Founded in 2015, DFINITY is one of the top players powering Web3 innovation through its Internet Computer Protocol (ICP). The ICP aspires to be the world’s infinitely scalable, fully decentralized, compute-enabled Internet – serving as the new backbone for emerging Web3 applications. DFINITY's mainnet has been live since 2021 and it continues to push the boundaries of what's possible in Web3.
One such project, from DFINITY, is particularly ambitious and intriguing – a fully autonomous AI-powered ‘Self-Writing Internet.’ This innovative tech allows any user to whip up interactive, on-chain applications just by describing what they want in plain English. One very cool project at DFINITY is CkBTC. This allows for Bitcoin transactions to fly through in as little as one second, with only 10 times the transaction fee. Usability & Accessibility DFINITY wants your future Web3 applications to work like any other web application, with a strong emphasis and focus on usability and accessibility.
CkBTC and Bitcoin Integration
DFINITY’s CkBTC provides an interoperable and secure way to hold Bitcoin outside the mainnet. This reduces the risk of a central bridge being rug-pulled or hacked. This breakthrough makes possible Bitcoin transactions 1-second finality and 10x transaction fee sets. Projects such as Odin.fun are already using CkBTC to recreate a centralized exchange experience on Bitcoin’s decentralized infrastructure.
In short, CkBTC is an enormous step forward in connecting Bitcoin to the rest of the Web3 world. Powered by DFINITY, decentralized finance (DeFi) and other Web3 applications like it are opening up exciting new possibilities. It does this by offering a private and fast method to transact using Bitcoin on an open network. This integration gives developers the tools they need to create the next big idea. Now they can combine the security of Bitcoin with the scalability and flexibility of the Internet Computer.
The lack of any central bridge in DFINITY’s CkBTC architecture is one of the major distinguishing factors here. Even worse, traditional bridges are susceptible to hacks and exploits, putting users’ funds at great risk. In contrast, DFINITY’s approach completely eliminates this risk by creating a direct, secure tether between Bitcoin and the Internet Computer.
The Internet Computer Ecosystem
The Internet Computer Protocol (ICP) is the technology that’s driving the next generation of Web3 applications. Its infrastructure is infinitely scalable and completely decentralized, creating a paradigm shift for developers. More than 500 applications have launched so far on the Internet Computer, including full-fledged social media networks. These use cases feed off the Internet Computer’s unique architecture, which enables truly on-chain execution of all code and storage of all data.
The Internet Computer’s model is more like web2 in the sense that you don’t have to pre-load gas fees into the network in order to perform transactions. With this level of ease comes a huge benefit to developers and users alike. It cuts out the burden and expense associated with conventional blockchain infrastructures. In addition, the Internet Computer has gone through deflationary periods thanks to high network activity driven by popular projects that have been deployed.
Currently, DFINITY has protocol-level integrations with Bitcoin, Ethereum, and Solana is coming soon. Through these integrations, we’re enabling seamless interoperability between all blockchain networks. This empowers developers across the spectrum to build applications that truly harness the strengths of each platform. To that end, DFINITY has an unusual growth team. Lomesh heads up this talented group, whose mission is to fund development projects committed to building on the Internet Computer.
Self-Writing Internet and Future Vision
Our friends at DFINITY are developing a ground-breaking AI project, which they refer to as the ‘Self-Writing Internet’. Smart contract coder This experimental project lets users create live, on-chain apps with only natural language prompts. Pierre Samaties, Chief Business Officer of the DFINITY Foundation, is a leader on this effort.
The ‘Self-Writing Internet’ can fundamentally change how applications are created and exist on the blockchain. To make Web3 development easier, DFINITY is leveraging the capabilities of AI to drive exceptional simplicity and efficiency. Now, thanks to DFINITY’s revolutionary technology, anybody can easily launch their very own app! All of this would create a tidal wave of innovation and catalyze the widespread adoption of decentralized technologies.
DFINITY wants the Web3 applications they build to work like any other web application, concentrating on usability and accessibility. This vision lies at the heart of the development of the Internet Computer and its complementary suite of tools and services. By simplifying the development process and providing a user-friendly experience, DFINITY is paving the way for mass adoption of Web3.
