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Internet Computer ICP Lanching In 2021

Is This The Web 3.0 We Have Been Waiting For?

Internet Computer ICP Lanching In 2021

#Dfinity #ICP #crypto

Internet Computer (ICP): BIGGEST Launch of 2021?? 🤯

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May 22, 2021

 

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📲 Insider Info in my Socials 👉 https://guy.coinbureau.com/socials/ 🛒 20% Binance Discount 👉 https://guy.coinbureau.com/binance/ 👕 “Bitcoin Evolution” Shirt 👉 https://store.coinbureau.com 🔥 My Insider Telegram 👉 https://t.me/cbinsider ~~~~~ 📺Essential Videos📺 How The Internet Computer Works 👉 https://youtu.be/zHl-oVPoX88 Threshold Relay Explained 👉 https://youtu.be/vVLRRYh3JYo Chain Key Technology Explained 👉 https://youtu.be/vUcDRFC09J0 Network Nervous System Explained 👉 https://youtu.be/hWnsluxmRqc Binance Walkthrough 👉 https://www.youtube.com/watch?v=YzJ6x… ~~~~~ – TIMESTAMPS – 0:00 Intro 1:38 What is The Internet Computer? 4:52 How Does it Work? 7:38 The Network Nervous System 9:40 ICP Tokenomics: ICO 11:26 ICP Tokenomics: Use Cases 14:27 ICP Price Analysis 17:25 Internet Computer Roadmap 18:54 Is it A Crypto Project? 21:52 Conclusion ~~~~~ ⛓️ 🔗 Useful Links 🔗 ⛓️ ► Dfinity Foundation Team: https://dfinity.org/foundation/#team ► The Internet Computer’s Previous Milestones: https://medium.com/dfinity/the-intern… ► Dfinity Foundation Open Source Policy: https://github.com/dfinity/ic#open-so… ► Internet Identity App: https://identity.ic0.app/ ► Neural Network System Governance Powers: https://sdk.dfinity.org/docs/develope… ► ICP Tokenomics: https://medium.com/dfinity/the-intern… ► ICP Vesting For Early Buyers: https://medium.com/dfinity/how-to-acc… ► Internet Computer Data Center Explorer: https://www.dfinityexplorer.org/#/dat… ► Dominic Williams Internet Computer Roadmap Medium Post: https://medium.com/dfinity/announcing… ► Endorphin Mobile Phone OS By The Dfinity Foundation: https://medium.com/dfinity/plans-for-… ~~~~~ 💻What Is The Internet Computer?💻 When the Internet Computer was founded, it was known as Dfinity, and it sought to take Ethereum’s world computer idea to the next level by becoming, well, the internet computer The interesting thing about the Internet Computer is that unlike other smart contract cryptocurrencies, the Internet Computer aims to replace the entire internet stack, not just the application layer ⛓How Does The Internet Computer Work?⛓ Users do not need to pay any fees when interacting with canister applications unless it’s something that requires transactions like a decentralized exchange or lending Another major difference between the Internet Computer and other cryptocurrency blockchains is that you require something called an Internet Identity to interact with applications on the internet computer ⚖The Network Nervous System⚖ The internet computer’s architecture of data centers, nodes, subnets, canisters and users is managed by the Internet Computer’s Network Nervous System or NNS What’s interesting is that the NNS itself consists of a handful of canisters running on a dedicated subnet 💰 ICP Tokenomics: ICO💰 ICP has an initial supply just short of 470 million tokens and a decreasing inflation rate that starts at 10% per year. About 25% of these tokens were sold to early retail investors 🛠ICP Tokenomics: Use Cases🛠 The ICP token is used for three things: Governance of the Internet Computer via the NNS, to pay for fees to run applications and websites on the Internet Computer, and to reward network participants 📈ICP Price Analysis📉 ICP has slowly been shedding dollars and took a nasty beating when the crypto market experienced that flash crash a few days ago. This will likely continue as there are not many demand drivers for ICP 📅The Internet Computer Roadmap📅 In January this year, Internet Computer founder Dominic Williams detailed a 20-year roadmap for the project. By 2040, the Internet Computer hopes to be larger than the regular internet Achieving this on computers is only half the battle, which is why the Dfinity Foundation recently announced its plans for Endorphin, a new operating system for smartphones currently in development 🤔Is The Internet Computer Really A Crypto Project?