Dfinity

The DFINITY Foundation is a nonprofit organization that develops the Internet Computer, a decentralized, open-source, general-purpose blockchain designed to host smart contracts.

"Internet Computer" redirects here. For the current global system of connected computer networks, see Internet. For the automatic general-purpose devices for performing arithmetic or logical operations, see Computer.
DFINITY
DFINITY Foundation
FormationOctober 2016
TypeNonprofit organization
PurposeTo build, promote, and maintain the Internet Computer.
HeadquartersZurich, Switzerland
Location
Region served
Global
Founder & Chief Scientist
Dominic Williams
Staff
200
Websitedfinity.org
Internet Computer
CodeICP
Development
White paperhttps://dfinity.org/pdf-viewer/pdfs/viewer?file=../library/dfinity-consensus.pdf
Initial releaseCopper / November 2019
Latest releaseMercury / May 2021
Code repositorygithub.com/dfinity/ic
Developer(s)DFINITY Foundation
Source modelOpen source
Licensegithub.com/dfinity/ic/blob/master/LICENSE
Websitedfinity.org
Block explorerdashboard.internetcomputer.org

DFINITY was registered as a non-profit foundation in Zug.[1] The foundation oversees research and development centers and remote teams across the world.[2]

DFINITY was founded in 2016 by Dominic Williams. It raised funding from venture capital firms in 2018, conducting an airdrop in the same year. Several named versions of the Internet Computer (namely, Copper, Bronze, Tungsten, Sodium, and Mercury, in that order) were then announced from 2019 to 2021, with Mercury in May 2021 marking the public launch of the Internet Computer, as well as its native cryptocurrency ICP (∞). When ICP launched, it was one of the most valuable cryptocurrencies in market capitalization,[3] but it decreased in value by about 95% over the month after it launched, leading to allegations of insider trading.

History

Origins (c. 2016 - 2019)

DFINITY was founded by Dominic Williams in October 2016[4][5] and registered as a non-profit foundation in Zug.[1]

In 2017, development of Internet Computer was crowdfunded from hundreds of blockchain enthusiasts and notable early Ethereum supporters.[6]

In 2018, prominent venture capital firms such as Andreessen Horowitz, Polychain Capital, SV Angel, Wanxiang Blockchain, Fenbushi Capital, SNZ Holdings, Aspect Ventures, Electric Capital, Scalar Capital, and Multicoin Capital provided financial contributions for less than 10% of the network's governance tokens.[7]

DFINITY raised $61 million from Andreesen Horowitz and Polychain Capital in a February 2018 funding round.[8] A further $102 million funding round in August 2018 brought the project's total funding to $195 million.[9][10]

In May 2018, DFINITY distributed around 35 million Swiss francs worth of DFINITY tokens in an airdrop. Due to regulatory concerns, none of the tokens were to be distributed to US residents.[7][11]

Development (2019 - 2021)

From 2019 to 2021, Internet Computer formally developed through several named versions: Copper, Bronze, Tungsten, Sodium, and Mercury:

On 1 November 2019, the Copper version was launched.[12][13][14]

In January 2020, during the annual meeting of the World Economic Forum, the Bronze version was announced.

On 30 June 2020, the Tungsten (or Developer Network) version was announced in an online event.[13][15] and enabled third-party developers to start using the platform to develop web and smartphone apps.[15]

On 30 September 2020, the Sodium version was announced in an online event.[16][17] It describes Network Nervous System (NNS), an open algorithmic governance system that controls the Internet Computer.[17]

On 7 May 2021, the Internet Computer Genesis Event was held. The mainnet and ICP token launched on 10 May 2021.[6][18][19][20]

Post-launch (2021 - present)

By June 2021, the Internet Computer's price had decreased by about 95%, which one cryptocurrency analyst called "highly unusual for a project of this scale".[21] The analyst's firm identified 44 "probable insider addresses", which collectively deposited 10 million ICP tokens to exchanges in moves coinciding with falls in the price of ICP.[21] Despite the launch coinciding with a downturn in the cryptocurrency market, ICP fell more than the other top 100 cryptocurrencies by market cap.[21]

Overview

Transactions on the Internet Computer are finalized in 3–5 seconds, compared to 1 hour for Bitcoin and 10 minutes for Ethereum.[7][22][9]

DFINITY was registered as a non-profit foundation in Zug.[1] DFINITY oversees research and development centers in Palo Alto,[23][24] San Francisco,[25] Tokyo,[4] and Zürich.[5][2]

