Diversity In The Bitcoin Community - AVC

DFINITY (DFN)

ICO Verdict

Difinity is a global 'blockchain computer', infinitely scalable with unlimited capacity. Dfinity is a true blockchain 3.0 project with crypto:3 and cloud:3 implementations, revolutionizing and disrupting traditional cloud hosting solutions. Dfinity is Ethereum compatible, DAPPs from Ethereum can easily be ported to the network with significant performance gains and scalability. Dfinity project has been in development for over 3 years, with top researchers and scientists from the blockchain and cryptography fields. If cryptocurrency bubble ever pops, of the few survivors left, Dfinity will definitely be one of them.
Reason to invest:
Hype Rate: Medium
Risk Rate: Very Low
ROI Rate: High
Potential Growth: Very High
Overall Rating: Very High

ICO Information

Public Fundraise (presale round)

Date: Soon (Team announced whitelisting within a few weeks, a few weeks ago)
Ticker: DFN
Token type: Native DFN
ICO Token Price: TBA
Fundraising Goal: TBA
Total Tokens: TBA
Available for Token Sale: TBA
Whitelist: TBA
Know Your Customer (KYC): YES. (Including AML)
Bonus for the First: NO
Min/Max Personal Cap: TBA
Token Issue: TBA
Accepts: TBA

Funding History

**A clearer break down was explained by a Dfinity team member in this thread
Q: The 7th Feb announcement says $100m raised in private funding, but email update says $61m - can anyone enlighten?
Sure, so the project funding is as follows: $4MM raised in the Seed Round in February 2017. After expenses and appreciation, this is roughly $40MM, held by DFINITY Stiftung. In the Strategic Round, which began in July of 2017, $21MM was raised. This is also held by the Stiftung, bringing total funding to ~$61MM As part of the Strategic Round, Polychain Capital spun up an ecosystem fund to help projects migrate to DFINITY and build new businesses on the platform. This is entirely under their management and totals $40MM.
All together this brings funding to ~$101MM. It's been reported in a number of confusing ways, but that is the actual break down.
The Seed Round was in the model of an ICO but it occurred before the actual ICO boom. Just under 25% of the network was distributed.
Fall 2016
A not-for-profit Swiss foundation is created
Feb 2017
Distributed "Seed" fundarise using Ethereum technology (~250 people, 25% token distributed)
2017-2018
Strategic fundraising round led by Andreessen Horowitz and Polychain ($61m total, $21m go toward development, $40m to Dfinity Ecosystem Venture Fund)
Feb 2018
With the Dfinity Ecosystem Venture Fund, the project has raised $101m in funding
2018
Presale round, involves contributors who can pass stringent KYC and AML, with some possible geographical restrictions
2018
The second round, may or may not happen and will be termed the "ICO"
*The team's honest approach in fundraising is quite a rare breed in today's ICO standards, their philosophy behind fundraising The DFINITY Main Round: Preconditions & Our “Don’t be Evil” Rules which gained applauses from the likes of Vitalik Buterin.

Full Review

At a Glance

Difinity is a single 'internet computer', infinitely scalable with unlimited capacity. Dfinity is crypto:3, enabling a global blockchain computer utilizing Threshold Relay chain, generating incorruptible, unmanipulable and unpredictable randomness. Threshold Relay chain addresses key attacks and vulnerabilities such as 'selfish mining' and 'nothing at stake' found in traditional PoW and PoS consensus. Dfinity is cloud:3, allowing business applications running on this computer performant with unlimited capacity, reducing human capital required in traditional IT systems, effectively cutting cost down by 90%. Dfinity introduces a new governance model, a novel decentralized decision-making system called "Blockchain Nervous System (BNS). This new design paradigm embraces "The AI is Law" (as opposed to "The Code is Law"), combing crowd wisdom and traditional AI technologies to prevent malicious smart contracts and hacks.
Dfinity was built as a complementary network to Ethereum, compatible for all DAPPs deployed on the Ethereum network, making migration easy with 50x performance improvement and unlimited capacity. Difinity is in fact often described as "Ethereum's crazy sister".

