Dfinity Mainnet Is Ready for New Age of Web Apps

Key Takeaways

• Dfinity has rolled out NNS, a governance blockchain for Dfinity’s Internet Computer Protocol (ICP).
• The blockchain is highly scalable thanks to in-house Chain Key Technology that can finalize transactions in 1-2 seconds.
• One more final launch event called Genesis will take place within Q1 2021 and release Dfinity’s native governance token.

Dfinity has announced the successful launch of its governance blockchain mainnet, known as Network Nervous System (NNS).

Dfinity’s Cloud Computing Project

Switzerland-based blockchain project Dfinity aims to compete with centralized cloud computing companies (like AWS) as well as smart contract projects such as Ethereum.

Network Nervous System, which was initialized on Dec. 18, is a programmable blockchain used for managing and configuring Dfinity’s Internet Computer (IP), a network of independent data centers for hosting decentralized apps.

According to Founder Dominic Williams, Dfinity’s new blockchain (NNS) is highly scalable due to in-house developed ‘Chain Key Technology’ that can finalize transactions within 1-2 seconds.

“Once the mainnet bootstrapped itself by performing initial cryptographic setup routines, the NNS took over responsibility for orchestrating ongoing network management tasks,” Dfinity’s Founder Dominic Williams wrote in Dfinity’s blog announcement.

According to the team, since the blockchain went live, it has processed over 500,000 blocks, validated by hundreds of nodes.

Governance Token Still Pending

Though Dfinity has launched its mainnet, the team has yet to release the blockchain’s native governance token, called ICP. However, the team has minted the early portion of the total supply of 469 million tokens, which are held in the project’s wallet.

One more final launch event called Genesis will take place within Q1 2021, which will release the tokens and allow token holders to participate in network governance.

The project is backed by prominent VC firms, including Andreessen Horowitz and Polychain Capital, from which it has raised more than $166 million to date.

At the time of writing this author held Cosmos.

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