DFINITY — the decentralized blockchain cloud computer — announced yesterday that it raised an additional $102 million in funding from powerful VC firms Andreessen Horowitz’s a16z crypto branch and Polychain Capital. Following an initial round of $61 million from the same firms earlier this year, Dfinity has now raised just under $200 million for their “Cloud 3.0” platform.
There has been substantial excitement around DFINITY as it aims to bridge the gap between decentralization and scalability for a blockchain-based public cloud network. The launch of the platform is scheduled for later this year, and its high-profile nature stems from its ambitious goals.
What is DFINITY?
DFINITY is pegged as the “Internet Computer” of the future that is backed by a highly skilled team of computer scientists, engineers, and researchers. Their goal is to create an open-source and non-proprietary decentralized blockchain computer that has unbounded scalability.
The concept is similar to Ethereum but focuses on improving upon the performance and capacity of the network with some innovative features. DFINITY uses a “Threshold Relay” to generate randomness by applying the BLS cryptography scheme. This removes many problems with current mining iterations such as “Nothing at Stake” in proof of stake systems and enables the network to have near-instant finality with potential for scaling to unlimited computational capacity.
Further, governance is a critical component of decentralized networks and as such DFINITY focuses on addressing the issue with a “Blockchain Nervous System” (BNS) designed to upgrade and optimize the network autonmously. The BNS is governed by community members that run special nodes through a Verifiable Random Function (VRF) of continuous quorum selections.
Upcoming Events and Plans
The DFINITY platform is built for use by a wide variety of applications, businesses, and developers. It aims to replace cloud computing services like Amazon Web Services with a much more powerful and decentralized network architecture.
Currently, the DFINITY Beta test net is live, and the public mainnet launch is expected towards the end of the year. DFINITY recently completed a public airdrop to its community members; however, they will not have access to the tokens until the official launch of the platform.
DFINITY will allow enterprise platforms to substantially reduce costs by allowing both private and public networks to plug into their system and leverage its resources. The release schedule of its client software is scheduled in 3 tiers:
- Copper (in progress)
DFINITY’s decentralized cloud computing platform represents another step towards scalability and interoperability in the blockchain realm. Their lucrative fundraising and backing by some of the top VC firms in the space also confirm that their ambition has some real progress and expectations behind it.