DFINITY ICO review: A new ecosystem with a “big” product
The DFINITY project is positioned as an Ethereum 2.0 – faster, cheaper, more productive. And even with a number of new features and applications. At the same time, despite the fact that some enthusiasts call DFINITY the “Killer of the Ethereum”, the developers themselves emphasize that both ecosystems can coexist productively, complementing each other. So what is DFinity ICO and what exactly is its advantage, and what will be the result of the improved model of the Ethereum?
Features of the DFINITY project
The project on creation of a new ecosystem must cope with a multitude of tasks. The success of the solution depends, first of all, on the speed and security of transactions. In order for the transaction to be valid and permanently fixed in the block, an average of 6 confirmations is required in the Bitcoin network, and 37 in the Ethereum network. Two transaction confirmations are sufficient for DFINITY dfinity.org, and the blocks are formed, often, in less than a second. The upper limit of the processing speed is 5-10 seconds.
At the same time, two confirmations are enough to ensure security through the use of Threshold Relay technology. In this case, the validity of the transaction is confirmed not by one signature of a miner, but by a whole group of users acting together.
It will use the PoS algorithm to confirm transactions and for mining. You need to purchase a number of tokens and freeze them on the account. After that you become an active member of the community, can earn on mining and influence the development of the system. After that, the user is able not only to receive income. But also to get the right to vote when solving actual issues of the ecosystem.
The main product of the ecosystem
The creators of the project designate a decentralized data warehouse and an alternative banking system as the first products that will allow DFINITY to earn money and justify the investments attracted to the ICO. It should affect DFINITY ICO price when it’s finally out.
The first direction will allow using cloud storage facilities to accommodate large amounts of important information, while ensuring security with decentralization and blockchain technologies. According to the plan of the project creators, the main customers of this service will be corporations like Facebook, whose main expenses are aimed at maintaining the information infrastructure: the maintenance of servers, payment of work of system administrators, etc.
The transfer of these functions to outsourcing, where, thanks to the use of clouds and blockchain, the cost of storage will be significantly lower, should inspire a lot of companies, because few will refuse to save without losing quality. And the DFINITY token will become an internal currency, through which customers will pay for the services. As a result of high demand, the cost of the cryptocurrency will constantly grow. And investors will quickly begin to receive income.
Alternative banking system
The second product of DFINITY is the user crediting system, designed to replace and destroy the banking one. The creators of the project seem to have personal dislike to. According to data provided by DFINITY researchers, commercial banks create (through credit products) and control more than 98% of global liquidity. The alternative lending project will enable users to issue loans themselves, or use a similar service, bypassing a banking machine.
If the user wants to make money lending to other members, he needs to replenish the account for a certain amount. And after that he will be able to manage the capital, ten times higher than the security deposit. This will allow to have a decent income even with a rather democratic loan rate.
Several members of the system must approve the applicant who wishes to receive credit. Before that, the borrower provides personal data, income information – in general, everything, like in a real bank. If all potential lenders approve the candidate, then the user receives the required amount.
Decentralization plays an important role in lending. Nobody knows who will become the creditor, who will approve the application, everything is absolutely anonymous. At the same time, the reputation of each participant is of great importance. If you approve the application of a deliberately untrustworthy borrower, which other users unanimously reject, you can forfeit a serious decline in reputation.
There is also other financial project, but for those who interested in investments – Genesis Vision.
The project team of DFINITY ICO
The command structure of the project resembles a group of employees of some research laboratory or research institute. Almost all participants are positioned as “scientific employees” or “engineers”:
- Dominic Williams, Chief Scientist. A cryptoentrepreneur and researcher. Worked with Threshold Relay and PSC.
- Timo Hanke, Head of Engineering. Professor of Mathematics and Crypto-Enthusiast. In 2013 he created AsicBoost to reduce the gate count on Bitcoin mining chips and increase the efficiency of Bitcoin mining by 20-30% that has since become a standard in large-scale mining operations.
- Ben Lynn, Senior Staff Scientist & Engineer. Once a Stanford PhD under Dan Boneh, Ben joined the DFINITY team after 10 years in senior engineering roles at Google.
- Artia Moghbel, Head of Operations. Serial entrepreneur, cryptoenthusiast and venture investor.
- Tom Ding, Advisor. CЕО String Labs & SV Liaison. Silicon Valley venture investor. Tom has worked in the crypto industry since 2013, relocating from Shanghai in 2012.
In total, the project team has several dozen employees with experience in software development and engineering systems, cryptography, and management and marketing.
Plans for development in the near future
Now the DFINITY project is actively works on the development of the beta version of the platform. They will launch it in 2018. A real prototype already exists. As early as 2017, Dominic Williams demonstrated the operation of the Copper system. Which is a simplified model of the real working platform from DFINITY.
The exact date of DFINITY ICO is still unknown. Many assume that they will organize the open placement of the tokens before the launch of the beta version of the platform. We’d advise potential investors who have interest in acquiring tokens and want to know how to buy DFINITY ICO to subscribe to its newsletter in advance. As practice shows, the projects have the right to choose whom to give the opportunity to become the holder of the tokens before the release on the exchange. Even before the official announcement of ICO attracting close attention.
Summary of DFINITY ICO
DFINITY is an ambitious project offering a new, improved blockchain-ecosystem and several interesting products. ICO, not even announced yet, is already doomed to success. Few potential investors will doubt the consistency of the project with a ready prototype and an impressive team of specialists. So follow the DFINITY ICO news to stay informed.
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