Dfinity unveils ‘open algorithmic governance system’ as final milestone before launch

https://www.theblockcrypto.com/linked/79323/dfinity-unveils-open-algorithmic-governance-system-as-final-milestone-before-launch?utm_source=rss&utm_medium=rss

Dfinity, the much-hyped and long-anticipated blockchain-based cloud computing project, today unveiled a token-based governance system that will be used to control its “internet computer.” 

It’s the final milestone before the network’s public launch, which will occur later this year, according to a press statement.

Dfinity, which launched in 2018 and has raised more than $160 million in venture capital, aims to establish the basis for a new decentralized internet. In June, the network opened its doors to third-party developers. The newest piece, which it calls the “Network Nervous System” (NNS) is an “algorithmic governance system that onboards independent data centers to the network.”

At the center of the new governance system will be a token, called ICP (formerly called DFN). According to the release, ICP token holders will be able to lock their tokens within the NNS to create “neurons” that allow them to vote on new proposals. 

The ICP tokens can also be used to power decentralized applications, similar to the way Ethereum gas works. Specifically, the tokens can be burned to create new “cycles,” which the company calls “the fuel” to run software on Dfinity.

Since the cycles will have a stable value, they will also function as a stablecoin for use in decentralized finance (DeFi) applications on the network, according to the release.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Blockchain cloud computing network DFINITY unveils governance and tokenomics

https://www.cryptoninjas.net/2020/09/30/blockchain-cloud-computing-network-dfinity-unveils-governance-and-tokenomics/

The DFINITY Foundation, a not-for-profit organization based in Zurich, Switzerland overseeing the development of the DFINITY cloud computing network, today unveiled the Network Nervous System (NNS), an open algorithmic governance system that controls the Internet Computer and acts as its brain. This milestone, called the Sodium network, reveals the novel algorithmic governance and the token economics needed to build DeFi and dapps, open internet services, and pan-industry enterprise systems that are capable of securely operating at hyperscale.

Most importantly, Sodium is the last milestone before the public launch of the Internet Computer later this year, when it spins out as part of the public internet.

Tech giants have distorted the way we use the web, monopolizing wealth at the top and restricting innovation, entrepreneurship, and ownership of internet services. The Internet Computer is a blockchain computer powered by a network of independent data centers, allowing software to run anywhere on the internet rather than on Amazon, Google, and Microsoft-controlled server farms. It reduces costs by eliminating everything from storage to middleware and even firewalls. It removes security risks by allowing the creation of tamper-proof software. The Internet Computer is a complete alternative to the $3.9-trillion-dollar IT stack in operation today.

The Internet Computer restores ownership of the internet back to the people. This has never been more important, as the year’s events have increased Big Tech’s stranglehold over the internet, which has become an essential public utility. They have dictated the evolution of the internet, which was designed to be open and free, but has since been hijacked by corporate greed and monopolistic tendencies. The Internet Computer will put an end to this, providing a platform for open internet services that are free of corporate shackles. It is completely decentralized, and ensures that the Internet Computer is continuously updated in a manner free from corporate or political interests.

Dominic Williams, Founder and Chief Scientist of the DFINITY Foundation:
“The NNS now means the Internet Computer is feature complete. It represents a seminal moment in the history of the internet. For the first time, internet services will be governed in a completely independent, decentralized manner. It is the technical solution to the systemic problems Big Tech has created with its monopoly over the internet, a public utility that should be completely open — bringing back the concept of the programmable web. The NNS is the catalyst for the open internet we were promised in the 1990s, and it ensures that the future of the internet remains open and free.”

“Sodium is the final milestone before Mercury, when the public Internet Computer network comes into being later this year. The Internet Computer is already running specialized hardware in numerous independent data centers worldwide, and hundreds of nodes are supporting developers and entrepreneurs ranging from MMO games to pan-industry enterprise platforms to combat counterfeit goods to decentralized financial services.”

CryptoNinjas » Blockchain cloud computing network DFINITY unveils governance and tokenomics

Dfinity’s Internet Computer Could Be a Truly Decentralized Alternative

https://cointelegraph.com/news/dfinitys-internet-computer-could-be-a-truly-decentralized-alternative

The blockchain and smart contracts you interact with may be decentralized, but the cloud services often used to access them aren’t. Dfinity’s Internet Computer is stepping up to set that straight.

Proponents of blockchain technology herald decentralization as a key facet of its revolutionary nature.

But the majority of users are still accessing decentralized exchanges, or DEXs, decentralized finance, or DeFi, and decentralized applications, or DApps, through web browsers served by centralized cloud services.

Cointelegraph spoke to Dfinity founder and Chief Scientist, Dominic Williams, about its Internet Computer platform, which allows direct interaction with code held on the blockchain, and completely eliminates third party intermediaries from the equation.

One (decentralized, autonomous) computer to rule them all

Williams got involved in blockchain full-time in 2013. He hooked into the buzz around Ethereum and interacted with its early developers.

“I saw the potential for an Internet Computer which could eventually host everything, from search engines to email and everything in between.”

After all, if all of the world’s internet services were on one single blockchain computer, the networking benefits alone would be enormous. The idea went through several scaled-down iterations, before an oversubscribed fundraiser in 2016 convinced Williams to revert to his original vision.

No easy task ahead

Such an undertaking would not be easy. The science is several giant leaps ahead of that required for a standard blockchain. The first stage was to build the necessary structure for the organisation, which was helped by substantial backing from Andreessen Horowitz.

“Hands down we have the strongest blockchain team in the world, bar none. We have a huge capacity for research and development. You won’t get the top cryptographers for free on GitHub.”

The next issue was scalability. The complexity of standard software is immense, and a large proportion of the $3.9 trillion spent globally on IT annually goes on securing systems. The Internet Computer needed a secure protocol which was tamper-proof and unstoppable. 

“Bitcoin rewards electricity burning, and proof of stake blockchains reward staking on a server, but this doesn’t work for scaling on the Internet Computer.”

Instead, the Internet Computer rewards data centres based on the number of computer nodes they run, providing a platform on which to scale. The result is a giant blockchain computer running on the public internet, which provides performance and capacity, but also enhanced security.

Hey, you, get off of my cloud

Code on the Internet Computer is held in canisters which essentially run forever, and can be served directly from the blockchain into a browser as a user experience. This means that the users can be sure that they are interacting directly with the underlying blockchain.

In contrast, smart contracts and DApps which are accessed through websites hosted on proprietary closed cloud services provide no such guarantee. Use of cloud services creates an external point of failure, whether through hacking or other vectors.

There is also the risk that a cloud provider could block the service based on the whims of its management or the authorities. Furthermore, a web services account can only be held by a legal entity, so cannot be autonomous by definition.

“Some of the key requirements of blockchain are to be uncensorable, unstoppable and tamper proof. This is the basis of the Internet Computer.”

Dfinity recently opened up the Internet Computer to third party developers with its “Tungsten” release. The final public release is scheduled for later in the year.