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Dfinity

Topic: Organization

 From HandWiki - Reading time: 7 min

Short description: Nonprofit foundation developing cryptocurrency
DFINITY
DFINITY Foundation
FormationOctober 2016
TypeNonprofit organization
HeadquartersZurich, Switzerland
Location
Region served
Global
Founder & Chief Scientist
Dominic Williams
Staff
250
Websitedfinity.org
Internet Computer
Development
White paperhttps://dfinity.org/whitepaper.pdf
Initial releaseCopper / November 2019
Latest releaseMercury / May 2021
Code repositorygithub.com/dfinity/ic
Developer(s)DFINITY Foundation
Source modelOpen source
Licensegithub.com/dfinity/ic/blob/master/LICENSE
Websitedfinity.org
Ledger
Block time~29 ms
Block explorerdashboard.internetcomputer.org

The DFINITY Foundation is a not-for-profit[1] organisation developing the Internet Computer. The Internet Computer is a public blockchain platform which is based on a network of sub-blockchains governed by an ownerless master blockchain. The web3 platform is designed to enhance the Internet with a new form of server-less cloud-functionality. Its internal cryptocurrency ICP is the short form of its underlying protocol, the Internet Computer Protocol.[2]

History

Origins (2015 – 2019)

The Internet Computer was conceived in 2015 by programmer Dominic Williams, the idea being a world computer that cannot be shut down; which originated from the Ethereum ecosystem.[3] DFINITY was later founded by Williams in October 2016.[4]

In 2018, prominent venture capital firms such as Andreessen Horowitz, Polychain Capital, SV Angel, Wanxiang Blockchain provided financial contributions for less than 10% of the network's governance tokens.[5]

DFINITY raised $61 million from Andreesen Horowitz and Polychain Capital in a February 2018 funding round.[6] A further $102 million funding round in August 2018 brought the project's total funding to $195 million.[7][8][9]

In May 2018, DFINITY distributed around 35 million Swiss francs worth of DFINITY tokens in an airdrop. Due to regulatory concerns, none of the tokens were to be distributed to US residents.[5][10]

Development (2019–2021)

From 2019 to 2021, the Internet Computer was formally developed through several named versions: Copper, Bronze, Tungsten, Sodium, and Mercury.[11]

On 30 June 2020, the Tungsten (or Developer Network) version was announced in an online event.[12][13] and enabled third-party developers to start using the platform to develop web and smartphone apps.[13]

On 30 September 2020, the Sodium version was announced in an online event.[14][15] This version included the Network Nervous System (NNS), the open algorithmic governance system of the Internet Computer.[15]

Post-launch (2021–present)

After successfully launching the Internet Computer protocol in May 2021 accompanied with market cap tumble, the project attracted 500 developers and nearly 250,000 users to its decentralized applications within the first 10 weeks of launch.[16]

Organizational structure of Dfinity

DFINITY was registered as a non-profit foundation in Zug.[17]

DFINITY oversees research and development centers in Palo Alto,[18][19] San Francisco ,[20][full citation needed] Tokyo, Shanghai,[21][full citation needed] and Zürich.[4][22]

Design of the Internet Computer

The Internet Computer is maintained by many independent data centers and derives its security from a distinctive system of cryptographic signatures[further explanation needed] known as Threshold Relay Consensus.[23] As detailed in the 2018 white paper, the Internet Computer's consensus mechanism consists of the following four layers:[24]

  1. Identities and registry: Active participants are registered with permanent and pseudonymous identities.
  2. Random beacon: Using the BLS digital signature scheme[further explanation needed], registered participants jointly generate a random output, which is unpredictable to anyone until it becomes available to everyone.
  3. Blockchain and fork resolution: Using the random output from the random beacon layer, each participant is ranked deterministically. Proposed blocks are then weighted according to their proposers' ranks (so that blocks from higher-ranked proposers receive higher weight), and forks are resolved by prioritizing the chain with the highest total block weight.
  4. Notarization and finality: Blocks are notarized through threshold signatures created jointly by registered clients. Blocks must be notarized in order to be included in a chain. A transaction is final after two notarizations.

To join the Internet Computer, a data center must obtain a Data Center Identity.[23]

The Internet Computer has a builtin algorithmic governance system known as the Network Nervous System.[23][further explanation needed]


Transactions on the Internet Computer are finalized in 3–5 seconds.[5][25]

