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One of the most ambitious and backward cryptocurrency projects is finally ready to see the light of day, amid signs that it could add a new twist to the speculative frenzy of digital assets when trading officially begins on Monday.
Dfinity will launch what it calls the “Internet computer,” a group of technologies designed to support a new generation of decentralized applications and services that are being developed in the world of the blockchain.
Even before its launch this week, futures trading of digital tokens that will be used to grease the wheels of its internal digital economy suggested it could claim a place among the handful of top-rated cryptocurrencies. Highly volatile and fine trading at one point placed the value added of its chips at more than $ 100 billion.
“A lot of people are looking for the next, the best: what’s the newest and brightest witness on the market,” said Wilson Withiam, an analyst at Messari, a cryptography research firm. “It seems absurd for a network that has just been launched. But, on the other hand, it is a project of great projection.”
However, despite the scant advanced business, he and other cryptography experts warned that Dfinity could struggle to differentiate itself in a market increasingly full of “smart contract” operators and distributed computing networks that have emerged. in the world of the blockchain.
Work on Dfinity began in 2017, just as the first boom in cryptocurrencies was taking off. It raised more than $ 120 million from a broad group of venture capital and hedge fund companies, led by Andreessen Horowitz and Polychain Capital. Since then, the basic software code of the project has been completely rewritten once the complexity of the engineering was multiplied and the objectives changed.
Dfinity set out to build a faster and cheaper alternative to Ethereum, the blockchain that introduced “smart contracts” or software code that runs automatically when certain conditions are met, considered a key element for the next application generation.
In later years, it has also evolved into an alternative to the web services of Amazon and other cloud computing companies, designing software that could replace its centralized networks with a set of distributed data centers managed by independent operators.
“They don’t seem to be doing anything new,” said David Nage, principal of Arca Funds, which invests in digital assets. “The market has already matured and produced real applications that have current uses.”
These include other Ethereum rivals such as Polkadot, Solana and Flow, which have sculpted positions in different markets such as gaming and a class of digital assets known as NFT, Nage said. There has also been a wave of new businesses designed to promote distributed computing resources, such as Filecoin and Storj storage services.
Dfinity’s “Internet computer” is the complete set of technologies that replicate what these and other cryptographic projects do. Dominic Williams, founder of the project, defined it as the only platform for what has come to be known as Web 3.0, a decentralized set of services that could challenge the power of companies like Facebook and Google.
But it also tried to represent it as a complement to other blockchain projects, for example, by allowing other cryptography participants to move their computing outside of Amazon’s data centers and move it to the Dfinity network.
Williams compared the fashion of cryptocurrencies to the dotcom bubble of the late 1990s, when the vast majority of speculative companies exploded, but a handful of survivors became Internet giants.
“It’s very speculative, it’s very crazy,” he said. “We think in terms of milestones of five, ten, twenty years.”
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