{"id":19006,"date":"2024-04-29T09:30:30","date_gmt":"2024-04-29T09:30:30","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=19006"},"modified":"2024-04-29T07:18:42","modified_gmt":"2024-04-29T07:18:42","slug":"dfinity-founder-criticizes-crypto-industry-advocates-for-icp","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/dfinity-founder-criticizes-crypto-industry-advocates-for-icp\/","title":{"rendered":"Dfinity Founder Criticizes Crypto Industry, Advocates for ICP"},"content":{"rendered":"<p>Asked for his views on the crypto and blockchain world, where he has worked for almost 10 years, Danny Williams of the <a href=\"https:\/\/dfinity.org\/\">Dfinity Foundation<\/a> does not mince his words.<\/p>\n<p>The investment in \u201csnake oil\u201d has become even more preposterous. \u201cWho has the best snake oil? I\u2019m going to invest in that because their marketing is better,\u201d Williams had said previously to The Block. These stories are spread, and people are gullible. I think this is the most important challenge that the industry is facing today.<\/p>\n<p>Williams founded the Dfinity Foundation, which developed and largely contributed to the development of the<strong> Internet Computer<\/strong> Protocol, and acts as its chief scientist.\u00a0A few years back, Dfinity, which raised $195 million from a number of top financial organizations like Polychain Capital and Andreessen Horowitz, was one of the most anticipated projects in the industry.\u00a0Zurich-based Dfinity is a nonprofit in the formal sense.<\/p>\n<p>The Dfinity Foundation, which Williams asserts possesses \u201c1,000 years\u201d of R&amp;D experience and created the <strong>Internet computer<\/strong> blockchain, is clearly highly regarded by Williams and his colleagues. In the other part of the business world, he isn\u2019t so philanthropic.<\/p>\n<p>I&#8217;ll be honest: there are piles of rubbish. According to him in a recent interview, almost all blockchains are waste and scams.\u00a0The secondary significance is technology now. Websites perpetuate that the product is finished or doing something it isn\u2019t, and that is no more than which person can spin the best story.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/dfinity-founder-criticizes-crypto-industry-advocates-for-icp\/#Williams_Criticizes_Major_Blockchains_Praises_ICP_Potential\" title=\"Williams Criticizes Major Blockchains, Praises ICP Potential\">Williams Criticizes Major Blockchains, Praises ICP Potential<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/dfinity-founder-criticizes-crypto-industry-advocates-for-icp\/#Dfinitys_Internet_Computer_Protocol_Faces_Challenges\" title=\"Dfinity&#8217;s Internet Computer Protocol Faces Challenges\">Dfinity&#8217;s Internet Computer Protocol Faces Challenges<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Williams_Criticizes_Major_Blockchains_Praises_ICP_Potential\"><\/span>Williams Criticizes Major Blockchains, Praises ICP Potential<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Williams recognizes the role of blockchains like Bitcoin, Ethereum, Solana, and Avalanche in creating an efficient and scalable internet, but he points out the fact that their limitations are being ignored. However, he believes that the <strong>Internet Computer<\/strong> Protocol, which he refers to as the \u201csole third-generation\u201d blockchain, could open up an entirely new era of entirely blockchain-based online transactions.<\/p>\n<p>Despite the fact that Williams recognizes that some of the most-known blockchains are good at processing transactions, he is skeptical that they will be able to create a new decentralized internet that will be widely used by the general population.<\/p>\n<p>&#8220;A blockchain is a kind of compute platform, and it can either be like a traditional blockchain that does compute sequentially, like Ethereum, Solana, or it can be a third-generation blockchain that can scale and compute&#8221; he stated that this would allow for the construction of web3 platforms, such as on-chain social networks, more effectively.<\/p>\n<p>&#8220;Take a picture with your phone, three megabytes,&#8221; Williams said, attempting to demonstrate how inefficient web3 is at the moment. Putting that on Ethereum would set you back $110,000. Additionally, he mentioned that the process of uploading it would be expensive, costing around $400 on Solana.<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Dfinitys_Internet_Computer_Protocol_Faces_Challenges\"><\/span>Dfinity&#8217;s Internet Computer Protocol Faces Challenges<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Developers of <strong>Internet computers<\/strong> believed they were unique in 2021.<\/p>\n<p>At the heart of an <strong>Internet computer<\/strong> is a blockchain network that operates at web speed with unlimited capacity, addressing the \u2018blockchain trilemma\u2019 by delivering a decentralized, secure, and scalable blockchain network, as per the Dfinity Foundation.<\/p>\n<p>While <strong>Internet computers<\/strong> may assert the technical superiority of alternative blockchains, the protocol has been time-challenged. The Dfinity Foundation put off the launch of the Internet Computer Protocol at the end of 2018, and it went live two and a half years later.<\/p>\n<p>\u201cAt launch, Williams said that \u2018in 10 years, the broader tech community will recognize that the <strong>Internet Computer<\/strong> is headed on a trajectory to become humanity\u2019s number one compute platform for creating software and the Open Internet,\u2019\u201d (ICPs, 2021).<\/p>\n<p>Messari research highlights that the launch to the public \u201cbordered the release of the <strong>Internet Computer\u2019s<\/strong> source code\u201d and \u201cthe <a href=\"https:\/\/coinengineer.net\/blog\/icp-price-surges-as-network-ventures-into-ai-sector\/\">ICP<\/a> utility token\u2019s transaction and governance functionalities.\u201d According to CoinGecko, ICP\u2019s value has collapsed after reaching $400 and an $18 billion market cap in May 2021.\u00a0The end of last year witnessed the improvement of ICP prices.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Asked for his views on the crypto and blockchain world, where he has worked for almost 10 years, Danny Williams of the Dfinity Foundation does not mince his words. The investment in \u201csnake oil\u201d has become even more preposterous. \u201cWho has the best snake oil? I\u2019m going to invest in that because their marketing is<\/p>\n","protected":false},"author":6,"featured_media":19008,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[4353,4267],"class_list":["post-19006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-dfinity","tag-internet-computer-icp"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dfinity Founder Criticizes Crypto Industry, Advocates for ICP - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Uncover the truth about the crypto and blockchain world. 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