With the advent of blockchain technology comes the need for improvement from the first known blockchain which was conceptualized by Satoshi Nakamoto to other prominent blockchain like ethereum, Cardano, e.t.c.
The need for improvement has led to different proposals and deployment of several blockchain protocols which includes Layer 1 protocols that are vying and looking promising to win the blockchain arms race and support the next generation of financial primitives.
While Bitcoin and Ethereum remain by far the industry’s best-known and most supported base protocols, a wave of scalable alternatives are coming online and threatening to disrupt the established order and this article will be focusing on the revolutionary layer 1 blockchain protocol known as DFINITY
DFINITY PROTOCOL: A brief introduction
DFINITY protocol is a layer 1 blockchain project that is launched as a revolutionary public network which will provide a limitless environment for the deployment of smart contracts which are able to run at web speed, serve web, scale and reduce cost of computation by a million times or more. DFINITY protocols will be able to support a wide variety of purposes which includes DeFi, mass market tokenized social media services which can be tracked on-chain and includes an extension to ethereum dapps.
The DFINITY Foundation is a non profit scientific research organization based in Zurich, Switzerland, which oversees research work in various centers across the world tasked with the mission to build, promote, and maintain the Internet Computer.
Its accomplished team — which includes many of the world’s top cryptographers and distributed systems and programming language experts, with nearly 100,000 academic citations and 200 patents collectively — is committed to building advanced experimental technologies to improve the public internet. By hiring the best from academia, the cryptoverse and world’s leading technology with dedicated professionals Working from different research centers in Zurich, Palo Alto, San Francisco and Tokyo, or as part of remote teams, DFINITY protocol intends to Build tokenized mass market social media services exclusively from smart contracts which will allow the following functions
- Build and deploy canisters (smart contracts) with the most powerful smart contract language ever created
- Operate node machines using independent data centers
Which will help to create a Limitless blockchain with the power, speed and scale of the Internet. DFINITY will also use its; Beacon Fund initiatives to help teams who can launch and grow the open internet services and decentralized financial systems of the future. The fund will be managed by Polychain Capital with additional backing from Andreessen Horowitz and the DFINITY Foundation with aims of reinventing the internet.
The mission of DFINITY protocol is to build The Internet Computer, thereby reinventing the Internet as a computer that hosts secure software with superpowers. The Internet Computer is a new technology stack that is tamper-proof, fast, scales to billions of users around the world, and supports a new kind of autonomous software that promises to reverse Big Tech’s monopolization of the internet.
DFINITY ecosystem comprises of three (3) main parts which are listed below
Beacon Fund: This is used to invest early in strong teams who can launch and grow the open internet services and decentralized financial systems of the future. The fund is managed by Polychain Capital with additional backing from Andreessen Horowitz and the DFINITY Foundation.
BENEFACTOR OF BEACON FUNDS includes teams that can focus on;
- Top Developers
- User Experience
- Network Effects
- Open Internet
- Decentralized Finance
- Tokenized Governance
The next part of the ecosystem is:
FELLOWSHIP: This is a 12 month program designed to build a network of computer science educators and advocates, giving them the opportunity to support local ecosystems of educators through knowledge sharing, lesson creation, and community organizing.
The Fellowship program is ideal for educators, graduate students, college-level teaching assistants (TAs) and computer science education advocates interested in gaining practical experience working with emerging technologies and next-generation software development environments.
Rounding up the ecosystem is the “Enterprise”:
DFINITY protocol will act as the Internet Computer for Enterprises by deploying a new technology stack that protects companies and unlocks a new breed of software to redefine industries.
PROJECTS ON DFINITY ECOSYSTEM
Several projects/products are already being deployed on DFINITY, some of them are listed below based on specified categories
EnsoFinance, ICPSwap, Tacen, SailFish, RFL,
DFINITY club, DFINITY, DfinityFun
Bonus, Get.impact.now, Origyn
Dfinity Explorer, Dfinity Scan, DfiStarter and Fleek
Cancan, canlstore, capsule, distrikt, dscvr.one and OpenChat
Detailed information about the project under DFINITY ecosystem will be published in subsequent articles.
With a bold and unrelenting attitude, DFINITY is on a mission to conjure the Internet Computer, which will transform how to build IT systems which include websites, enterprise systems, mass market internet services, financial systems, governance and legal systems and more. By innovating and pushing the boundaries of cryptography, distributed computing, virtual machine technology, protocol design, languages, and other computer science thereby continuously improving its engineering and processes with the aim to transform the future and create a better world.
Dfinity Club: https://twitter.com/dfinityclub