Project Timeline Overview

Jan 2014 - Pebble Project
CC for micropayments with custom BFT consensus algorithm
Jan 2015 - Dfinity Project
Infinite blockchain computer with the new idea: apply randomness (Threshold Relay Chain)
July 2016 - Dfinity Stiftung
Zug based foundation, an incubation by String Labs for organizational build-outs
Feb 2017 - Seed Fundrasing
$10 new funds for R&D
Aug 2017 - Main fundrasing (delayed until announcement)
Estimated 20M CHF cap

Crypto:3

Dfinity was formed to research ways of enabling public decentralized networks to host a virtual computer of unlimited capacity, secure, speedy, and scalable. The core approach involves adding a top-level Threshold Relay Chain that produces randomness and progresses with minimal reorganizations of the blockchain. Threshold Relay Chain creates incorruptible, unmanipulable, unpredictable randomness for a deterministic chain of randomness, unforkable and robust. At current state, Dfinity reaches block finality in about 5 seconds with 2 confirmations and low variance. Putting numbers into perspective, Bitcoin requires 6 confirmations, 60 minute finality and very high variance. Ethereum under current PoW design and network congestion, takes about 37 minutes at a finality time of 10 minutes with high variance.
Threshold Relay Chain's performance properties provide 'scale-up' gains, Dfinity further applies a three-level 'scale-out' architecture that addresses in order consensus, validation and storage, to handle unlimited computation.
Threshold Relay chain that creates a random heartbeat that drives a Validation Tree of Validation Towers in the validation layer, which does for validation what a Merkle tree does for data and provides almost infinitely scalable global validation. The random beacon also defines the organization of mining clients into storage (state) shards in the storage layer, which use their own Threshold Relay chains to quickly reach consensus on received transactions and resulting state transitions that are passed up to the validation layer. The top-level Threshold Relay consensus blockchain then records state roots provided by the Validation Tree that anchor all the storage in the network.
Dfinity is an intelligent decentralized cloud governed by the Blockchain Nervous System (BNS). The BNS has privileged access to the virtual machine to run special opcodes like freezing contracts, redistribute tokens or even run arbitrary code to reorganize the blockchain. This 'super user' can return funds and reverse the damage of hacks or programmatic errors, protecting users in case of vulnerabilities. The BNS also seamlessly upgrades the protocol on a regular basis, as opposed to disruptive 'hard forks', driving network evolution forward as quickly as possible.
Full reading on Threshold Relay Chain
The Dfinity Consensus White Paper
Full reading on Blockchain Nervous System
*Dfinity also plans to include privacy-preserving technology as seen in this tweet by Dominic

Cloud:3

Dfinity is an intelligent decentralized cloud governed by Blockchain Nervous System, recreating monopolistic traditional cloud hosting solutions such as Microsoft Azure or Amazon Web Services. The costs of owning enterprise IT systems are dominated by human capital, with redundant tasks such as configuring database, file distribution, backup/restore, load balancing, firewall configurations etc. While computing costs may be dramatically higher with Dfinity, actual cost of operation is estimated to be cut down by 90%.
Reimagine and reinvent enterprise IT, blockchains inhereit these properties making it possible
Autonomous : System without intermediaries
Verifiable : Know what code you execute
Tamperproof : No servers to meddle with
Simple : Distribution abstracted
Unstoppable : Open code and governance
Interoperability : No server boundaries
Dfinity is interoperable in that it takes a hybrid approach to private and public blockchains, users don't have hard choices to make. It is a similar design paradigm to the internet, where people have the http protocol as common meeting point while maintaining sensitive information within their local area network.
This design paradigm is emergent for the mass adoption for blockchains, there will be common services like identity validation readily availalble as a public service. There will also be more complex systems where users can simply adopt instead of rebuilding. You can have a private dfinity consortium or private instances with the ability to call into those public blockchain services, connecting these private chain instances using common blocks.
Let's further explore this with a real life example, say there's a trade financing supply system of a large manufacturer with thousands of vendors. Before their enrollment, you'll probably need to do some identity and reputation check in the public chain in order to validate their legitimacy. Next step these vendors need trade financing where they'll need more complex systems like stable coins or bank coins to avoid volatility, and move the money around. Instead of rebuilding a coin, they could just adopt a coin system within the dfinity network. In the next round there can be disbutes with goods lost or quality problems, vendors can call for public arbitration system where there'll be a network of lawyers who specialize in cross-border disbutes or arbiters to provide the service. So a chain of services that can be called throughout the life cycle, interoperable between the private and the public blockchains.

