The Dfinity Foundation has announced that it will support more developers on The Internet of Computer (TIC), a new blockchain system, through a $ 223 million grant.
According to the Dfinity Foundation, the new project will enable decentralized services at higher speeds on specifically designed machines in data centers around the world.
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Dfinity founder Dominic Williams, during Consensus 2021, stated that the project is different from proof-of-stake infrastructure and described it as a “sovereign physical layer.”
He added that the organization aims to use smart contracts to support the reinvention of all systems, especially on an endless public blockchain.
In 2019, Williams told Forbes that the ICP is “intended to be a complete replacement” for existing Internet infrastructure.
The application is now open for development grants.
The Zurich-based Foundation is a non-profit scientific organization. It has started accepting applications for development grants.
According to the announcement, the grants will not be considered in conjunction with the $ 14.5 million Beacon Fund, announced in September of last year. The new fund is an independent company that assigns tasks to developers and allows them to create open Internet services on the platform.
Dfinity launched in 2014 and has attracted investment from major venture capitalists, including PolyChain Capital and Andreessen Horowitz. They both supported the Dfinity Foundation in a $ 105 million funding round in 2018.
Provision of unlimited scalability
The main goal of the Internet Computer is to use an autonomous blockchain platform to replace much of the Internet. This, in accordance with the goal of the project, will provide web-speed smart contracts directly to users.
It will provide unlimited scalability and offer greater usability and efficiency than systems built on traditional infrastructure.
The Internet computer is based on a decentralized Web 3.0 cloud-based protocol called Internet Computer Protocol. It makes use of a combination of high-end bode machines and data centers to host the new version of the public Internet.