or Google because the internet computer is practically a giant public cloud.

BLS cryptography, invented at Stanford University, underpins the Dfinity network, making it stable and secure. Since the whole network runs on distributed ledgers it is far more protected than conventional systems. Furthermore, backup databases costs could be reduced by 90%.

The $61 million raised will be used by Williams to establish the Dfinity Ecosystem Fund which on the other hand would support developers willing to create applications, tools or projects. Apart from that, a whole new support department has to be established because once the network is publicly used, somebody has to take care of the system and ensure it functions properly.

COMMENTS

WORDPRESS: 0