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One of the most ambitious and backward cryptocurrency projects is finally ready to see the light of day, among the signs that could turn the tremendous frenzy on digital assets back into trading when it officially begins trading on Monday.
Dfinity will release what it calls an “Internet computer,” a set of technologies aimed at supporting a new generation of decentralized applications and services being developed in the blockchain world.
Even before it is launched this week, the future of digital tokens that will be used to lubricate the wheels of its internal digital economy has suggested that it could claim a place among a few very valuable cryptocurrencies. At one point a very volatile and thin trade put the added value of its token at more than $ 100,000 million.
“A lot of people are looking for the next best thing. Which is the newest and brightest token on the market,” said Wilson Withiam, an analyst at Messari, a cryptocurrency research firm. “It seems absurd for a newly launched network. But on the other hand, it’s a top-notch project.”
However, despite a bit of advanced trading, he and other cryptography experts warned that Dfinity could struggle to differentiate itself in the increasingly crowded “smart contract” operators and distributed computing networks created in the world of blockchain.
Work on Dfinity began in 2017, when the first cryptocurrency boom was underway. It raised more than $ 120 million from a large group of venture capital firms and hedge funds, led by Andreessen Horowitz and Polychain Capital. Since then, the basic software code of the project was completely rewritten once the engineering complexity was multiplied and the objectives changed.
Dfinity intended to build a faster and cheaper alternative to Ethereum by introducing “smart contracts” into blockchains or software code that runs automatically when certain conditions are met – which is considered a key build for next-generation applications.
Over the years, it has also become an alternative for Amazon Web Services and cloud computing companies, creating software that can replace their centralized networks with a set of distributed data centers run by independent operators.
“They don’t seem to be doing anything new,” said David Nage, director of Arca Funds, which invests in digital assets. “The market has already matured and has produced real applications that have uses today.”
Nage said there are other Ethereum rivals, such as Polkadot, Solana and Flow, who have held positions in different markets, such as gaming and a class of digital assets called NFT. New projects have also been created to promote distributed computing resources, such as Filecoin and Storj storage services.
Dfinity’s “Internet Computer” is a complete set of technologies that replicate what these and other crypto projects do. Dominic Williams, the founder of the project, put it as the only platform known as Web 3.0, a decentralized set of services that can challenge the power of companies like Facebook and Google.
But it also tried to represent the blockchain as a complement to other projects, such as allowing other crypto participants to extract their computing from Amazon’s data centers and take it to the Dfinity network.
Williams compared the madness of cryptocurrencies to the dotcom bubble of the late ’90s, when most speculative projects exploded, but some of the survivors became internet giants.
“He’s very speculative, he’s very crazy,” he said. “We think of five, ten, twenty milestones.”
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