How Dfinity Could Give Ethereum Another Layer of Censorship Resistance

Friday 07 May 2021, 8:32 AM AEST - 1 month ago

The Internet Computer, which the Dfinity Foundation plans to launch Friday, has the potential to make every facet of decentralized finance (DeFi) applications uncensorable – that is, if the projects unusually bold claims hold up.

That could be extremely powerful for the most successful applications on Ethereum, but it could also mean that many of those apps ultimately migrate for good to The Internet Computer.

It also might turn out that none of that happens. Or that The Internet Computer turns out to be great but for something no one anticipates now — such is the course of big, strange new technology.

We want people to abandon traditional IT and move all systems and services to smart contracts, said Dominic Williams, the chief scientist at Dfinity.

The Internet Computer (TIC) is what Dfinity calls its new decentralized system for running all the applications we are familiar with from the open web as well as on blockchains like Ethereum and Binance Smart Chain.

The claims for The Internet Computer could not be larger. In a September blog post, the company described it as a new type of blockchain computer with infinite capacity and performance that rivals the traditional cloud.

When we spoke, Williams said that Bitcoin created digital gold, inventing this whole market. The second big contribution was smart contracts, which Ethereum proved work. The Internet Computer offers the third step, which he called infinite blockchain.

Any claims about infinite anything in computing are worth scrutiny. Regardless, it seems evident that theres a set of crypto enthusiasts who are eager to try their hand with this new system.

Dfinity Chief Scientist Dominic Williams speaks at Consensus 2019. (CoinDesk archives)

According to Seamus Conwell, a spokesperson for the foundation, it has raised $121 million, with investors including Andreessen Horowitz, Polychain Capital, Scalar Capital, CoinFund, Multicoin Capital and Greycfroft Partners. There was also a $61 million round in February 2018 that it considers ecosystem funding, rather than direct ba ...

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