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Dfinity Finally Launches ‘Internet Computer’ after 5 Years of Development

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by Benjamin Godfrey · 3 min read
Dfinity Finally Launches ‘Internet Computer’ after 5 Years of Development
Photo: DFINITY

The Dfinity Foundation designed the Internet Computer to be self-amending so that changes in the protocol can be ensured automatically without altering the functioning of the system and the protocols that reside on it.

The much-awaited Internet Computer from the Dfinity Foundation, a not-for-profit blockchain organization based in Zurich, Switzerland, has finally been launched. The launch of the Genesis for the Internet Computer marks a new era for the growing Web3.0, as the new protocol boasts to have the capability to support a large number of decentralized applications and software that will be built on it.

It has been a long journey for the Internet Computer project, and its development can be traced as far back as 2015, with Dfinity being officially founded in 2016 by Dominic Williams. The project garnered an enormous interest in its early days and has raised as much as $160 million with some of the first backers ranging from Andreessen Horowitz (a16z) amongst others.

According to Dfinity, “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.” The core aim of the Internet Computer is to host software with supercomputers, that is, to brandish a set of unique qualities, not currently inherent in the wide array of DApps around today.

The Internet Computer is billed to serve developers, enterprises, and any internet user within the blockchain or crypto ecosystem and the broader worldwide web as a whole. The Internet Computer did not just take five years to develop, Williams as well as the entire team has a great ambition for the project.

“In 10 years, the wider tech community will realize that the Internet Computer is on a trajectory to one day become humanity’s primary compute platform for building software, and the ‘Open Internet’ will predominate over Big Tech’s closed proprietary ecosystem. Finally, in 20 years, the Open Internet will finally be significantly bigger than Big Tech’s closed proprietary ecosystem, which will be in terminal decline, but will take forever to disappear for similar reasons COBOL code is still running,” he said in a statement.

Dfinity Internet Computer: Works to Dethrone Big Tech through Flexible Governance

The Dfinity Foundation designed the Internet Computer to be self-amending so that changes in the protocol can be ensured automatically without altering the functioning of the system and the protocols that reside on it. It depends on its ICP tokens, to achieve this decentralized governance system, through a well-structured model known as the Network Nervous System (NNS).

The Internet Computer does not rely on any centralized data center, rather it runs atop numerous data centers around the world which it rewards for contributing to the network’s functioning.

Speaking to Mashable, Williams said:

“Another differentiator is in how the Internet Computer utilizes independent data centers around the world. This means it doesn’t rely on AWS or any of the enterprise cloud providers. Instead of using Proof of Work or Proof of Stake, the Internet Computer rewards the independent data centers for the time that they correctly operate standardized computer nodes.”

Now the Internet Computer is up and running, anyone can acquire the ICP governance token to be a part of the system, for which rewards can be earned also.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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