🤔 The Internet Computer appears to be quite centralized – the Dfinity Foundation hosts the NNS, provides the ‘standardized hardware’ required to run nodes, and seems to have most of the voting power ~~~~~ 📜 Disclaimer 📜 The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome. #Dfinity #ICP #crypto #blockchain #decentralisation

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Internet Computer ICP Lanching In 2021

Internet Computer ICP Lanching In 2021

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COMPLETE TRANSCRIPT

00:01
did you know that cryptocurrencies
00:02
aren’t actually decentralized
00:04
this is because the internet we use
00:07
today is controlled by a handful of tech
00:09
giants
00:09
that all crypto projects rely on for
00:11
storage computing and
00:13
front-end user interfaces like mobile
00:15
apps and websites
00:17
at any time these tech giants could
00:19
collude to bar crypto companies from
00:22
using their services
00:23
which could crush the crypto market in
00:25
an instant
00:26
the internet computer hopes to be the
00:29
solution to this
00:30
subtle centralization problem by
00:32
creating a brand new decentralized
00:34
internet
00:35
its icp token recently appeared among
00:38
the top 10 largest cryptocurrencies by
00:40
market cap the other week
00:41
and this has left many wondering what
00:44
this project is really all about
00:45
and if it has any potential well today
00:49
i intend to find out
00:58
sorry to interrupt but i need to cover
01:00
my butt i
01:01
am not a financial advisor so i can’t
01:03
give you any financial guidance
01:06
everything in this video is just crypto
01:08
science
01:09
if you’ve never seen me before my name
01:11
is guy and this channel has crypto
01:13
galore
01:14
crypto coins crypto tokens crypto market
01:17
moves and crypto truths that are seldom
01:19
spoken
01:20
if you value quality over hype
01:22
subscribing to the channel and pinging
01:24
the notification bell is right
01:26
i’ve laid down a few timestamps in the
01:28
video timeline below
01:29
you can use them to skip around or watch
01:31
the whole way through if you’re a true
01:33
crypto bro
01:34
and with that said let’s get that icp
01:37
bread
01:38
the history of the internet computer is
01:40
a bit confusing but here’s
01:42
more or less how it came to be the
01:44
internet computer
01:45
was founded by dominic williams in
01:47
either 2014
01:48
2015 or 2016. dominic is a computer
01:53
scientist
01:53
with over 20 years of experience and has
01:55
been active in crypto
01:57
since 2014. when the internet computer
02:00
was founded it was known as
02:01
dfinity and it sought to take ethereum’s
02:04
world computer idea to the next level
02:06
by becoming well the internet computer
02:11
the interesting thing about the internet
02:12
computer is that unlike
02:14
other smart contract cryptocurrencies
02:16
the internet computer aims to replace
02:18
the entire internet stack not just the
02:22
application layer
02:23
like many crypto projects the internet
02:25
computer is maintained and developed by
02:28
the dfinity foundation a swiss
02:30
non-profit incorporated in october 2016.
