The fact is that there is a lot of confusion about the difference between the Internet Computer, ICP, and the DFINITY Foundation. So this is a quick article to clear some things up and to briefly discuss the stated purpose of the DFINITY Foundation in connection with the Internet Computer (IC).
Let me start out by saying this is primarily going to be a terminology article for those who are new to the Internet Computer ecosystem. The fact is that there is a lot of confusion about the difference between the Internet Computer, ICP, and the DFINITY Foundation. So this is a quick article to clear some things up and to briefly discuss the stated purpose of the DFINITY Foundation in connection with the Internet Computer (IC).
What Is the Internet Computer (IC)?
The Internet Computer (sometimes abbreviated as IC) is a revolutionary web3 blockchain that offers affordable web speed transactions and on-chain storage options. It also uses a reverse gas model and is an extremely eco-friendly blockchain. You can learn more about what makes the Internet Computer blockchain unique in this article: https://www.coinhustle.com/what-makes-the-internet-computer-unique/
What Is ICP?
ICP (Internet Computer Protocol) is the native token of the Internet Computer blockchain. While there are many emerging on-chain tokens, and the recent BTC integration allows for BTC transactions utilizing the IC blockchain, ICP is the primary token used for transactions and governance. In fact, by locking ICP tokens on the NNS (Network Nervous System), you can participate in network governance and earn rewards. You can learn more about how to earn rewards here: https://www.coinhustle.com/a-detailed-guide-to-voting-on-proposals-and-earning-substantial-rewards-through-the-nns/
What Is the DFINITY Foundation?
The role of the DFINITY Foundation is clearly stated on its website and even on the front door of its headquarters in Zurich. “The DFINITY Foundation is a major contributor to the Internet Computer blockchain.” It is a not-for-profit organization based in Switzerland with more than 270 team members. Besides protocol development, another major way the DFINITY Foundation supports the Internet Computer blockchain is through its developer grant program.
Recent Internet Computer protocol developments from the DFINITY Foundation include:
· BTC Integration
· Threshold ECDSA Signatures
· HTTPS Outcalls from Canisters (Beta)
The DFINITY Foundation also maintains the internetcomputer.org website, where they make it easy to learn about the Internet Computer and explore the ecosystem. One essential component of the website is the Roadmap. Here, you can read about all of the latest updates to the Core Protocol, Boundary Nodes, System Utilities, dApps, Governance, Developer Experience, and Infrastructure of the IC.
What Is DFINITY’s Role?
As stated above, DFINITY is a major contributor to the Internet Computer ecosystem, which is still in its infancy. We’re only 21 months post-genesis, so there is still much work to do. As a result, DFINITY is still responsible for a lot of what is happening on the IC, either directly or through giving grants to developers who are supporting the eco.
They also play a major role in the governance of the ecosystem. While the goal of the Internet Computer is to be a completely decentralized blockchain, this takes time. At the launch, DFINITY controlled nearly 40% of voting power on the NNS. Today, they control just over 23%. While that is a huge step in the right direction, there is still a long way to go. For example, only about 50% of neurons currently vote on governance proposals, which means the Foundation’s 23% is still almost half the vote. This is one reason the Foundation will usually wait to see how the community votes before passing their vote on most governance proposals (and if they decide to vote earlier, they usually explain their reason for doing so).
As the Internet Computer matures, the DFINITY Foundation will continue to play a supporting role on the tech side but will likely see less of a governance role as the NNS becomes more decentralized. This is one of the future developments that will help the Internet Computer to claim its place as a true web3 World Computer.
Connect With Us:
- Disclaimer: The views and opinions expressed on this website are solely those of the original author and other contributors. These views and opinions do not necessarily represent those of the CoinHustle staff and/or any/all contributors to this site.