One of the most ambitious and long-delayed cryptocurrency projects is finally ready to see the light of day, amid signs that it could add a new twist to digital assets assumptions when officially sales will begin on Monday.
Dfinity is set to release what it calls “the internet computer”, a group of technologies intended to support a new generation of decentralized applications and services developed in the blockchain world.
Even before it launches this week, the future sale of digital tokens that can be used to lubricate the wheels of the inner digital economy suggests that it could earn a place among some of the most expensive. cryptocurrency. The more hasty and thin sales at one point put the accumulated value of its tokens in excess of $ 100bn.
“A lot of people are looking for the next, best thing – what’s the latest, brightest token on the market,” says Wilson Withiam, an analyst at Messari, a crypto research firm. “It seems unbelievable for a network that has just been launched. But on the other hand, it’s a high-profile project. ”
However, despite the deceptive advanced trading, he and other crypto experts warn that Dfinity may struggle to identify itself in a growing market of “smart contract” operators and provided networks with computing that has emerged in the blockchain world.
Work on Dfinity began in 2017, just as the first cryptocurrency boom began. It raised more than $ 120m from several groups of venture capital firms and hedge funds, led by Andreessen Horowitz and Polychain Capital. Since then, the main software code of the project has also been fully written once with much of the complexity of engineering and transfer purposes.
Dfinity is set to build a faster, cheaper alternative to Ethereum, the blockchain that identifies “smart contracts”, or software code that is automatically executed when conditions are met – considered a key blockchain to build for the next generation of apps.
In recent years, it has also become an alternative to Amazon Web Services and other cloud computing computers, creating software that can replace their centralized networks with a set of dedicated data centers powered by independent operators.
“It’s like they’re not doing anything new,” said David Nage, a head of Arca Funds, which invests in digital assets. “The market has matured and created real applications that are in use today.”
This includes Ethereum’s other rivals such as Polkadot, Solana and Flow, which have carved out positions in different markets such as gaming and a class of digital assets known as NFTs, according to Nage. There is also a wave of new ventures planned to improve provided computing resources, such as filecoin and Storj storage services.
Dfinity’s “computer system” costs a whole bunch of technologies that copy what it and other crypto projects do. Dominic Williams, the project’s founder, made it a platform for the well -known Web 3.0 – a decentralized set of services that would challenge the power of companies like Facebook and Google.
But he also tried to describe it as a counterweight to other blockchain projects, for example allowing other crypto participants to transfer their computing from Amazon’s data centers and transfer it to the Dfinity network.
Williams compared the popularity of cryptocurrencies to the dotcom bubble in the late 1990s, when most speculations coincided, but a number of survivors became internet giants.
“It’s very speculative, it’s very silly,” he said. “We’re thinking in terms of five, ten, twenty year milestones.”