Dfinity Releases a White Paper
Dfinity USA, the maker and funding source for the Internet Computer, has had a lot of activity over the past few months. The company, started by Dominic Williams in 2016, was dreamed to deliver on the idea of a worldwide computer. It started in the Ethereum world, and 200 cryptographers, engineers and coders have built it into what it is today.
In its essence, the Internet Computer is a reimagination of blockchain. Dfinity USA wants to make the technology accessible and easy to understand. To advance this goal, it released a white paper in late January 2022. Called “The Internet Computer for Geeks”, it offers an overview of what blockchains and smart contracts are and how dapps, decentralized finance, games, Web3, social media and the metaverse all work. It even delves into NFTs.
The Internet Computer takes away the limits of speed, storage, scale and security on blockchain. The smart contracts directly deliver information. No cloud or server farm is required for the Internet Computer. It’s a public project, and anyone can join it. Its speed is faster than what server farms can do. It also reduces the expenses and complications of deploying smart contracts. It shares functions, and the apps don’t have owners. Nearly all of the code is non-proprietary.
Using the Internet computer is easier than running a server system. The hardware nodes and AI and blockchains share data. Tokens pay for the cost of computing power. Node operators can use their share of the tokens to vote on projects.
The Internet Computer makes use of a decentralized autonomous organizational setup. It selects the upgrades to AI, algorithms and protocols. This system constantly evolves and boosts its own efficiency.
Williams started with the goal of getting rid of server farms. Now, the Internet Computer partners with Bitcoin. The funding sources include airdropped tokens and an ICO from five years ago. Those funds are controlled by the international non-profit Dfinity Foundation. Anyone can apply to be a recipient of a grant to attend a workshop and learn how to code. Students and educators do receive preferential treatment for grant funding.