Ethereum is the most widely used network for developing ERC-20 compliant Tokens for Blockchain development projects. Countless ICO’s (Initial Coin Offerings) have been launched on the platform since it’s inception. However there have been some critics of Ethereum claiming deficiencies such as premature security, network scalability, congestion, cost of transactions, supply cap, etc. Some have claimed that its simply a platform for launching ICO’s and has not proven its worth yet. This would anger most Ethereum supporters, but the sentiments are real.
Emerging startups have declared they have better solutions and DFINITY is one of these. They are calling themselves a “public decentralized cloud computing resource” with unlimited capacity and extremely low costs for using the network compared to the likes of Amazon web services. We are also seeing similar startups like Bluzelle throw Jabs at Amazon as well. While Amazon enjoys world domination, I have seen many of these Blockchain startups compare their projects to Amazon because of it’s centralized nature, and decentralization is now a buzz word for marketing.
DFINITY wants to be a fast, secure and scalable Blockchain computer. “DFINITY network involves a top-level Threshold Relay chain that produces randomness and progresses with minimal “reorganizations” while addressing many of the technical vulnerabilities that have bedevilled the industry such as “selfish mining” or “nothing at stake”.
DFINITY’s Threshold Relay Chain applies what is called BLS or Boneh-Lynn-Shacham Cryptography. This allows a user to verify that a signer is authentic. While most people reading this have absolutely no idea what this means, in simple terms – generate a Key, sign the key, and verify the key. If you wish to delve further into what DFINITY is talking about you can read this more complex reference here.
Speed, Scale, Intelligence
DFINITY consistently states that it will be a faster and more scalable network. It compares Bitcoin & Ethereum’s 60 and 10 minute finality and makes the claim of 5-10 seconds for it’s own network using the Threshold Relay Chain. It states, that it can have unlimited computation unlike Ethereum. DFINITY says that it will implement algorithmic decentralized intelligence, what this is in simple terms is a sort of voting platform that is not prone to human corruption. This also includes increased security and upgrades to the network. They call it the “Blockchain Nervous System” and it acts as a sort of mastermind computing brain.
Interoperability (connecting with foreign networks) has been a major flaw in Blockchain technology. How will these networks connect with each other to work in harmony? We have seen claims from multiple Blockchain startups such as ICON Foundation and Wanchain. DFINITY wants to solve this with multi network systems which would link the pubic and private networks together through their own solution.
DFINITY is headed by Dominic Williams, who received his BA in computer science from Kings College in London. He appears to have a strong entrepreneurial background founding several companies like Smartdrivez, an online storage solution in London, System 7, an SaaS platform, Airdocs, a remote file sharing product, Fight My Monster, a game for children which claims to have pioneered a distributed computing technology, String Labs, which is a “crypto studio, incubator & investor” based in Palo Alto, California. They are currently developing DFINITY. The DFINITY team itself is fairly large with a wide range of skills and experience. I do think that this is one project to pay attention to. It’s very ambitious but it could very well end up working. Only time will tell. It has been said that many of these Blockchain startups can suffer a slow death, hopefully DFINITY can deliver on these grand plans.