Dfinity — Review of ICO

The project of a decentralized platform, whose authors seek to create an ecosystem that blends well with both Ethereum and its corporate clones. Dfinity ICO is an attempt to implement the so-called “decentralized cloud” – the environment in which the smart contracts of the Ethereum will be executed.

Development team

It is known that the project is DFINITY Stiftung – a non-profit foundation in Zug (Switzerland). As of April 2017, he owned the project assets of about $ 10 million. The project is being implemented by a large group of specialists in computer science and mathematics, cryptography, technical innovations, etc.

The team of developers and advisors includes 35 people, including:

Dominiс Williams (president and chief scientist, crypto theoretician and entrepreneur, the specialist in threshold relay and PSC circuits, previously directed the creation of an MMO game using his own distributed systems, which attracted millions of users).

Timo Hanke (head of the engineering department, previously a professor of mathematics and cryptography at the University of Aachen in Germany, but then carried away by Bitcoin, in 2013 he created AsicBoost to increase the efficiency of Bitcoin production by 20-30%, which then became the standard for large-scale mining operations ).

Ben Lynn (Senior Research Fellow and Engineer, Crypto Earl, previously engaged in security, speed, and scaling technologies for public block networks, has about 10 years of experience in senior engineering positions at Google).

Andreas Rossberg (a senior researcher and engineer, formerly a human resources engineer at Google, where he participated in the development of the web assembly virtual machine and headed the JavaScript development team working on the Chrome V8 engine, is the author of many scientific papers).
Makhnush Movakhdi (a senior researcher and engineer, formerly a postdoctoral student at Yale University, worked on scalable and fault-tolerant distributed algorithms to achieve consensus and secure multi-party computing, confidential exchange, and interactive communication).

Main goals and features of Dfinity

According to the study, currently, more than 82.6% of the world’s population uses a computer. Each PC runs on different types of operating systems, such as Windows, Linux, Dos, etc. However, any computer and operating system have certain boundaries. They have limitations on the use of technologies that the user is not able to cross. The user can regularly use the computer in everyday life but is not able to go beyond the operating system.

Authors Dfinity offer to create a computer without borders, for which the framework of this or that operating system will not matter. That’s why they call their idea of decentralized InFINITY (“infinity”).

Dfinity is a block computer with unlimited bandwidth, increased processing power, and algorithmic control. Developers have created a new kind of public decentralized resource for cloud computing. It runs on a new block computer that is similar to the Ethereum concept, but has enhanced performance, and ultimately should get unlimited capacity.

Business applications that will run on this computer will not include such complex components as databases, backup and recovery systems, or Amazon’s web services. This will reduce the cost of computing resources by 90% by attracting the necessary human capital, but such a powerful public resource will also need management.

How can Dfinity solve modern computing problems?

A key challenge for decentralized cloud networks is the rapid completion of computing transactions. At present, all calculations take several minutes. Application developers, such as decentralized exchange services, typically warn users about this and strive to provide an acceptable user interface for them.

Dfinity uses the Threshold Relay chains to limit current restrictions. The network itself is designed for scaling to handle an unlimited number of calculations. This will allow it, even at the initial stage of development, to provide a significant increase in technical capabilities without the need to introduce an additional scaling system.

This is achieved due to the fact that the threshold relay circuits are not connected with the “Poisson process” of systems based on the Proof-of-Work algorithm, and the miners can perform transaction checks without compromising business purposes.

Key Features

The list of main differences between Dfinity and other block networks includes:

High level of performance

The project was designed to explore ways to provide publicly decentralized networks with the ability to host a virtual computer with unlimited bandwidth. The idea concept is based on a new block computer, which in its own way is similar to Ethereum, but has significantly improved performance with the prospect of unlimited capacity. The initial requirement of such a system is its accession to the mining services with 1 million participants or more.

In Dfinity, only 2 confirmations and 5-10 seconds of time are required for the transaction. For comparison: in Bitcoin, blockchain transactions are carried out for about 60 minutes after 6 confirmations and in the network Ethereum – for 10 minutes after 37 confirmations.

Interoperability

Although many private networks will be managed by corporations, the addition of some new services is beyond their practical budgets and experience. For example, in a supply chain system designed to connect suppliers and helping to create new financing systems instead of invoices, you can integrate the arbitrage function, identity, transport market functionality, etc. Dfinity will create open versions of such services in its public chain and then implemented in private networks in the form of building blocks.

Self-management

Dfinity provides the algorithmic management of Blockchain Nervous System (BNS), which can protect users from attacks and help to restart broken systems, dynamically optimize network security and efficiency, update the protocol and mitigate the risks of platform abuse.

Internet 3.0

Developers are covered by the idea of creating a new kind of public decentralized resource of cloud computing. Their goal is to create an Internet 3.0, in which the entire network will act as a single giant computer with radically new properties.

IT-systems of enterprises working on this computer, it will be impossible to stop.

User Protection

On the platform, Dfinity will operate the rule – “Code is the law.” This means that everything will depend on the decisions of the “neutral” system.

If you recall the situation around the theft of Bitfinex funds and the breaking of DAO, it becomes clear that hackers most often steal users’ keys, and sometimes are able to break systems of smart contracts that have software deficiencies.

The main purpose of the built-in Dfinity function BNS – to return funds where possible, and reverse the damage from hacking. BNS can also make edits to systems that simply failed due to engineering errors.

This will increase the comfort for consumers and companies, many of which are wary of taking a step toward decentralized systems without such protection.

Dfinity Control System

The platform will use decentralized intelligence (DI), capable of making arbitrary changes. This helps to reduce the level of abuse and protect users, solve the problems associated with optimizing the network configuration and easily update the protocols.

The system will depend on the person-controlled “neurons” controlled by special client software (software). Neurons will be created by entering internal digital tokens and receiving remuneration for performing voting services. This will make the decision-making process confidential, protecting the personal data of the participants.

Creation of a single ecosystem

Today, private LANs can be connected to public services on the Internet. However, individual cloud networks created using Ethereum technology are isolated. Their smart contracts are not able to interact with other public networks. The authors of Dfinity are trying to overcome this problem.

The platform will allow software methods, called at the highest level in private systems, to contact the public network Dfinity. Then the system will guarantee the implementation of both private and public methods, or failure of any of them.

In this case, even a single software call can lead to the launch of computational processes occurring in other separate decentralized networks.

Period and conditions of Dfinity ICO

Official website: https://dfinity.org/

At the time of writing, official information about the main stage of the ICO was not available. However, in May, developers conducted a successful airdrop for early supporters for a total of about $ 35 million. Tokens are planned to be distributed in the fourth quarter of 2018.

Also, the authors of the project reported on their page in Twitter about plans to sell 10% of tokens worth $ 350 million.

Conclusion

Around the project, there is a good excitement, which was clearly visible after the pre-sale preparation of the ICO. In general, Dfinity has good reviews from investors.

Meanwhile, much important information about the project (including the roadmap) is not yet available in the technical documentation, and the developers do not even try to explain it. In fact, in the White Paper of the project, there is practically no worthwhile information related to the real process of developing the platform.

Why do developers not want to adhere to the principle of transparency regarding their plans, even when the project develops with enviable success, is still unclear. Nevertheless, this did not scare away investors from him and did not affect the attraction of financing.

 

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