- Dfinity Foundation offers $200 million for developers to work on Internet Computer (ICP).
- The funds would be used by developers for projects centered around infrastructure such as oracles and block explorers, accelerators, and applications that can attract users.
The Dfinity Foundation has made available $200 million in a bid to get developers to work on its Internet Computer (ICP). Dfinity has been seeking to use smart contracts to transform the internet into a giant, global computer. ICP is a new blockchain system introduced by Dfinity to ensure that decentralized services are run at a speed familiar to internet users.
The funds would be used by developers for projects centered around infrastructure such as oracles and block explorers, accelerators, and applications that can attract users. The focus areas also include Canister Development Kits (CDK) and Agents, Open Internet Services, Developer Tooling (Debuggers, Logging Libraries), as well as Integrations and API (chats, emails, and maps). According to Dfinity, the grant program is a non-dilutive form of financing projects.
The foundation raised about $102 million from investors including Andreessen Horowitz and Polychain Capital.
Olaf Carlson-Wee, founder and CEO of Polychain in a statement expressed his excitement to contribute to the project funding.
What I am excited to fund is a service or product that is native to the new system rather than what feels like a porting of an application from Web 2 to Web 3.
Dominic Williams, founder of Dfinity Foundation has said that their project is a sovereign physical layer different from the Proof-of-Stake infrastructure that runs on cloud services like Amazon. Williams said:
We aim to support the reimagination of all systems and services in new forms using smart contracts on an infinite public blockchain, and nothing else. What the world now builds to take advantage of blockchain’s new capabilities shall be an important and fascinating next chapter.”
Dfinity plans more exciting projects for Internet Computer
During Consensus 2021, Williams disclosed that over 100,000 identities have so far been created on its network. When speaking about the upcoming social network called Distrikt, he said people will see blockchain that evolves and progresses technically faster than how blockchains have been in the past few years.
Dfinity is also working on Endorphin, a project that will ensure that app developers do not apply to get their projects to App Store on IOS or Play Store on Android. Also, developers will get all revenues generated from their work without splitting with these big tech companies.
Rather than end-users downloading Apps on Play Store and App Store, they will access Apps and DApps through traditional URLs just like websites. This means there will be no difference between websites, normal apps, and DApps. Also, Endorphin devices would be upgraded and managed by secure, open-governance systems on the Internet Computer.
A review by Adweek, however, claims that Dfinity has held back a fair amount of the Internet Computer code it published. Adweek also mentioned Dfinity’s opaque valuation and “super-big VC fundraising”, and faced questions about how different its project is from the likes of Amazon, Google, and the cloud services it intends to replace.