The Dfinity Foundation has set up a $ 223 million fund to help develop the Internet computer. However, the crypto community is cautious

The Dfinity Foundation based in Zurichannounced the creation of a CHF 200 million fund, approximately $ 223 million, to support the development of Internet computers, a decentralized blockchain-based network that has very ambitious plans to “replace” much of the Internet.

The non-profit scientific research organization announced the “Developer Ecosystem Program” on May 26th.and is now accepting applications for development grants.

These grants will operate separately from the $ 14.5 million Beacon Fund announced in September 2020and that it is a venture fund that supports developers who create open internet services on the platform.

The Dfinity Foundation has set up a $ 223 million fund to help develop the Internet computer.  However, the crypto community is cautious
The Dfinity Foundation has set up a $ 223 million fund to help develop the Internet computer. However, the crypto community is cautious

In a blog post announcing the new grants, Dfinity founder and chief scientist Dominic Williams stated:

“Our goal is to help redesign all systems and services in new ways using smart contracts on an infinite public blockchain and nothing else.”

Dominic Williams founded Dfinity in 2014. The company has received investments from Andreessen Horowitz and PolyChain Capitalwho backed the project in a $ 105 million funding round in 2018.

The goal of Internet Computer is to replace much of the Internet with a blockchain-based, self-managed decentralized platform that enables intelligent contracts at web speed directly to users.with unlimited scalability and at the same time greater efficiency and user-friendliness than systems based on conventional infrastructure.

Internet Computer is based on a decentralized protocol that is similar to the Web 3.0 cloud and is known as Internet Computer Protocol (ICP)., which uses a combination of data centers and high-end node machines or validators around the world to create a computer network to host this new version of the public internet.

The ICP is intended “as a complete replacement” for the existing Internet infrastructureWilliams told Forbes in 2019.

Dfinity proposes decentralization by introducing a consensus model called Threshold Relay, which is accompanied by its network nervous systemor NNS, algorithmic software that regulates the internet computer, economy and structure.

The Internet Computer Token (ICP) enables government participation by ICP staking out the NNS and blocking within “voting neurons”.. The longer an established ICP is involved, the more voting rights they receive.

Dfinity’s great vision for the ICP has received mixed reactions from many members of the cryptocurrency community.who have raised questions about the degree of decentralization of project management.

In an illustrative thread on the r / dfinity subreddit on May 25th User “u / Additional_Plant” commented, “I don’t doubt it’s a powerful, groundbreaking project. But that doesn’t mean it’s good for us normal people.”and added:

There are too many red flags. In all respects, Dfinity has full control over the NNS. Is It Really A Cryptocurrency? Not really. Is it really decentralized? Not much less. “

Coinbureau also posted a popular ICP review and breakdown on Youtube on May 23rd.and highlighted several issues related to data protection and decentralization.

The breakdown raised issues such as Dfinity’s apparent “complete control” of the network, the NNS’s unknown power over governance, and the potential impact of users giving their private data to the project.as they are required to create a unique “Internet Identity” for operation on the network.

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