Dfinity

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"Internet Computer" redirects here. For the current global system of connected computer networks, see Internet. For the automatic general-purpose devices for performing arithmetic or logical operations, see Computer.
DFINITY
DFINITY Foundation
Dfinity logo.png
FormationOctober 2016
TypeNonprofit organization
PurposeTo build, promote, and maintain the Internet Computer.
HeadquartersZurich, Switzerland
Location
Region served
Global
Founder & Chief Scientist
Dominic Williams
Staff
200 (as of 2021)
Websitedfinity.org
Internet Computer
CodeICP
Development
White paperhttps://dfinity.org/pdf-viewer/pdfs/viewer?file=../library/dfinity-consensus.pdf
Initial releaseCopper / November 2019
Latest releaseMercury / May 2021
Code repositorygithub.com/dfinity/ic
Developer(s)DFINITY Foundation
Source modelOpen source
Licensegithub.com/dfinity/ic/blob/master/LICENSE
Websitedfinity.org
Block explorerdashboard.internetcomputer.org

The DFINITY Foundation (also known as DFINITY) is a nonprofit organization that develops the Internet Computer, a decentralized, open-source cryptocurrency.[1]

The DFINITY Foundation is based in Zurich, Switzerland,[2] but was registered as a non-profit foundation in Zug.[3] The foundation oversees research and development centers and remote teams across the world.[4]

The Internet Computer is infinitely scalable, runs smart contracts at web speed, and enables them to serve interactive web3 content directly to users.[1] ICP (∞[citation needed]) is the native cryptocurrency of the platform. At ICP's launch in May 2021, it was one of the most valuable cryptocurrencies in market capitalization[5], but it decreased in value by about 95% the month after it launched.[6]

Background and history[]

Internet Computer was first proposed in 2008.[7][dubious – discuss]

DFINITY was founded by Dominic Williams in October 2016[8][9] and registered as a non-profit foundation in Zug.[3]

In 2017, development of Internet Computer was crowdfunded from hundreds of blockchain enthusiasts and notable early Ethereum supporters.[10]

In 2018, prominent venture capital firms such as Andreessen Horowitz, Polychain Capital, SV Angel, Wanxiang Blockchain, Fenbushi Capital, SNZ Holdings, Aspect Ventures, Electric Capital, Scalar Capital, and Multicoin Capital provided financial contributions for less than 10% of the network's governance tokens.[11] In addition, to further decentralize the network, over 50,000 registerted participants received ICP utility tokens in an airdrop managed by CoinList.[12]

DFINITY raised $61 million from Andreesen Horowitz and Polychain Capital in a February 2018 funding round.[13] At the time, DFINITY stated it wanted to create an "internet computer" to cut the costs of running cloud-based business applications.[14] A further $102 million funding round in August 2018 brought the project's total funding to $195 million.[15][16]

In May 2018, DFINITY announced plans to distribute around $35 million worth of DFINITY tokens in an airdrop as part of the company's plan to create a "Cloud 3.0." Due to regulatory concerns, none of the tokens were to be distributed to US residents.[17][needs update]

From 2019 to 2021, Internet Computer formally developed through several named versions: Copper, Bronze, Tungsten, Sodium, and Mercury.[7][18][19]

The Internet Computer Genesis Event was on 7 May 2021, with the mainnet and ICP token launched on 10 May 2021.[10][19][20][21]

By June 2021, the Internet Computer's price had decreased by about 95%, which one cryptocurrency analyst called "highly unusual for a project of this scale".[6] The analyst's firm identified 44 "probable insider addresses", which collectively deposited 10 million ICP tokens to exchanges in moves coinciding with falls in the price of ICP.[6] Despite the launch coinciding with a downturn in the cryptocurrency market, ICP fell more than the other top 100 cryptocurrencies by market cap.[6]

Goals and overview[]

The Internet Computer allows any blockchain entrepreneur or developer to deploy a decentralized application (dapp), pan-industry platform, decentralized finance (DeFi), NFTs, as well as traditional enterprise systems and websites, running end-to-end on a public blockchain, without the need for centralized cloud services such as AWS, which is commonly used in legacy blockchains.[22]

