Dfinity’s Internet Computer Protocol Aims to Expand Web3 capabilities

PARIS (AP) — Pierre Samatis, ⁢chief business ⁤manager at the Dfinity Foundation, outlined an aspiring vision for⁣ the Internet Computer Protocol (ICP) during Paris Blockchain Week. The ICP is designed as a fully decentralized infrastructure with the potential for infinite expansion, intended to support⁢ the next ⁤generation of Web3⁢ applications.

Dfinity’s initiatives range from ‍the “Self-Lighting Internet” AI⁣ project⁤ to protocol-level integrations with major‍ blockchains like Bitcoin,Ethereum,and⁤ Solana. Samatis shared insights into how users can leverage natural language prompts to build real-time, on-chain applications.

Internet Computer Protocol: Samatis’ Role

The Dfinity Foundation⁢ spearheads the growth of the Internet Computer⁤ Protocol. Samatis said ⁤his role ⁢encompasses all⁣ business, commercial, and product-related activities within the foundation.

“The Internet Computer⁣ community ⁤is experiencing substantial growth because it offers a genuine world computer infrastructure capable ‍of constructing a complete world computer stack,” Samatis said. “this includes front-end, back-end, and ⁣data functionalities all operating ⁣on-chain, which is highly appealing to developers. the Electric ⁤Capital Report from last year indicated that ICP boasts the second-fastest-growing developer ecosystem,closely⁢ following Solana.”

‘Self-Lighting Internet’ Initiative

Dfinity is developing what founder and chief scientist Dominic Williams calls the “Self-Lighting Internet.” This initiative aims to allow anyone to use an AI interface,⁤ similar to ChatGPT,⁤ to create applications using natural language prompts directly on-chain.

According to Samatis, the AI not⁤ only generates the code but also provides the URL for the distributed request,⁣ which operates in‍ real-time on the Internet Computer. “This process currently takes one to two minutes, and we are striving to‍ achieve chat-like speed,” he said. “Users can also update their applications through prompts,marking a meaningful ⁣advancement beyond decentralized finance (DeFi) ‍applications.”

Samatis believes Web3 infrastructure offers advantages over Web2, and that⁣ users will recognise its superiority.He envisions a future⁣ where individuals, companies, and startups can create applications using natural ⁣language.

“Users⁤ should not perceive a distinction between⁢ Web2 and Web3,” Samatis said. “All applications‍ on the Internet Computer are accessible through standard web browsers, providing a familiar ⁣user experience.This seamless integration should be the ultimate objective of Web3.⁣ Overcoming ⁣the current ‍UI and ⁤approach complexities⁢ is key ⁣to driving adoption.”

Integration⁤ with major Blockchains

The Internet Computer Protocol is also focusing on protocol-level integration with Bitcoin, Ethereum, and Solana.Samatis noted that the Bitcoin integration⁤ allows anyone building⁣ on the Internet computer to interact with and transact on the Bitcoin network.

“Through Chain Key Bitcoin integration, over 40 projects within the Bitcoin community are utilizing ICP technology to develop genuine Bitcoin DeFi and Web3 applications,” Samatis said. “This integration leverages Bitcoin’s robust trust assumptions for Web3⁢ and DeFi‍ applications.”

The term “canister” refers ⁢to smart contracts on the Internet Computer. These full-stack canisters can read and write Bitcoin, enabling developers to build complex logic ⁤and applications on ⁢ICP while directly interacting with the Bitcoin blockchain.

A digital twin of Bitcoin, known‍ as CKBTC,⁢ exists on⁣ the Internet Computer. CKBTC facilitates Bitcoin transactions with faster finality ⁤and lower transaction fees. Projects like Odin.fun are exploring the creation of ⁢centralized exchanges on a decentralized⁣ infrastructure using Bitcoin and ⁢CKBTC.

Each time Bitcoin is converted to CKBTC, the corresponding Bitcoin is automatically locked on the mainnet. Samatis emphasized that the absence of a central bridge eliminates the risks of rug‍ pulls, hacks, or exploits, making CKBTC a secure way to utilize Bitcoin ⁣outside of its mainnet.

Scalable‍ Infrastructure and ⁢Deflationary⁤ Model

Samatis characterized ICP as one of the moast ambitious⁢ projects in the Web3 space.The Dfinity⁣ Foundation ⁣has invested heavily in research and development to create an infinitely scalable infrastructure.

As its mainnet launch in 2021, the Internet Computer hosts over 500 applications, including the SNS platform. Samatis cited Open Chat, a WhatsApp/Telegram ⁢clone with approximately 20,000 users, ‍as an example of the platform’s scalability.

The ICP employs a ⁢”reverse gas model,” where developers, rather than users, pay for computing cycles. This model aims to remove a barrier to adoption present in other ⁣blockchains.Developers ‍pay for computing cycles using ICP tokens,which‍ are then burned,creating ⁣a deflationary effect.

ICP Deflationary Model

Samatis noted that significant network activity has led‍ to deflation in the last six months, suggesting that a lasting⁣ deflationary state might ‍potentially be⁢ achieved sooner than anticipated.

He anticipates that the “Self-Running Internet” initiative will ⁢further contribute to deflation as more applications run on ICP, requiring developers to pay for ⁤computing cycles.

developing on ‍ICP

While the “Self-Lighting Internet” is not yet released,Samatis said it will soon enable AI-powered prototyping. Developers⁢ interested in building on ICP⁣ can contact the Dfinity Foundation’s growth team for assistance ⁢with ⁢onboarding, ⁣project review, ⁢and potential subsidies.

Expectations at Paris ⁢Blockchain Week

Samatis highlighted the value of face-to-face discussions at conferences like Paris Blockchain Week, particularly ‍for building trust with ⁢European leaders in‍ the industry. He said that while online meetings are common,in-person interactions remain crucial ⁣for fostering strong relationships and collaborations.