02:34
the dfinity foundation consists of
02:36
nearly 200 of the world’s most talented
02:39
developers and researchers
02:40
who have been collectively building the
02:42
internet computer protocol
02:44
since 2016. the massive
02:47
scale of this project was made possible
02:49
by the equally massive amount of money
02:51
the dfinity foundation received
02:53
from vc investors and the icp ico
02:58
these public and private funding rounds
03:00
raised anywhere between 120
03:02
and 166 million dollars
03:05
now i’ll get back to that later unlike
03:08
many crypto projects the internet
03:10
computer’s code is not completely open
03:12
source
03:13
now as far as i understand developers
03:15
are also not allowed to copy
03:17
most of the code that is open source
03:20
more importantly
03:21
participation on the internet computer
03:23
blockchain is permissioned and requires
03:25
quote
03:26
standardized hardware provided by the
03:28
dfinity foundation
03:30
development of the internet computer
03:32
began in 2019 with the release of copper
03:35
which introduced a software developer
03:36
kit
03:37
for smart contracts coded in motoko a
03:40
new
03:40
programming language used on the
03:42
internet computer
03:44
in early 2020 the bronze milestone
03:46
featured the first functional
03:48
decentralized application
03:49
on the internet computer at the davos
03:51
summit hosted by the world economic
03:53
forum
03:54
the featured app was linked up an open
03:57
source version of linkedin
03:58
that works just as fast as its
04:00
centralized contemporary
04:02
what you see here is built entirely on
04:05
the internet computer
04:06
a few months later tungsten opened up
04:09
the internet computer to third-party
04:10
developers and showcased
04:12
dfinity’s decentralized tick tock clone
04:14
can can
04:15
which was built with just 1 000 lines of
04:17
code
04:18
at the end of 2020 the dfinity
04:21
foundation unveiled its much anticipated
04:23
sodium upgrade
04:24
which introduced the internet computer’s
04:26
government’s framework and togenomics
04:29
mercury the last stage of the internet
04:31
computer’s development was completed
04:33
earlier this month
04:34
with its mainnet launch the icp token
04:37
also began trading on multiple exchanges
04:39
such as coinbase and binance with a
04:41
valuation high enough to place it among
04:44
the top 10
04:44
largest cryptocurrencies by market cap
04:48
so how in the hell does it work
04:52
the internet computer might just be the
04:54
most complex cryptocurrency project in
04:57
existence
04:58
so if what i’m about to say doesn’t
05:00
quite click
05:01
well don’t take it personally from a
05:04
bird’s eye view the internet computer
05:06
consists of a series of data centers
05:08
spread around the world each data center
05:11
contains
05:11
multiple nodes and nodes from multiple
05:14
data centers
05:15
are grouped together to form something
05:17
called a subnet
05:19
each subnet forms a proof-of-stake
05:22
blockchain which uses a novel consensus
05:24
mechanism
05:25
called threshold relay invented by
05:28
founder dominic williams now threshold
05:31
relay is
05:31
outside the scope of this video but the
05:34
bare bones explanation
05:35
is that a subset of nodes in each subnet
05:39
is selected to produce a block based on
05:41
their staked
05:42
icp subnets are similar to the power
05:45
chains you see on polkadot and kusama
05:48
like parachains subnets host
05:50
decentralized applications
05:52
running on the internet computer now
05:54
whereas regular crypto dapps consist of
05:56
a collection of smart contracts
05:58
each dap on the internet computer is
06:00
made up of one or more
06:01
canisters canisters are like smart
06:04
contracts on steroids
06:06
they can automatically create new
06:08
versions of themselves on other subnets
06:10
to support additional users and can be
06:12
leveraged by
06:13
other developers building dapps because
06:16
subnets only consist
06:17
of a handful of nodes running in
06:19
powerful data centers
06:20
this makes both transactions and
06:22
applications run
06:23
at speeds that are comparable to the
06:25
regular internet
06:27
not only that but users do not need to
06:29
pay any fees when interacting with
06:32
canister applications
06:33
unless it’s something that requires
06:35
transactions like a decentralized
06:36
exchange
06:37
or lending protocol now this is in stark
06:40
contrast to just about
06:41
every other smart contract blockchain in
06:44
existence which requires you to pay a
06:46
network fee
06:46
for every single interaction on their
06:49
decentralized applications
06:51
i’ll explain how this is possible in
06:53
just a moment
06:54
another major difference between the
06:56