DFINITY aims to reduce the costs of cloud services by creating a decentralized "internet computer"[23][24] which launched in 2021 (first announced to launch in 2018).[25][verification needed]

DFINITY claims that transactions on the Internet Computer are finalized in 3–5 seconds, compared to 1 hour for Bitcoin and 10 minutes for Ethereum.[26][15]

DFINITY oversees research and development centers in Palo Alto,[27][28] San Francisco,[29] Tokyo,[8] and Zürich,[9][30] as well as remote teams in the Brazil, China, Germany, Hungary, India, Netherlands, Russia, Turkey, UK, and US. These teams include many of the world’s top cryptographers and distributed systems and programming language experts, with nearly 100,000 academic citations and 200 patents collectively.[31][4]

The Internet Computer's technical community collaborates with DFINITY to continuously implement new features and upgrades to make the Internet Computer more efficient, faster, and easier to use for developers.[32] The most anticipated upcoming upgrades are the Internet Computer's direct integration with Bitcoin[33] and Ethereum networks.[34]

Version history[]

The Internet Computer has been developed through several named versions, namely Copper, Bronze, Tungsten, Sodium, and Mercury.[7][better source needed]

Copper[]

Copper introduced the first public version of the DFINITY Canister SDK (V0.3.0) as well as Motoko, a new programming language optimized for creating tamper-proof software and open internet services for the Internet Computer using WebAssembly (Wasm).[35][better source needed] Copper was officially announced at SF Blockchain Week in November 2019.[36][better source needed]

Bronze[]

Unveiled at the World Economic Forum annual meeting in Davos in January 2020[37][6], Bronze demonstrated an example social network for professional profiles called LinkedUp (an open version of LinkedIn) running on the Internet Computer.[38][weasel words]

Tungsten[]

The Tungsten launch event showcased the Internet Computer development platform[39] and enabled third-party developers to start using the platform to develop web and smartphone apps.[39] Tungsten (or the Developer Network) was officially launched in an event on 30 June 2020.[36]

Sodium[]

Sodium unveiled the Network Nervous System (NNS), an open algorithmic governance system that controls the Internet Computer.[40] The NNS oversees participation in the network, and is responsible for inducting and rewarding data centers.[citation needed] The Sodium launch event detailed how the NNS manages the token economics behind the Internet Computer and explained how ICP tokens are used for “cycles” and governance.[citation needed]

Sodium was officially launched in an event on 30 September 2020.[41]

Mercury[]

On 18 December 2020, the Internet Computer alpha mainnet was created.[42]

Mercury marked the public launch of DFINITY's mainnet. The team planned to reach this stage before the end of 2020. The Internet Computer Genesis Event was on May 7, 2021, with the mainnet and ICP token launched on May 10, 2021.[19][20][21][relevant?]

References[]

