Project Dfinity and what traders need to know

• What is Dfinity?
• Outstanding Features of Dfinity
• Pros and cons of Dfinity
• Instructions for trading with ICP tokens
• Conclude

What is Dfinity?

Dfinity concept

Dfinity is a Blockchain 3.0 network. The main purpose of Blockchain networks today is mostly towards decentralization while people are still trying to access and want to manage Blockchain. Dfinity was born to solve the problems related to that. 

Dfinity is a Blockchain 3.0 network.

Dfinity's development team

The development team of the Dfinity project consists of 16 people. All of them are "superstars" from prestigious universities and have certain achievements. 

The project founder is Dominic Williams – a person with a background in operating technology businesses, investment funds in the field of MMO, has a long time working in the field of cryptocurrency and has many academic works on Blockchain field.

Dfinity's development team.

Dfinity's Development

In 2016, Dfinity successfully raised $200 million in capital.

October 2017, running Testnet.

By the end of 2018, after three more rounds of funding, the largest round was worth $102 million.

In September 2020, the Network Nervous System (NNS) administration system was revealed.

May 2021, mainnet organization. ICP mainnet launched. The launch time was first announced by Dfinity in 2018, but pushed back to the end of 2020. Finally, the project announced that it will launch the public mainnet on May 7, 2021.

Functions of Dfinity token

ICP is the token of the Dfinity ecosystem. ICP tokens were formerly known as DFNs. It has the following roles:

Lock ICP tokens to vote on proposals and get rewards based on your participation in the governance process.

Use ICP to pay transaction fees on the platform. Both developers and users of the platform are required to pay this fee if they create, interact with, or use a dApp .

ICP Token Allocation

TraderH4 will update as soon as possible.

Basic information of ICP token

• Price: $46.6 (price updated at the time of writing June 20, 2021)
• Market capitalization: 6 billion USD
• Total supply: 469.5 million tokens
• Rated position: 20

Outstanding Features of Dfinity

Blockchain Nervous System (BNS)

A key component of the Dfinity platform, BNS represents an internal democracy, integrated into the network with premium privileges, allowing it to act as a decentralized Super User — possibly says BNS is almighty throughout Dfinity's network, aiming to solve other problems without human intervention through the integration of Machine Learning and AI.

Requests/proposals will require a fee to be paid to BNS, BNS operates through the use of a human-controlled voting system known as “Neurons”. BNS will adapt and learn to make better decisions as to how the “Neurons” respond and respond.

Features Blockchain Nervous System (BNS).

Threshold Relay

This is a new encryption technology that helps structure, secure and speed up Dfinity's processing by applying the BLS encryption program (a research program from Stanford University). With this integration, the transaction speed in the Dfinity network will fluctuate between 7.5 seconds on average and can be as low as 3 seconds (minimum 50 times faster than current Ethereum).

Dfinity is designed to be on an unlimited scale to help with unlimited compute processing. This is supported because the computational sequences in Threshold Relay are not the same as the “Poisson progress” concept — the term Poisson Distribution in Probability theory and statistics — of the Proof-of-Work mechanism. This makes it possible for miners to spend time confirming transactions without being at a commercial disadvantage.

Read more: What is Proof of Work? The easiest PoW explanation to understand .

Threshold Relay feature.

Dfinity Decentralization Cloud

Dfinity created Decentralization Cloud to be a platform of cloud computing, built on a decentralized network and managed by Smart Contracts . It has the same meaning as Ethereum, becoming a virtual super machine in the cyberspace. Help upgrade and support the information technology infrastructure of companies: become the server containing websites, human resource management systems, supply chain management and other important business processes of the company. companies/organizations. In addition, thanks to the self-development and responsiveness of the BNS system, the storage and use of cloud computing will be reliably protected from external threats without the need for administrative staff. .

Dfinity Decentralization Cloud feature.

FLY

PHI is the credit system that will create a decentralized lending infrastructure. To eliminate the risk of cryptocurrency volatility, Dfinity also recommends publishing a currency code that will be regulated by the exchange rate of a particular country.
Example: In the US it would be PHI-USD, in Russia it would be PHI-RUB and in Europe it would be PHI-EUR.

Pros and cons of Dfinity

Advantage

There is a strong development team with leaders, large investment funds backing.

Leading the idea of ​​developing a new generation of Blockchain with the "AI is Law" argument. In addition, it also solves major problems of security, administration and system expansion.

Threshold Replay mechanism significantly reduces system structure and transaction processing speed.

In addition, they also have enough capital to develop thanks to the investment capital from individuals and large financial institutions. This is ideal for focusing on perfecting ideas.

Defect

Competition from projects to the back but with full internal resources and potential: Wanchain, Edenchain, EOS, ICON...

In addition, Dfinity also aims to promote the development of open source businesses. This leads to direct competition with large monopolistic intermediaries such as eBay, Uber, Facebook, Google, etc.

Instructions for trading with ICP tokens

Guide to owning ICP tokens

There are currently two ways to own ICP tokens:

• Buy directly on the exchange that supports buying and selling ICP tokens
• Participating in farming, staking: Currently, it is not possible to participate in Farming or Staking in dApps because those functions have not appeared. But in the future there will definitely be this feature.

Instructions for storing ICP tokens

Not updated yet

Instructions for trading with ICP tokens

Currently, ICP token has just been listed on reputable exchanges such as Binance, Huobi Global, OKEx, HitBTC, etc.

Conclude

Dfinity is a new generation Blockchain platform. It was born to overcome the existence of previous Blockchains. This project is very hot recently due to the ICP token value Airdropped to participants, and the project was listed by the world's largest exchanges on the same day. 

Dfinity spent 5 years building and developing. Now it's time to launch and go live. The Dfinity project deserves to be one of the most anticipated projects of 2021. Follow TraderH4 to learn more about many other potential projects!