Dfinity Foundation, the Zurich-based research and development center, has announced a fund worth CHF 200 million, or around $223 million, to support development on the Internet Computer.
It has been reported that the non-profit scientific research organization announced “The Developer Ecosystem Program” on May 26, and is now accepting applicants for development grants.
However, these grants will operate separately from the $14.5 million Beacon Fund, which was announced in September 2020, and is a dedicated venture fund that backs developers creating open internet services on the platform.
Dominic Williams, the founder and Chief Scientist of Dfinity Foundation, said:
“Our aim is to support the reimagination of all systems and services in new forms using smart contracts on an infinite public blockchain, and nothing else.”
The report said that the Internet Computer’s aim is to replace much of the internet with a self-governing blockchain-based decentralized platform, that can facilitate smart contracts at web speed directly to users, with unlimited scalability, while offering greater efficiency and usability than systems built on traditional infrastructure.
The Internet Computer relies on a decentralized Web 3.0 cloud-like protocol named the Internet Computer Protocol (ICP) that utilizes a combination of data centers and high-end node machines, or validators, across the globe, to create a network of computers to host this new version of the public Internet.
The Dfinity Foundation has launched a $223M fund to support development on the Internet Computer network. Some community members are unhappy about the governance model of the project. https://t.co/lxeqK7QuAN — Cointelegraph (@Cointelegraph) May 26, 2021
Likewise, the ICP is “intended as a complete replacement” for existing internet infrastructure. Dfinity proposes decentralization by introducing a consensus model dubbed the Threshold Relay, which is accompanied by its Network Nervous System (NNS) algorithmic software that governs the Internet Computer, economics, and structure.
Dfinity’s grandiose vision for the ICP has been greeted with a mixed reaction among many in the crypto community, with questions raised over how decentralized the project’s governance actually is.
Thus, the breakdown raised issues such as Dfinity’s apparent “total control” over the network, the undisclosed amount of power the NNS has over governance, and the potential ramifications of users handing over their private data to the project, as they are required to create a single “Internet Identity” to operate on the network.