  1. ^ Jump up to: a b Orcutt, Mike (2021-05-07). "Dfinity is finally launching its 'Internet Computer'". The Block. The Block. Retrieved 2021-05-07. ...At its core, the Internet Computer is the world’s first blockchain that runs at web speed with unlimited capacity — solving the ‘blockchain trilemma’ by producing a blockchain network that is decentralized, secure, and scalable..
  2. ^ Gola, Yashu (2021-05-12). "How did Internet Computer (ICP) become a top-10 cryptocurrency overnight?". CoinTelegraph. CoinTelegraph. Retrieved 2021-05-12. ...Dfinity, the Zurich-based nonprofit backing Internet Computer..
  3. ^ Jump up to: a b "Dfinity raises $61 million for blockchain-based cloud". VentureBeat. 2018-02-07. Retrieved 2021-09-18.
  4. ^ Jump up to: a b Schubarth, Cromwell (2018-02-07). "Andreessen Horowitz backs cloud challenger to Amazon, Google being hatched in Palo Alto". The Business Journals. Silicon Valley Business Journal. Retrieved 2021-01-08. ...A Swiss nonprofit operating out of Palo Alto working on a blockchain project that could upend Amazon, Microsoft and Google in cloud services has raised $61 million from Andreessen Horowitz and San Francisco hedge fund Polychain Capital...
  5. ^ Richard, Isaiah (2021-05-11). "'Internet Computer' Cryptocurrency is a Two-Day Old Coin that is Now Valued at $45b—What You Need to Know". Tech Times. Tech Times. Retrieved 2021-05-11. ...Dfinity has debuted "Internet Computer" (ICP) to the public earlier Monday, May 10, and has already garnered $45 billion in valuation with a massive trade price that already surpasses Dogecoin ($DOGE). Currently, it is in the top eight spots in CoinMarketCap, which is a massive accomplishment for the almost two-day-old cryptocurrency...
  6. ^ Jump up to: a b c d e Livni, Ephrat; Sorkin, Andrew Ross (2021-06-28). "The Dramatic Crash of a Buzzy Cryptocurrency Raises Eyebrows". The New York Times. ISSN 0362-4331. Retrieved 2021-09-18.
  7. ^ Jump up to: a b c "What Is Internet Computer Protocol (ICP)?". Coinspeaker. Retrieved 2021-07-10.
  8. ^ Jump up to: a b "The Internet Computer | DFINITY". dfinity.org. Archived from the original on 27 April 2020. Retrieved 26 August 2021.
  9. ^ Jump up to: a b Kyora, Stefan (2018-08-31). "DFINITY steps up its activities in Switzerland". startupticker.ch. startupticker.ch. Retrieved 2021-01-07. ...DFINITY will open an office in Zurich...
  10. ^ Jump up to: a b Waters, Richard (2021-05-09). "Crypto start-up Dfinity set to launch blockchain rival to AWS". Financial Times. Financial Times. Retrieved 2021-05-09. ...‘Internet computer’ project comes with a currency that starts trading on Monday...
  11. ^ Butcher, Mike (2018-08-29). "DFINITY raises $102M from a16z and Polychain for a decentralised 'Internet Computer' to rival AWS". TechCrunch. TechCrunch. Retrieved 2018-08-29. ...DFINITY is announcing that it has raised $102 million in funding, in a round jointly led by Andreessen Horowitz (via its crypto fund a16z crypto) and Polychain Capital....
  12. ^ "How DFINITY's Internet Computer Aims To Reinvent The Internet". CoinList. CoinList. 2021-04-29. Retrieved 2021-04-29. ...In 2018, CoinList facilitated the DFINITY Community Airdrop, the largest of its kind. This May, ICP utility tokens will be distributed to over 50,000 community members through CoinList. ....
  13. ^ Williams-Grut, Oscar (2018-02-07). "Andreessen Horowitz is backing a crypto-powered 'internet computer' that could be the future of cloud computing". Business Insider. Retrieved 2018-07-03.
  14. ^ Chavez-Dreyfuss, Gertrude (2018-02-07). "Blockchain project raises $61 million from Andreessen Horowitz, U.S. hedge fund". Reuters. Retrieved 2018-09-12.
  15. ^ Jump up to: a b Butcher, Mike; Lunden, Ingrid (2018-08-29). "Dfinity raises $102M from a16z and Polychain for a decentralised 'Internet Computer' to rival AWS". TechCrunch. Retrieved 2018-09-04.
  16. ^ "Dfinity raises $61 million for blockchain-based cloud". VentureBeat. 2018-02-07. Retrieved 2021-01-04.
  17. ^ Roberts, Jeff John (2018-05-29). "Dfinity Announces $35M 'Air Drop' for Blockchain-Based Cloud". Fortune. Retrieved 2018-09-12.
  18. ^ "DFINITY Tungsten Developer Network Launch - Jun 30 | Hopin". DFINITY Tungsten Developer Network Launch - Jun 30 | Hopin. Retrieved 2021-09-13.
