DFinity is the next big crypto currency
Dfinity and Sygnum Bank join forces - nothing less than the Internet should be liberated and reinvented
With the start of the "Internet Computer" mainnet on May 7th, 2021, Dfinity's vision got a usable face. Dfinity founder wants to use the Internet computer Dominic Williams reinvent the Internet according to their own statements.
A project with gigantic goals: the Internet computer
To put it simply, Dfinity developed a huge virtual computer, the Internet Computer. It's not in a hall, it's virtual, that's why it's spread all over the world: a decentralized network of computers and independent data centers, connected by the decentralized Internet Computer Protocol (ICP), organized via the blockchain.
Today's Internet is dominated by a few big techs, and the Internet computer is supposed to be the breakthrough. The Internet computer expands the functionality of the Internet by connecting billions of people as a goal. And it also provides a public computing platform to millions of developers and entrepreneurs. The Internet computer thus creates a disruptive new possibility to develop websites as well as company systems and Internet services in an open environment - and also to offer them.
Dominic Williams, Chief Scientist and founder of the Dfinity Foundation, sums up the character of the open Internet system with the following words:
“After Bitcoin and Ethereum, the Internet computer is the third major innovation in the blockchain. It supports smart contract software that can run at web speed and provide web services to users for the first time, as well as a network that can adapt its computing capacity to user needs, greatly increasing the potential uses of the public blockchain and the reach of today's Blockchain ecosystem expanded. "
Dfinity describes this open, decentralized concept as an internet revolution that aims to stand up to big techs and return the internet to its free and open roots. The decentralized Internet alternative is intended to soften the market dominance of the cloud and Internet top dogs such as Amazon, Microsoft, Facebook or Google in the medium term and break it in the long term.
The decentralized cloud is only being set up. The blockchain project is intended to offer an open environment without limits for smart contracts, web applications, DeFi, tokenized social media services and more, accessible to the mass market, therefore highly scalable, with the necessary computing power at a fraction of the previous costs .
The fuel for the Dfinity Internet computer: ICP tokens
Three days after the Internet computer started, Dfinity launched its crypto currency, the ICP token. The token tradable on Binance or Coinbase showed in the first few days that Dfinity is apparently not alone, "the world" seems to be on board.
The Internet Computer (ICP), as the token is also called, already belongs to the major cryptocurrencies after a few days. At the time of going to press, the ICP was 10th on Coinmarketcap's crypto rankings with a market capitalization of nearly $ 21 billion.
The ICP token has two functions: on the one hand, it gives the owners voting rights for the further development of the decentralized cloud, and on the other hand, ICP is the currency with which services purchased in the form of used computing power are paid for by Dfinity.
The role of the Sygnum Bank
Sygnum is the bank specializing in digital assets with a Swiss license. In a first phase, Sygnum creates the opportunity for investors in the Internet computer project as well as for employees of the Dfinity Foundation and for operators of data centers to deposit their ICP tokens. According to Sygnum Bank, custody takes place in segregated wallets with institutional security.
In a second phase, Sygnum wants to introduce a range of banking services for ICP tokens, for example 24/7 spot trading. There are also plans to introduce options trading at a later date. In addition, Lombard loans are offered to provide fiat liquidity against ICP token holdings.
Dominic Williams comments on the cooperation between Dfinity and Sygnum with the following statement:
The step into the regulated world of finance represents another milestone for the Internet computer - the security of a Swiss banking license will enable more people to access the ICP token and bring the goal of a true decentralized Internet within reach
With its commitment, the Sygnum Bank "invests" in the potential and target size of Dfinitiy's Internet computer. A potentially enormous field of application, provided that the expectations are met, which can open up for a digital bank. Manuel Krieger, Co-founder and member of the Board of Directors of Sygnum Bank, sums up his considerations with the following remark:
We believe that the decentralization and openness of the Internet computer will spark a wave of innovation in Internet services, software platforms, and user experiences
If Krieger is right, he has already secured his place in the front row for the future with the cooperation of his bank for digital assets.
The Dfinity Foundation
Dfinity is a Swiss startup company valued in the billions, is financed with around 200 million dollars from well-known investors and has driven the ambitious project since it was founded in 2016. According to the company, the world's leading professionals in technology, science and cryptography are building, promoting and maintaining the Internet computer. The Dfinity Foundation is headquartered in Zug and operates research centers in Zurich, Palo Alto, San Francisco and Tokyo.
Internet Computer Genesis Launch Event
The premiere: The Internet Computer Genesis Launch Event took place on May 7, 2021 on the video stage. The video illuminates and explains all central aspects of the project.
If you take 3 hours and 25 minutes, you will understand the Internet computer in depth, including technical details. With bobbins, a coffee break is enough to understand the essentials.
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