internet computer and other
06:57
cryptocurrency blockchains
06:59
is that you require something called an
07:01
internet identity to interact with
07:03
applications
07:04
on the internet computer this internet
07:07
identity can be paired to your
07:09
smartphone computer or a secure usb key
07:12
a wallet address is automatically
07:14
generated for you when you create an
07:16
internet identity
07:17
the device that is originally used to
07:19
create that internet identity
07:21
becomes the one that is used to verify
07:23
all transactions and is also required
07:25
to add new devices to the same identity
07:29
for other cryptocurrencies you just
07:30
generate a wallet address
07:32
and write down your seed phrase which
07:33
you can use to recover that wallet
07:35
or boot it up on a different device
07:38
the internet computer’s architecture of
07:40
data centers nodes
07:41
subnets canisters and users is managed
07:44
by the internet computer’s network
07:47
nervous system or
07:48
nns at the data center level the nns
07:52
decides which data centers get to join
07:54
the internet computer’s network
07:56
at the node level the nns identifies
07:59
misbehaving or underperforming nodes
08:01
and removes them from subnets at the
08:04
subnet level
08:05
the nns decides which nodes form a
08:08
subnet
08:08
and is also responsible for generating
08:11
subnet
08:12
keys subnet keys are a crucial component
08:15
of the internet computer’s chainkey
08:17
technology which is once again
08:19
outside the scope of this video the
08:21
simple explanation
08:22
is that this chainkey technology makes
08:25
it possible for subnets
08:26
to communicate with each other via the
08:29
nns which holds the master key that
08:31
validates all transactions
08:33
at the canister level the nns can decide
08:36
quote
08:37
whether upgrades to canister software or
08:39
management services
08:40
are allowed or not at the user level
08:43
the nns can make changes to the
08:45
economics of the icp token
08:47
now what’s interesting is that the nns
08:49
itself consists of a handful of
08:51
canisters
08:52
running on a dedicated subnet the first
08:54
canister
08:55
is the registry canister which tracks
08:57
data center node and subnet organization
09:00
the second canister is the ledger
09:02
canister which contains a record of all
09:04
internet identities
09:06
transactions and tokens on the internet
09:08
computer
09:09
and the third canister is the governance
09:12
canister which allows icp holders to
09:14
vote on various changes to the internet
09:16
computer
09:17
including those i just mentioned now the
09:19
actual governance process in the nns is
09:21
something
09:22
i don’t have time to cover but the key
09:23
takeaway is that the longer you lock
09:25
your icp
09:26
the more voting power you have moreover
09:30
you also earn icp for voting on
09:32
proposals in the nns
09:34
and this brings me to the tokenomics of
09:37
icp
09:39
icp has an initial supply just short of
09:42
470 million tokens
09:44
icp has no maximum supply and has a
09:47
diminishing annual inflation rate that
09:49
starts at ten percent
09:50
and goes down to five percent over time
09:53
of icp’s initial supply
09:55
almost 25 percent was sold in a public
09:57
seed sale round in 2017
09:59
for 4.1 million dollars which works out
10:02
to about three and a half cents per icp
10:05
a presentation by dominic williams
10:07
suggests that there were just a few
10:08
hundred participants in this public sale
10:11
and in an interview he noted that most
10:13
of them were from the ethereum community
10:16
the first private sale in 2018 saw
10:18
roughly 7
10:20
of icp’s initial supply sold for 20
10:22
million
10:23
at a price tag of about 63 cents per icp
10:27
those participating in the second
10:30
private sale in 2018 got the short end
10:32
of the stick
10:33
shelling out a whopping four and a half
10:35
dollars per icp
10:37
with five percent of icp’s initial
10:39
supply allocated there that’s nearly
10:41
100 million dollars of the remaining
10:44
supply
10:45
less than one percent was airdropped to
10:46
participating users on coin list and the
10:49
remainder
10:49
went to the dfinity foundation and its
10:52
affiliates
10:53
everyone who received or purchased icp
10:56
tokens
10:57
had to complete kyc and create an
10:59
internet identity
11:00
to claim these tokens as far as i can
11:03
tell
11:03
the only icp tokens that are subject to
11:06
a vesting schedule
11:07
are those allocated to participate in
11:09
the public seed sale
11:10
in 2017 without getting into the details
11:14
these will be gradually unlocked over a
11:16
four-year period on a monthly basis
11:19
during this time they’ll be locked in
11:21
the nns’s governance canister