  19. ^ Jump up to: a b c Locke, Taylor (12 May 2021). "This new cryptocurrency has people buzzing — its market value is at $35 billion in just 3 days". CNBC,com. Retrieved 3 June 2021.
  20. ^ Jump up to: a b Abril, Danielle (13 May 2021). "What is Internet Computer? A guide to the latest buzzy cryptocurrency". Fortune.com. Fortune Media IP Limited. Retrieved 3 June 2021.
  21. ^ Jump up to: a b Waters, Richard (9 May 2021). "Crypto start-up Dfinity set to launch blockchain rival to AWS". FT.com. The Financial Times Ltd. Retrieved 3 June 2021.
  22. ^ Dale, Brady (2021-05-06). "How Dfinity Could Give Ethereum Another Layer of Censorship Resistance". CoinDesk. CoinDesk. Retrieved 2021-05-06. ...Any static site can now pretty much out of the box just switch. Instead of hosting that on AWS or IPFS, they can now be hosted on a canister on The Internet Computer...
  23. ^ Marshall, Mo (2018-02-07). "Dfinity raises $61 million for blockchain-based cloud". Venture Beat. Retrieved 2018-07-03.
  24. ^ Brett, Charles (2017-08-22). "Move over AWS, Azure, Google: Dfinity wants your lunch". Enterprise Times. Retrieved 2018-09-12.
  25. ^ Kauflin, Jeff (2018-08-29). "Crypto Platform Dfinity Raises $102 Million To Take On Amazon and Google". Forbes. Retrieved 2018-09-30.
  26. ^ Mody, Seema. "Dfinity raises $61 million for platform that rivals ethereum". CNBC. Retrieved 2018-07-03.
  27. ^ Minetti, Maurizio (2019-05-08). "Dfinity boss aims to transform the internet to make it operate more quickly, safely and efficiently". Zug4You. Zuger Zeitung. Retrieved 2021-01-07. ..It was actually in 2016 that Williams, a graduate in computer science from King’s College, Cambridge (UK), set up Dfinity while in Palo Alto in California...
  28. ^ Mark Glanville (2018-10-24). Statement of Information (Report). California Secretary of State. p. 1. 201729110045. Retrieved 2021-01-08. ...DFINITY USA Research LLC...Business Addresses...Palo Alto...
  29. ^ @dfinity (2019-09-07). "...DFINITY officially opened its third Research Centre in San Francisco..." (Tweet) – via Twitter.
  30. ^ Williams, Dominic (2018-10-31). "DFINITY Build-out: Announcing a Major New Research Center in Zurich". Medium. DFINITY. Retrieved 2021-01-07. ...we have established a large new dedicated DFINITY research center in Zurich...
  31. ^ Rud, Daria (2021-05-10). "Huobi and OKEx Add Support for DFINITY's ICP – Internet Computer Governance Token". Coinspeaker. Coinspeaker. Retrieved 2021-05-10. ...Its team includes the world’s top cryptographers and distributed systems and programming language experts. It has nearly 100,000 academic citations and 200 patents collectively. The mission of DFINITY is to build advanced experimental technologies to improve the public internet. ..
  32. ^ "Internet Computer Roadmap".
  33. ^ "Integrating the Internet Computer and Bitcoin Networks".
  34. ^ Muchoki, Steve (2021-06-01). "ICP Price Slightly Up Now, Internet Computer and Ethereum Announces Network Integration". Coinspeaker. Coinspeaker. Retrieved 2021-06-01. ...Internet Computer anticipates providing solutions to the scaling challenges experienced by Ethereum while maintaining decentralization and security.. ..
  35. ^ "The Internet Computer's Evolution From Copper to Sodium". 6 June 2021.
  36. ^ Jump up to: a b "DFINITY Tungsten Developer Network Launch - Jun 30 | Hopin". DFINITY Tungsten Developer Network Launch - Jun 30 | Hopin. Retrieved 26 August 2021.
  37. ^ Introducing the Internet Computer (Bronze) | WEF 2020 in Davos, retrieved 26 August 2021
  38. ^ Butcher, Mike; Lunden, Ingrid (23 January 2020). "Dfinity launches an open-source platform aimed at the social networking giants". TechCrunch. Retrieved 10 July 2021.
  39. ^ Jump up to: a b Butcher, Mike (30 June 2020). "Dfinity demonstrates its TikTok clone, opens up its 'Internet Computer' to outside developers". TechCrunch. Retrieved 2021-07-10.
  40. ^ Butcher, Mike (30 September 2020). "Dfinity's valuation soars to $9.5Bn after revealing its governance system and token economics". TechCrunch. Retrieved 10 July 2021.
  41. ^ "DFINITY Sodium Network Launch - Sep 30 | Hopin". DFINITY Sodium Network Launch - Sep 30 | Hopin. Retrieved 2021-08-26.
  42. ^ "Internet Computer Genesis Event". dfinity.org. Retrieved 26 August 2021.
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