For A Decentralised ‘Internet Computer’, DFINITY Raises $102M From a16z And Polychain
Dfinity has once again hit the headlines. It is providing a decentralized Internet Computer. Why is it observed to be an industry first?
What is Dfinity? Where is it targeted?
There has been a persistent problem in the development of blockchain since it appeared that is how is it made to scale to billions of users. Never really designed for this was Bitcoin famously as there were today other platforms like Ethereum that are also struggling. The thinking goes on that in case you could crack this problem then you are sure to end up with the hottest property in blockchain today.
Some of the bigger reasons why investors are gathering around Dfinity where this comes with a very healthy dose of ambition and a bench of strong computer science talent which is a start-up based out of Zug, Switzerland, and Palo Alto. It has the foundation which is a very lofty goal building what it calls the Internet Computer coming as a blockchain-based decentralized and non-proprietary network running the next generation of the mega applications. Aiming to launch an initial version of its public network, Dfinity has also dubbed Cloud 3.0 lately.
As it announced, Dfinity has raised $102 million in funding in a round that was jointly led by Andreessen Horowitz as well as Polychain Capital which was previous investors thereby in a $ 61 million round. It became to be a blockbuster for blockchain as at least $ 1.3 billion was invested into the technology and it later on raised just over $ 195 million to date. Subsequently, the other investors were SV Angel, the Aspect Ventures, Village Global, Multicoin Capital, Scalar Capital, and Amino Capital, KR1, together with DFINITY community members.
Resolving the dilemma between full decentralization versus delegating the mechanics to nodes or super nodes is Dfinity’s approach to the scalability problem. testing its network to the point Dfinity finalizes software computation in under 5 seconds that is extremely fast whereby contrast Bitcoin takes 3,600 seconds as Ethereum takes 600 seconds. To help the Dfinity community members become early users, it conducted an airdrop OF 35 million Swiss Francs worth of tokens following a newer approach of raising a private sale of the token without going to a public sale.
How Is Dfinity Influencing The Crypto World?
Tied up with the currency are a lot of blockchain projects as notably about what the start-up is thereby doing which is its wider focus on building a platform used across a significantly wider set of applications. Described by founder and chief scientist, The Internet Computer comes as a public infrastructure aiming to host the world’s next generation of software and services. Here the belief is that making it open source and non-proprietary there is significantly more secure and less costly to maintain claiming the R&D on such an architecture is somewhere below 90 percent lower.
As Chris Dixon, Partner at a16z crypto puts it they are excited to back Dfinity’s Internet Computer with the vision to host the world’s next generation of software and services on a public network. As the Internet Computer comes on track becoming a critical piece of the future technology stack, it is groundbreaking with a real testament to Dominic as also the incredible team at Dfinity. Adding to this is Keld Van Shreven, the CEO of KR1 says Dfinity is viewed as exciting to a new decentralized world with the ability to solve big issues of the day that include scaling and network security. Hereby it is perhaps one of the handfuls of new blockchain platforms as it can of course achieve this and were impressed with Dominic and his conviction of the approach. Additionally, to Williams, the team was also impressed.
Here the team included firstly Timo Hanke as the head of engineering, as the former mathematics and cryptography professor has created AsicBoost increasing the efficiency of Bitcoin Mining, secondly, it was MahnushMovahedi who was joining as a senior researcher from the Yale and there she had worked on the scalable and fault-tolerant distributed algorithms for the consensus and of secure multiparty computation, secret sharing, an interactive communication over noisy channels; further on ex-Googler Ben Lynn being the L from BLS cryptography used in Threshold Relay generating randomness and achieve security, speed, and scale in public networks; along with AdreasRossberg who comes as another ex-Googler co-designing the WebAssembly virtual machine used at Dfinity.
The Concluding Words
Amidst all these internet networks as well as the largest players online today come with proprietary entities with commercial and strategic agendas as the vision behind Dfinity and blockchain is therefore used to run autonomous software running more independently. Using inbuilt governance providing hard guarantees to users in the form of smart contracts these exist as running open-source software and updating itself. However, it can cover the use of data providing guarantees to start-ups wishing to build functionality without the precarious worry of platform access being revoked as Dfinity has not disclosed its valuation with this round.