Dfinity
DFINITY is a decentralized InFINITY and it has an aspiring goal: to create a system that is well-matched with both the Ethereum and its corporate clones, and become a «decentralized cloud» in which Ethereum’s smart contracts are executed.
Imagine a new level of systems, where all existing crypto-technologies and algorithms will be perfect and contribute to an infinite speed. The activity of this system will be based on the votes of users and «opinion» of AI, which are able to instantly calculate vulnerabilities, and in case of penetration, painlessly «roll back» the blockchain. It will be able to dynamically optymize itself in every segment. If you managed to imagine this global system, you can understand what is Dfinity and the principles of work of DFN network.
Contents
Dfinity Review
DFINITY is Decentralized InFINITY and it has an aspiring goal: to create a system that is well-matched with both the Ethereum and its corporate clones, and become a «decentralized cloud» in which Ethereum’s smart contracts are executed. Developers of Dfinity calls their project «Internet Computer». It means blockchain machine with unbounded capacity, incredible possibilities and algorithmic governance, the real third generation of networks. Innovations used in the DFINITY include network protocols and crypto-designs, fully fitting for use in ETH blockchain. The system provides Dapp developers a possibility to work in both networks, improving the fulfilment of common code. If something is running on an Ethereum, it will do it on DFINITY.
Security
Threshold Relay is a new tech that provides the organization and processing of the Dfinity network on the basis of random selection that provides security. DFINITY users create a determinate and controlled mechanism that is fully random and spontaneous. This technology uses the innovative cryptographic scheme developed at Stanford. Threshold Relay creates special beacons that allow you to randomly select nodes, forming a group of nodes to conduct voting. It is random selection that allows you to ensure system security. It turns out that only those blocks that have gained a certain weight in the system are allowed for operations. Others are waiting their turn, further increasing their weight. Due to this, the system is not clogged with small operations, which permit it to provide it in 5-10 seconds.
Dfinity’s Blockchain Nervous System (BNS)
Dfinity’s Blockchain Nervous System (BNS) is one of the biggest innovation in Dfinity. It is an artificial intelligence who will work into a system and has a high authority that permit it to be an impartial decentralized supernode. The given system can resolve tasks which otherwise can be unsolvable without third parties. The algorithm for the first iteration of BNS is surprisingly simple. Any innovations in the system should be presented to BNS for a comission. BNS then decides on these suggestions, using voices controlled by “neurons” – any user from network. BNS improves to make better choices.
Any person can create and run neurons. In fact, it is the same as nodes. A new neuron is created by freezing tokens for a period of 3 months. The relative strength of the neuron’s voice is equal to the amount of the deposit that it holds. This guarantees the legitimacy of voting and the involvement of the owners of the nodes in the vote, because they receive a reward equal to the quantity of frozen tokens.
When a neuron is created, two keys are indicated. One of them – the “delegate” allows the neuron to vote. Another key is the “master”, which must be stored in a cold storage and can be used to create the neuron and receive its deposit. Users can vote byt itself or give their vote to an authoritative node in any field and give a command to vote like this node. The point is that no one can track who votes for whom, thus, in principle, which excludes the probability of an «51% attack».
Another cool property of this solution is the ability to «roll back» the system. Imagine that a user discovered a vulnerability on the system and hurried to use it to steal money. BNS is able to detect a vulnerability on the fly, eliminate the cause of this bug, and most importantly, as a result of voting, “roll back” the blockchain and return the stolen coins. If in other systems it will require hardforks, then here it happens without damage and stopping the whole system. Thus, this network becomes less engaging to hackers and has deeper fundamental protection.
The presentation of BNS represents the concept of an environment in cyberspace, which has algorithmic governance without direct third parties or controllers. If it works, it will help solve many of the tasks that we face now. Ultimately, BNS has only one big goal – to protect, optimize and promote the Dfinity.
Dfinity Token (DFN)
Dfinities are tokens that will be used in your every step ine ecosystem. The developers identified four main roles of Dfinity token (DFN):
- Gas for creating and launching smart contracts.
- Depository to create nodes that will be the «managers».
- Deposits for proposing and joining the system infrastructure.
- Depots that permit Dfinity cloud to connect to a common networks.
All the basic functions and capabilities of Dfinity system will be possible only through the payment or freezing of DFN. Inflation in the system is possible, but the resolution to issue new coins will be accepted both, by the users and AI BNS together, thus ensuring the maximum value of the tokens.
Dfinity and Ethereum
Developers say that there will not be any competition between DFINITY and the Ethereum – the implementation of the BNS makes DFINITY a bearer of another idea: it is the «sister» of the Ethereum, which extends the ecosystem of the Virtual Machine of the Ethereum. Rather, we can talk about the battle between the combined system of the Ethereum and DFINITY with private-owned blockchains from corporate markets.
Dfinity Roadmap
The project road map provides four releases: Copper, Zinc, Tungsten, Titan. At the moment, Dfinity is running a test network, and the launch of the first version of the system will be done at the end of the Q2 2018. Unfortunately, developers of Dfinity do not specify the time when they plan to fully implement their project in White Paper.
Dfinity ICO
Dfinity had plans to run an ICO in 2018, but due to more strict government regulations this idea was counted as impractical. That’s why Dfinity project decided to widen distribution of network tokens by an airdrop of DFN worth up to 25 million swiss francs. It was done at the end of the May, between community members, with preference given to the earliest supporters. Also, before airdrop, Dfinity run a closed presale for limited circle. As it goes now, there is no information about crowdsale of DFN tokens. Tokens are available, but not tradable – coinmarketcap doesn’t mention it.
External links
See Also on BitcoinWiki
Sources
https://dfinity.org/pdf-viewer/pdfs/viewer?file=../library/dfinity-consensus.pdf
https://www.icoexaminer.com/ico-news/ethereum-rival-dfinitys-35m-airdrop-is-underway/
https://venturebeat.com/2018/02/07/dfinity-raises-61-million-for-blockchain-based-cloud/
https://medium.com/dfinity/the-dfinity-blockchain-nervous-system-a5dd1783288e
https://medium.com/dfinity/dfinity-stiftung-and-the-upcoming-fundraising-70318a9831dc#.daaajsaus
https://medium.com/on-the-origin-of-smart-contract-platforms/on-the-origin-of-dfinity-526b4222eb4c
https://medium.com/dfinity/announcing-the-dfinity-presale-fundraise-and-public-airdrop-cdea19892ef6
https://medium.com/dfinity/liftoff-the-dfinity-community-airdrop-is-here-5a11b94a2d03