References

  1. ↑ "A plan to redesign the internet could make apps that no one controls". https://www.technologyreview.com/2020/07/01/1004725/redesign-internet-apps-no-one-controls-data-privacy-innovation-cloud/. 
  2. ↑ Cryptopedia Staff (2021-11-24). "Decentralizing the Web with Internet Computer Protocol (ICP)". Gemini.com. https://www.gemini.com/cryptopedia/dfinity-coin-the-internet-computer-dfinity-team. 
  3. ↑ "EIN COMPUTER FÜR ALLE" (in de). https://www.forbes.at/artikel/ein-computer-fuer-alle.html. 
  4. ↑ 4.0 4.1 Kyora, Stefan (2018-08-31). "DFINITY steps up its activities in Switzerland". startupticker.ch. https://www.startupticker.ch/en/news/august-2018/dfinity-steps-up-its-activities-in-switzerland. "...DFINITY will open an office in Zurich..." 
  5. ↑ 5.0 5.1 5.2 Butcher, Mike (2018-08-29). "DFINITY raises $102M from a16z and Polychain for a decentralised 'Internet Computer' to rival AWS". TechCrunch. https://techcrunch.com/2018/08/29/dfinity/. "...DFINITY is announcing that it has raised $102 million in funding, in a round jointly led by Andreessen Horowitz (via its crypto fund a16z crypto) and Polychain Capital...." 
  6. ↑ Williams-Grut, Oscar (2018-02-07). "Andreessen Horowitz is backing a crypto-powered 'internet computer' that could be the future of cloud computing". Business Insider. http://uk.businessinsider.com/polychain-andreessen-horowitz-dfinity-2018-2. 
  7. ↑ Butcher, Mike; Lunden, Ingrid (2018-08-29). "Dfinity raises $102M from a16z and Polychain for a decentralised 'Internet Computer' to rival AWS" (in en-US). TechCrunch. https://techcrunch.com/2018/08/29/dfinity/. 
  8. ↑ "Dfinity raises $61 million for blockchain-based cloud" (in en-US). 2018-02-07. https://venturebeat.com/2018/02/07/dfinity-raises-61-million-for-blockchain-based-cloud/. 
  9. ↑ Kauflin, Jeff. "Crypto Platform Dfinity Raises $102 Million To Take On Amazon And Google" (in en). https://www.forbes.com/sites/jeffkauflin/2018/08/29/crypto-platform-dfinity-raises-102-million-to-take-on-amazon-and-google/. 
  10. ↑ Roberts, Jeff John (2018-05-29). "Dfinity Announces $35M 'Air Drop' for Blockchain-Based Cloud" (in en). Fortune. http://fortune.com/2018/05/29/blockchain-dfinity-air-drop/. 
  11. ↑ "Coinbase Pro to list ICP after ‘genesis launch’ of crypto project Dfinity" (in en). https://cryptoslate.com/coinbase-pro-to-list-icp-after-genesis-launch-of-crypto-project-dfinity/. 
  12. ↑ {{cite web|last=Minetti|first=Maurizio|date=2019-05-08|title=Dfinity boss aims to transform the internet to make it operate more quickly, safely and efficiently|url=https://www.zug4you.ch/en/news/news-articles/a/dfinity-boss-aims-to-transform-the-internet-to-make-it-operate-more-quickly,-safely-and-efficiently%7Caccess-date=2021-01-07%7Cwebsite=Zug4You%7Cpublisher=Zuger Zeitung|
  13. ↑ 13.0 13.1 Butcher, Mike (30 June 2020). "Dfinity demonstrates its TikTok clone, opens up its 'Internet Computer' to outside developers" (in en-US). https://social.techcrunch.com/2020/06/30/dfinity-demos-its-tiktok-clone-opens-up-its-internet-computer-to-outside-developers/. 
  14. ↑ "DFINITY Sodium Network Launch – Sep 30 | Hopin" (in en). https://hopin.com/events/sodium. 
  15. ↑ 15.0 15.1 Butcher, Mike (30 September 2020). "Dfinity's valuation soars to $9.5Bn after revealing its governance system and token economics" (in en-US). https://social.techcrunch.com/2020/09/30/dfinitys-valuation-soars-to-9-5bn-after-revealing-its-governance-system-and-token-economics/. 
  16. ↑ "Internet Computer Token Still Gains Developers, Users After Market Cap Tumble" (in en). Bloomberg.com. 2021-07-28. https://www.bloomberg.com/news/articles/2021-07-28/crypto-still-gains-developers-users-after-market-cap-tumble. 
  17. ↑ Marshall, Mo (2018-02-07). "Dfinity raises $61 million for blockchain-based cloud" (in en-US). https://venturebeat.com/2018/02/07/dfinity-raises-61-million-for-blockchain-based-cloud/. 
  18. ↑ Minetti, Maurizio (2019-05-08). "Dfinity boss aims to transform the internet to make it operate more quickly, safely and efficiently". Zuger Zeitung. https://www.zug4you.ch/en/news/news-articles/a/dfinity-boss-aims-to-transform-the-internet-to-make-it-operate-more-quickly,-safely-and-efficiently. "..It was actually in 2016 that Williams, a graduate in computer science from King's College, Cambridge (UK), set up Dfinity while in Palo Alto in California..." 
  19. ↑ Mark Glanville (2018-10-24). Statement of Information (Report). California Secretary of State. p. 1. 201729110045. https://businesssearch.sos.ca.gov/Document/RetrievePDF?Id=201729110045-25043568. Retrieved 2021-01-08. "...DFINITY USA Research LLC...Business Addresses...Palo Alto..." 
  20. ↑ {{cite web|url=https://boards.greenhouse.io/dfinity%7C
  21. ↑ {{cite web|url=https://boards.greenhouse.io/dfinity%7C
  22. ↑ Schubarth, Cromwell (2018-02-07). "Andreessen Horowitz backs cloud challenger to Amazon, Google being hatched in Palo Alto". Silicon Valley Business Journal. https://www.bizjournals.com/sanjose/news/2018/02/07/andreessen-horowitz-backs-cloud-challenger-to.html. "...A Swiss nonprofit operating out of Palo Alto working on a blockchain project that could upend Amazon, Microsoft and Google in cloud services has raised $61 million from Andreessen Horowitz and San Francisco hedge fund Polychain Capital..." 
  23. ↑ 23.0 23.1 23.2 Biseul, Xavier (5 June 2020). "Dfinity, vers la naissance d'un nouveau géant du cloud décentralisé ?" (in fr). https://www.journaldunet.com/web-tech/cloud/1491897-dfinity-vers-la-naissance-d-un-nouveau-geant-du-cloud-decentralise/. 
  24. ↑ Hanke, Timo; Mohavedi, Mahnush; Williams, Dominic (23 January 2018). "DFINITY Technology Overview Series Consensus System". https://dfinity.org/pdf-viewer/library/dfinity-consensus.pdf. 
  25. ↑ Mody, Seema. "Dfinity raises $61 million for platform that rivals ethereum". CNBC. https://www.cnbc.com/2018/02/07/dfinity-raises-61-million-for-platform-that-rivals-ethereum.html. 




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