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.
The highly anticipated Dfinity Mercury Genesis launch is upon us, and the team behind the Internet Computer project are all hands on deck to ensure an adequate understanding of the innovation by members of the public.
Based on this, a detailed overview of the core design of the Network Nervous System (NNS), the brainpower for the entire system has been revealed.
The announcement for the Dfinity Mercury Genesis launch by May 7 was unveiled back in April, after several milestones in the project’s roadmap had been attained. Prior to this Genesis launch, five important network milestones such as the Bronze, Copper, Tungsten, Sodium, and Mercury Alpha public releases have been completed, with the Mercury Beta Mainnet concluded on March 30th. The path for the entire project has been consistent, signaling the true resolve of the Internet Computer to change the entire web and data economy.
Definity Genesis Launch: The Place of the NNS
The Network Nervous System is the decentralized brain that controls the Internet Computer network. Its core design makes the Internet Computer a fully adaptive system. This means proposed changes through its decentralized governance system are implemented automatically, ushering in a system which deviates a great deal from what centralized data services providers brandish.
As noted by the Dfinity Project team, “the NNS can perform tasks such as upgrading node machines to update the protocol or apply security fixes, tweaking economic parameters, or forming new subnet blockchains to increase network capacity, at any time. It runs within the Internet Computer’s protocols, and is able to make these changes without interrupting the network’s operation or breaking security.”
In practice, the Internet Computer Network and the NNS are powered by the ICP Utility token. As an open decentralized network, anyone anywhere in the world can stake ICP tokens to generate Neurons, a network feature that is useful in voting and creating proposals such as those highlighted above.
The Neuron holders have a lot to gain in being a part of the system’s governance structure. They are incentivized to vote, accept or reject proposals through a sustainable token economics design. The locked token that fuels the generation of Neurons makes it difficult for an attacker to gain a 51% stake or power to launch any form of attack on the network. The economics involved in launching such an attack may harm the entire network if it succeeds, but it certainly will not turn out profitable for the attacker himself.
In general, the launch of the Dfinity Mercury Genesis is a direct gateway to new internet infrastructures, such as will provide decentralized competition to big data outfits like Amazon Web Service, Microsoft Azure, and others.
FTX Derivatives Exchanges Launches ICP Futures
The Dfinity project is already gaining traction in the broader cryptocurrency ecosystem as the FTX derivatives exchange has launched ICP token futures, per an earlier Coinspeaker report. Following the Genesis launch, Coinbase Pro is also billed to list the tokens, a move that will enhance accessibility and lower the barrier of entry to participating in the project on a global scale.