11:23
and can be used to vote the icp token is
11:27
used for
11:28
three things governance of the internet
11:30
computer via the nns
11:32
to pay for canister fees to run
11:34
applications and websites on the
11:36
internet computer
11:38
and to reward voters for participating
11:41
in governance
11:42
and reward data centers for providing
11:44
the computation
11:45
required to sustain the internet
11:47
computer
11:49
now as i mentioned earlier icp tokens
11:51
are locked to vote on proposals in the
11:54
nns
11:55
the minimum lockup period is six months
11:57
and the maximum
11:58
is eight years to pay for canister fees
12:01
icp tokens must be converted into cycles
12:05
now this is where things get complicated
12:07
again so bear with me
12:09
each icp token can be converted at a
12:12
rate of 1
12:13
sdr to 1 trillion cycles now for those
12:16
unfamiliar
12:17
sdr is basically a currency created by
12:19
the imf
12:20
that is backed by a basket of fiat
12:22
currencies
12:23
so to keep things simple let’s just say
12:25
the sdr is equal to one dollar
12:28
if you have one icp and the current
12:30
price of icp is 100
12:32
converting one icp into cycles would
12:35
give you
12:36
100 trillion cycles now rather than
12:39
require users to pay canister fees
12:41
these fees are paid by whoever is
12:43
running the canister be it an individual
12:45
developer
12:46
or a software company in other words
12:48
whoever
12:49
makes an application or website on the
12:51
internet computer
12:52
must buy icp convert it into cycles
12:56
and pay the canister fees so their
12:58
applications continue to run
13:00
the logic here is that having the cycle
13:02
conversion pegged to the sdr
13:04
means that these canister fees will
13:06
always be predictable for developers
13:08
it also turns cycles into a sort of
13:10
stable coin which will be tradable on
13:12
decentralized exchanges
13:13
on the internet computer and possibly
13:16
even used as a de facto digital currency
13:19
any cycles used to pay for canister fees
13:21
are burned
13:22
meaning that icp could theoretically
13:24
become a deflationary currency
13:26
if there are enough applications on the
13:29
internet computer
13:30
this burning mechanism also helps cycles
13:33
maintain their one
13:34
sdr to one trillion cycle peg
13:38
the caveat here is that cycles cannot be
13:41
converted back into icp
13:42
once they’ve been minted when it comes
13:45
to rewarding participants on the network
13:48
users participating in governance get a
13:50
cut of icp’s inflation in proportion
13:53
to how much they’ve staked and how much
13:55
they vote
13:56
users claim their voting rewards once
13:58
per month and the unlock period for
14:00
these rewards is one day
14:02
data centers providing node services
14:04
also earn a share of icp’s inflationary
14:07
rewards and this
14:08
is because there are technically no
14:10
block rewards for nodes
14:11
participating in consensus on subnet
14:13
blockchains
14:15
instead they earn a quote standard
14:17
monthly reward
14:18
assigned to their region now for the big
14:21
question
14:22
what does this all mean for the price of
14:25
icp
14:26
on its first day of trading icp hit a
14:29
price of
14:30
over six hundred and forty dollars the
14:32
price pattern that followed is
14:33
characteristic of newly listed
14:35
cryptocurrencies
14:36
a sudden dip a sudden jump and another
14:39
drop
14:39
icp has slowly been shedding dollars and
14:42
took a nasty beating
14:44
when the crypto market experienced that
14:45
flash crash a few days ago
14:48
in contrast to most cryptocurrencies
14:50
this drop looks more in line with icp’s
14:52
longer term downward price trend which i
14:54
believe will continue for some time
14:56
this is because there seems to be much
14:59
more cell pressure than buy pressure
15:01
for the icp token those who participated
15:04
in icp’s public sale
15:06
are currently in 5000 x profit territory
15:09
and
15:09
even though most of their tokens are
15:11
vesting i have a feeling that they’re
15:13
allowed to claim their monthly voting
15:15
rewards
15:16
those who participated in icp’s first
15:18
private sale
15:19
are currently in 200x profit territory
15:22
with no apparent vesting period
15:24
even participants in the later sale and
15:26
airdrop are up nearly 40x
15:29
any data centers participating on the
15:31
internet computer are also earning icp
15:33
through their nodes which they are
15:35
likely selling to cover the costs of
15:37
operation
15:38
these node rewards don’t seem to be very
15:40
large considering there are just
15:42
16 data centers running 88 nodes for the
15:45
internet computer
15:46
now if this is true it’s ironically good
15:49
for icp’s price action
