DFINITY, an Ethereum-compatible smart contract platform, is working hard to bring an advanced public decentralized cloud computing to us. Its promise is that improved performance and unlimited capacity will help bring about a 90% cut in costs to the projects implemented on it while empowering the regular user.
Decentralized networks provide unique properties that will enable sharing economy, messaging and even web search on the Internet without intermediary organizations. Meanwhile, businesses will be able to profoundly reengineer their IT systems, making them far more cost effective and secure.
DFINITY is taking on some of the biggest stumbling blocks of the legacy centralized systems: the lack of trust and high running costs.
A decentralized platform like the one DFINITY is building, being tamper-proof and robust, will no longer require trust. Anyone who uses it can be sure the data being communicated is correct and safe. As there is no one central authority (think Facebook, Google) all your data belongs and managed by you.
But the true innovation is in the introduction of the AI. Today, Artificial intelligence is reaching a point where many of the most basic IT functions can be replaced by it. Artificial intelligence should help reduce costs due to a more efficient method of performing transactions.
Dfinity’s solution is scalable too, and has “almost” unlimited scalability.
The disruptive potential of DFINITY’s network is huge.
It can potentially disrupt all of the current dominant players who depend upon their ability to be scalable intermediaries (Google, eBay, Facebook, Uber, Airbnb) – this is nearly all of the most powerful companies to emerge in the past several years. Another possibility for DFINITY is to completely disrupt the enterprise IT by cutting costs through the replacement of human resources with the AI.
Based in Switzerland and run as a not-for-profit foundation, DFINITY’s fundraising and ICO campaigns were very successful. The team’s first ICO was for 1 million CHF (Swiss Francs) worth of tokens, soft capped, which ended up raising about 4 million CHF in valuation. The launch date for the second round of funding is not set yet, as the team says on their blog, but when it does, it will be “run by regulated traditional exchanges at the moment the network goes live.”
The DFINITY project is currently somewhere between prototype and production. There is no public platform on which to deploy smart contracts at the time of writing. Currently, beta testing is underway, and a large team of researchers is working full-time to bring this solution to market.
DFINITY’s team has a high degree of expertise both within the crypto world and the start-up world. Paired with a great mission, that makes the future of DFINITY look bright.
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