References
  1. Marshall, Mo (2018-02-07). "Dfinity raises $61 million for blockchain-based cloud". VentureBeat. Retrieved 2021-09-18.
  2. Schubarth, Cromwell (2018-02-07). "Andreessen Horowitz backs cloud challenger to Amazon, Google being hatched in Palo Alto". The Business Journals. Silicon Valley Business Journal. Retrieved 2021-01-08. ...A Swiss nonprofit operating out of Palo Alto working on a blockchain project that could upend Amazon, Microsoft and Google in cloud services has raised $61 million from Andreessen Horowitz and San Francisco hedge fund Polychain Capital...
  3. Richard, Isaiah (2021-05-11). "'Internet Computer' Cryptocurrency is a Two-Day Old Coin that is Now Valued at $45b—What You Need to Know". Tech Times. Tech Times. Retrieved 2021-05-11. ...Dfinity has debuted "Internet Computer" (ICP) to the public earlier Monday, May 10, and has already garnered $45 billion in valuation with a massive trade price that already surpasses Dogecoin ($DOGE). Currently, it is in the top eight spots in CoinMarketCap, which is a massive accomplishment for the almost two-day-old cryptocurrency...
  4. "The Internet Computer | DFINITY". dfinity.org. Archived from the original on 27 April 2020. Retrieved 26 August 2021.
  5. Kyora, Stefan (2018-08-31). "DFINITY steps up its activities in Switzerland". startupticker.ch. startupticker.ch. Retrieved 2021-01-07. ...DFINITY will open an office in Zurich...
  6. Waters, Richard (2021-05-09). "Crypto start-up Dfinity set to launch blockchain rival to AWS". Financial Times. Financial Times. Retrieved 2021-05-09. ...‘Internet computer’ project comes with a currency that starts trading on Monday...
  7. Butcher, Mike (2018-08-29). "DFINITY raises $102M from a16z and Polychain for a decentralised 'Internet Computer' to rival AWS". TechCrunch. TechCrunch. Retrieved 2018-08-29. ...DFINITY is announcing that it has raised $102 million in funding, in a round jointly led by Andreessen Horowitz (via its crypto fund a16z crypto) and Polychain Capital....
  8. Williams-Grut, Oscar (2018-02-07). "Andreessen Horowitz is backing a crypto-powered 'internet computer' that could be the future of cloud computing". Business Insider. Retrieved 2018-07-03.
  9. Butcher, Mike; Lunden, Ingrid (2018-08-29). "Dfinity raises $102M from a16z and Polychain for a decentralised 'Internet Computer' to rival AWS". TechCrunch. Retrieved 2018-09-04.
  10. "Dfinity raises $61 million for blockchain-based cloud". VentureBeat. 2018-02-07. Retrieved 2021-01-04.
  11. Roberts, Jeff John (2018-05-29). "Dfinity Announces $35M 'Air Drop' for Blockchain-Based Cloud". Fortune. Retrieved 2018-09-12.
  12. DFINITY (2020-09-24). "Copper, Bronze, Tungsten: Tracing the Internet Computer's Rapid Progress". The Internet Computer Review. Retrieved 2021-10-11.
  13. "DFINITY Tungsten Developer Network Launch - Jun 30 | Hopin". hopin.com. Archived from the original on 26 December 2020. Retrieved 11 October 2021.
  14. Butcher, Mike; Lunden, Ingrid (23 January 2020). "Dfinity launches an open-source platform aimed at the social networking giants". TechCrunch. Retrieved 10 July 2021.
  15. Butcher, Mike (30 June 2020). "Dfinity demonstrates its TikTok clone, opens up its 'Internet Computer' to outside developers". TechCrunch. Retrieved 2021-07-10.
  16. "DFINITY Sodium Network Launch - Sep 30 | Hopin". hopin.com. Archived from the original on 26 December 2020. Retrieved 11 October 2021.
  17. Butcher, Mike (30 September 2020). "Dfinity's valuation soars to $9.5Bn after revealing its governance system and token economics". TechCrunch. Retrieved 10 July 2021.
  18. Locke, Taylor (12 May 2021). "This new cryptocurrency has people buzzing — its market value is at $35 billion in just 3 days". CNBC,com. Retrieved 3 June 2021.
  19. Abril, Danielle (13 May 2021). "What is Internet Computer? A guide to the latest buzzy cryptocurrency". Fortune.com. Fortune Media IP Limited. Retrieved 3 June 2021.
  20. Waters, Richard (9 May 2021). "Crypto start-up Dfinity set to launch blockchain rival to AWS". FT.com. The Financial Times Ltd. Retrieved 3 June 2021.
  21. Livni, Ephrat; Sorkin, Andrew Ross (2021-06-28). "The Dramatic Crash of a Buzzy Cryptocurrency Raises Eyebrows". The New York Times. ISSN 0362-4331. Retrieved 2021-09-18.
  22. Mody, Seema. "Dfinity raises $61 million for platform that rivals ethereum". CNBC. Retrieved 2018-07-03.
  23. Minetti, Maurizio (2019-05-08). "Dfinity boss aims to transform the internet to make it operate more quickly, safely and efficiently". Zug4You. Zuger Zeitung. Retrieved 2021-01-07. ..It was actually in 2016 that Williams, a graduate in computer science from King’s College, Cambridge (UK), set up Dfinity while in Palo Alto in California...
  24. Mark Glanville (2018-10-24). Statement of Information (Report). California Secretary of State. p. 1. 201729110045. Retrieved 2021-01-08. ...DFINITY USA Research LLC...Business Addresses...Palo Alto...
  25. @dfinity (2019-09-07). "...DFINITY officially opened its third Research Centre in San Francisco..." (Tweet) – via Twitter.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.