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Tag: Dfinity Foundation

  • Dfinity Foundation addresses concerns regarding decentralization of ICP

    Dfinity Foundation addresses concerns regarding decentralization of ICP

    Dfinity Foundation – the organization behind Internet Computer Protocol – has decided to calm the critics of ICP with a “Ask Me Anything” thread of Reddit. The foundation had been facing a lot of criticism concerning the privacy and decentralization of its Internet Computer Protocol. The team aimed to assure the community that decentralization is a major part of their vision and it will not be compromised at any cost.

    The Internet Computer Protocol aims to build the next generation of the internet by leveraging blockchain technology. The newer internet will comprise of data centers, nodes, and users coordinated through the network Nervous System (NNS). The ICP landed itself in the top ten ranked cryptocurrencies days after its launch which was considered remarkable. However, the initial hype soon died down as more and more users dived deep into the network. Problems with the Network Nervous System arose. The NNS has the controlling power which has led to users to contemplate about the voting rights and decentralization of the NNS.

    Dfinity Foundation’s head of product, Diego Prats, has clarified that the Foundation do not have any control of the Internet Computer Protocol and it is decentralized. Prats also addressed other concerns regarding the use of singular Internet Identity. Many other members of the core team have also been actively countering critics. Time will tell whether or not ICP succeeds in what it claims to do.

    Dfinity Foundation has also launched a $223 million fund for the development of Internet Computer Protocol. Applications are open for the “Developer Ecosystem Program”. Previously, another fund called Beacon Fund had also been launched but that was aimed at developers who are creating open internet services on the ICP network.

  • $223million fund announced for Internet Computer protocol

    Dfinity Foundation, the organization behind ICP, has announced a fund worth $223 million for the development of the network. The non-profit organization is now accepting applications for the grant. The new “Developer Ecosystem Program” is operating separately from the $14.5 million Beacon Fund aimed at developers who are creating open internet services on the network.

    The Internet Computer Protocol’s aim is to revolutionize the internet. The network has an ambitious goal to replace the whole internet one day with a decentralized platform that has smart contracts capabilities.

    Internet Computer Protocol (ICP) right after launching brought in a storm with itself. In just a few days after its launch, ICP token went to as high as $4000 on some exchanges. Moreover, the cryptocurrency launched on major cryptocurrency exchanges at the same time – which was seen as an unprecedented move. The Internet Computer Protocol was believed to be the next innovation in the blockchain right after bitcoin and Ethereum. Suffice it to say, it garnered a huge amount of attention in a very short time span. The cryptocurrency was also able to reach the top ten largest cryptocurrencies list which sent another round of shockwaves in the market.

    However, the charm of internet Computer Protocol may have died. After the initial rise in popularity, users and expert started to get wary of the network. Many issues were pointed out and a lot of concern surfaced. A good chunk of the community now believes ICP may not be ready to provide what it said it would.

    Redditers are not a fan of the network – at least not anymore. A thread on Reddit revealed users pointing out towards the flaws of the Internet Computer. The network preaches decentralization but it is not decentralized itself. There are also concerns regarding the privacy on the network.