The Dfinity Foundation has announced it will be supporting more developers on The Internet of Computer (TIC), a new blockchain system, through a $223 million grant.
According to Dfinity Foundation, the new project will enable decentralized services at higher speeds on made-for-purpose machines in data centers around the world.
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Founder of Dfinity Dominic Williams, during the 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 reimagination of all systems, especially on an endless public blockchain.
In 2019 Williams told Forbes that the ICP is “intended as a complete replacement” for existing internet infrastructure.
The application now open for the 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 together with the $14.5 million Beacon Fund, announced in September last year. The new fund is a separate venture that tasks developers and empowers them to create open internet services on the platform.
Dfinity was launched in 2014 and has attracted investments from major venture capitalists, including PolyChain Capital and Andreessen Horowitz. They both supported Dfinity Foundation in a $105 million funding round in 2018.
Provision of unlimited scalability
The main goal of the Internet Computer is to use a self-governing blockchain platform to replace much of the internet. This, according to the project’s goal, will provide smart contracts at web speed 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 the 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.