15:51
even though the icp being sold by these
15:53
parties is probably a small percentage
15:55
of its circulating supply
15:56
it’s still substantially more than the
15:58
current demand for icp
16:00
for starters users don’t require icp or
16:04
cycles to interact with the internet
16:05
computer
16:06
you could argue that governance rewards
16:08
would incentivize someone to buy icp
16:10
and i would agree with this claim were
16:12
it not for the fact that you must
16:14
lock that icp up for a minimum of six
16:17
months
16:18
this is not ideal especially when we’re
16:21
in a bull market
16:22
that could be ending in six months time
16:24
or sooner
16:25
not only that but because most of icp
16:28
supplies seems to be held by larger
16:29
investors
16:30
the voting rewards the average retail
16:32
user would get from the nns
16:34
would be negligible in addition it seems
16:37
that data centers do not need to hold
16:39
significant amounts of icp
16:40
if at all compare this to filecoin where
16:44
in storage miners must take
16:45
tons of fill coins to provide storage
16:48
for its network
16:49
as far as i can tell the only demand
16:51
driver for icp
16:52
beyond basic speculation is coming from
16:55
app creators who need
16:56
cycles to power their app canisters
16:59
there don’t seem to be
17:00
many developers building applications on
17:02
the internet computer which is not
17:04
surprising when you consider the fact
17:06
that there is no clear monetization
17:08
structure
17:09
as annoying as it can be to constantly
17:11
pay transaction fees for dapps built on
17:13
ethereum and the binance smart chain
17:16
it means that developers actually have
17:17
an incentive to build
17:19
however icp’s poor price action isn’t
17:22
stopping the dfinity foundation
17:25
in january this year internet computer
17:27
founder dominic williams detailed
17:29
a 20-year roadmap for the project in
17:31
what may be
17:32
the longest medium post i have ever seen
17:36
over the next five years the dfinity
17:39
foundation will focus
17:40
on the adoption of the internet computer
17:42
protocol and hopes to double its team of
17:44
experts ten years from now
17:47
the dfinity foundation hopes that the
17:49
internet computer
17:50
will become a viable alternative to the
17:52
regular internet we use today
17:55
by 2040 the internet computer will be
17:57
larger than today’s internet and the
17:59
reign of tech giants like google
18:01
and amazon will come to an end achieving
18:04
this
18:04
on computers is only half the battle
18:07
which is why the dfinity foundation
18:08
recently announced its plans for
18:10
endorphin a new
18:11
operating system for smartphones all
18:15
apps and features on endorphin phones
18:17
will function as if they were websites
18:19
the app widgets we see on smartphones
18:21
today would just be bookmarks for those
18:23
websites
18:24
to quote the medium post there will be
18:26
no distinction between
18:28
websites apps and dapps content
18:31
will simply be transparently cached
18:33
where it is accessed and there will be
18:35
no need for a bothersome download and
18:38
install process
18:40
endorphin will leverage the internet
18:42
computer and this means
18:44
you will need an internet identity to
18:46
use an endorphin phone
18:48
and all the upgrades and changes to the
18:50
phone will be managed by the
18:52
nns if you think the internet computer
18:56
is starting to sound like less of a
18:57
cryptocurrency project and more like the
19:00
end game of the world economic forum
19:02
well you’re not alone dozens of people
19:05
have voiced their concerns about the
19:06
implications
19:07
that the internet computer’s internet
19:09
identity could have on privacy
19:12
after all lots of code is closed sourced
19:14
and patented
19:16
even though the internet computer is
19:18
technically decentralized
19:19
the nns seems to be a single point of
19:21
failure given that it’s run on a
19:23
dedicated
19:24
subnet that is presumably run by the
19:26
dfinity foundation
19:28
while the amount of icp tokens allocated
19:30
to the dfinity foundation and its
19:32
affiliates is not greater than 50
19:35
they are likely the only entities who
19:37
are willing to lock their tokens
19:39
for that eight-year period the longer
19:42
you lock your icp
19:43
in the nns the more voting power you
19:45
have and the more icp rewards you earn
19:48
from inflation
19:49
these can then be compounded back into
19:51
governance
19:52
what this means is that the dfinity
19:55
foundation has
19:56
total control over the internet computer
19:59
it can probably vote on whatever
20:00
proposals it wants
20:01
and this voting power will only increase
20:04
over time
20:04
if its tokens stay locked now this is a
