After several years of research and development and numerous advances in cryptocurrencies and computers Dfinity launched its mainnet “Internet Computer” on December 18th.
Internet Computer promises to be the first blockchain computer to run at unlimited capacity at the speed of the web. This speed is achieved by what is known as chain key technology, in which intelligent contract queries are divided into two types: update queries and query queries.
Update queries will complete in a second or two depending on how long it takes to create new blocks. However, query queries can run in milliseconds because any status change after execution is discarded.
This allows blockchain developers to create user experiences that rival existing web applications.
Dfinity founder and chief scientist Dominic Williams stated that the purpose is to “expand the functionality of the public Internet using a novel and advanced blockchain network that also eliminates the need for legacy technologies such as cloud services, databases and firewalls. Ultimately, the Internet computer enables entrepreneurs and developers to re-imagine how and what they are building – a paradigm shift that will change everything. “
The launch took place on time for the promised release date for the fourth quarter of 2020.but where were the fireworks? Why are we only hearing about it now? And what happened to the millions of governance tokens?
Well, the first thing you need to realize is that this may not be what some would instantly consider mainnet.
The platform is fully functional and decentralized, is only managed by the responsible network nervous system and is not restarted on the way to a “Genesis” version.. However, Williams still refers to the current version of Mercury as Alpha.
As a result, only a fraction of the 469 million governance tokens have been issued so far. These will be held by Dfinity, the early investors and various other parties who will vote the remaining tokens as present once the requirements for Genesis are met.
These requirements include publishing large amounts of source code and documentation, and ongoing security and stress testing as the network expands. With Genesis slated to hit in the next two to three months, the network will go into beta.
Currently, The mainnet runs on nodes in seven separate data centers in the USA, Germany and Switzerland. The subnet that controls the network’s nervous system has produced around 400,000 blocks since launching December 18 and is in the process of adding 896 nodes through the Genesis transition.
As Cointelegraph reported, the current futures price of over $ 21 for ICP governance tokens would place Dfinity just outside the top five digital assets by market capitalization. While this is on hold for now, this massive company has just passed another major milestone.