20:07
huge problem because the full extent of
20:09
the nns’s governance over the internet
20:11
computer
20:12
is not entirely clear and the powers it
20:14
seems to have
20:15
now are already quite concerning data
20:18
centers are required to provide their
20:20
personal information
20:21
and run hardware curated by the dfinity
20:24
foundation
20:25
and even then the nns could vote to
20:27
reject their application
20:30
more importantly even though the
20:31
canisters that run all the applications
20:33
on the internet computer are technically
20:35
quote
20:36
unstoppable it seems that the nns
20:39
could vote to shut down undesirable apps
20:42
if this is the case could the nns do the
20:45
same to individuals
20:46
if everyone is using the internet
20:48
computer and even their
20:50
phones are leveraging the protocol this
20:52
would effectively cut them out of
20:53
society
20:55
this isn’t just speculation either in a
20:57
2018 interview
20:58
dominic williams noted that the internet
21:00
computer will be designed
21:02
to conform with the laws of the
21:03
countries in which it operates
21:05
how is this possible for a protocol that
21:08
is supposed to have
21:09
open governance and decentralization
21:12
that doesn’t sound
21:13
at all like a cryptocurrency to me now
21:16
in fact
21:17
you could say that what the defensive
21:18
foundation’s team is looking to do with
21:20
the internet computer
21:22
is not eliminate the tyranny of today’s
21:24
tech giants
21:25
but instead crown themselves as rulers
21:28
of the internet
21:29
thankfully the solution here is quite
21:31
simple and that’s to fully open source
21:32
the project
21:33
so that people have the option to build
21:35
their own internet if this nightmarish
21:37
scenario starts to play out
21:39
as it so happens making more of the
21:41
internet computers code available for
21:43
public scrutiny
21:44
also seems to be on the dfinity
21:46
foundation’s roadmap
21:48
let’s just hope it’s not too late by the
21:50
time they actually do it
21:53
the internet computer is easily one of
21:55
the most powerful projects in the
21:57
cryptocurrency
21:58
space it really seems to have the
22:00
potential to replace the internet we see
22:02
today
22:02
with something that is much more
22:04
efficient convenient
22:05
and safe those talking points sound
22:08
familiar and
22:09
they somehow remind me of a quote
22:12
absolute power
22:13
corrupts absolutely i can’t help but
22:16
think
22:16
that dfinity foundation could quickly
22:19
fall prey to this parable
22:21
the internet computer’s network is not
22:23
nearly as decentralized as it seems
22:25
and it’s clear that its end goal is to
22:27
replace the entire planet’s information
22:29
infrastructure
22:31
if this happens there will be no escape
22:33
because you will have a single identity
22:35
that is tied to everything you do
22:38
if you’re booted out by the dfinity
22:40
foundation it’s game over
22:42
now to be fair you could say this isn’t
22:45
all that different from the system we
22:46
have now
22:47
we already have multiple internet
22:49
identities for various emails apps and
22:52
services
22:53
oddly enough however this setup is more
22:55
decentralized and actually preserves
22:57
more privacy
22:58
than the internet computer even though
23:00
you may have an account with a data
23:02
hungry tech giant
23:03
more often than not that information and
23:05
activity is siloed
23:07
as a simple example facebook can’t
23:10
access the data your government has
23:11
about you
23:12
and your government can’t access the
23:14
data facebook has about you
23:16
unless you live in certain countries of
23:18
course
23:19
what the internet computer is proposing
23:21
is a total consolidation of control
23:23
one wherein the possibility of a network
23:26
of interoperable and decentralized
23:28
cryptocurrency blockchains
23:29
is just an afterthought to paraphrase
23:32
founder dominic williams
23:33
projects like ethereum will just be used
23:35
as toys
23:36
by die hard cypherpunks now i happen to
23:39
disagree with that statement and that’s
23:41
for one
23:42
simple reason true cryptocurrency
23:44
projects
23:45
are permissionless anyone can
23:47
participate and these participants
23:49
compete for open source code that
23:51
improves as it’s copied
23:52
over and over the internet computer may
23:55
have financial
23:56
and institutional backing but it lacks
23:58
the raw economic incentives
24:00
to create the decentralized world real
24:02
cryptocurrencies will bring
24:04
drops mic
24:08
hats off to you if you made it this far
24:10
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24:12
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you