Staking Mechanism

Dfinity is a PoS (Proof of Stake) model, managed by its BNS (Blockchain Nervous System). This system is reliant on a human-controlled "neurons" (similar to masternodes in terms of staking and voting functions). In order to secure the role, users will run special client software with a delegate key, deposit fixed amount of dfinities to ensure consistency and reliability of the network, then in turn will receive economic incentives for its voting services.
People can pay a fee in dfinities to submit a proposal to the BNS, be it technical proposals like protocol upgrades or governance proposals eg. how much should be deposited to create a mining identity given the current value of DFN, this is much like liquid democracy.
Currently it takes 3 months to dissolve a neuron, client software can create a follow list (synchronous and non-deterministic to the rest of the network), which are the addresses of the neurons you follow on different topics. This captures the expertise of the community but at the same time being an opague liquid democracy, nobody knows what the follow lists are, you can't see how the brain makes its decisions.

Utility Value of Dfinities

Dfinity vs Ethereum

At a top level, Dfinity tries to stay compatible to the Ethereum network, meaning DAPPs currently running on Ethereum can be migrated to Dfinity easily, with significant gains in performance, scalability, security etc. Essentially where the name "Ethereum's crazy sister" came from.
There are some fundamental differences in design philosophy and approach to consensus agreements. Ethereum embraces the design paradigm "The code is law" where rules of the network is a result of community management. Dfinity embraces "The AI is law" where management is by the Blockchain Nervous System. Ethereum's Casper (POS) will be focused on extreme availability while Dfinity aims to achieve performance and infinite scale. In Dfinity's design, consistency and reliability outweighs availability.
A great debate on several fundamental design differences between Ethereum Casper and Dfinity's Threshold Relay Chain+Blockchain Nervous System (also part of the debate is Cosmos/Tendermint's Jae Kwon) can be watched here Proof of Stake Panel Discussion - Silicon Valley Ethereum Meetup

Team

Dominic Williams is Chief Scientist of the DFINITY project, headquartered in Zug, Switzerland, and is President and CTO of String Labs, a Palo Alto-based studio, incubator, and investor focused on advanced open protocol projects. His recent technical works include DFINITY technologies such as the Threshold Relay/Probabilistic Slot Protocol blockchain consensus mechanisms, the Blockchain Nervous System (algorithmic governance for decentralized networks), and the PHI “crypto fiat” autonomous loan issuance system.
Notable team members include Professor Timo Hanke, creator of AsicBoost. Ben Lynn, the 'L' from 'BLS' cryptography applied by Threshold Relay Chain. The team is stacked with postdoctoral researchers and scientists, they also run a scholarship program for PhD students researching secure distributed systems.

Useful Reading

Links

Video

Community

Press & Review

Due Diligence

DFINITY (DFN)

Company

Dfinity Stiftung, Zug Switzerland

Team

Dominic Williams (Chief Scientist) | LinkedIn Profile
Timo Hanke (Head of Engineering) | LinkedIn Profile
Ben Lynn (Senior Staff Scientist & Engineer) | LinkedIn Profile
Mahnush Movahedi (Senior Researcher and Engineer) | LinkedIn Profile
Paul Liu (Staff Engineer) | LinkedIn Profile
Enzo Hausseker (Senior Engineer) | LinkedIn Profile
Derek Chiang (Senior Engineer) | LinkedIn Profile
Norton Wang (Software Engineer) | LinkedIn Profile
Steve Omohundro (Senior Contributor - AI/Governance Research) | LinkedIn Profile
Robert Lauko (Contributor - Research/Community) | LinkedIn Profile

Github

GitHub

Product

Not yet, but testnet demo is available

Vesting

TBA

Additional Info

Token Allocation

TBA

Use of Proceeds

TBA
submitted by msg2infiniti to icoverdict [link] [comments]

Debunking Ahmed Mohammed's (aka Balloon Boy 2.0) Clock Story

I'm a tech geek and I've been obsessed with the Ahmed Mohamed story. Initially, I was on this kid's side, until I saw photos of the "clock". Last night he appeared on the Aljazeera network and ADMITTED that he intentionally set the alarm to go off on his "clock". He did this after being told to put it away and not to show anyone else by his Engineering teacher.
http://america.aljazeera.com/watch/shows/Ali-Velshi-On-Target/2015/9/i-felt-like-a-terrorist.html
The questions are... Why did he leave school that day? Why didn't he get rid of the "clock" when he left? Why did he return to to set the alarm off in English class? Why did he feel compelled to set the alarm to go off in class?
I ask you, does this look like the face of a traumatized family? https://twitter.com/istandwithahmed/status/644179809170509824
His clock is a FRAUD... https://www.youtube.com/watch?v=CEmSwJTqpgYYouTube
The infamous Irving Texas clock--challenging the story's foundation... https://www.youtube.com/watch?v=kHk_6Vh4QeoYouTube Also...
https://www.youtube.com/watch?v=3WV2EdDGq5IYouTube
Does anyone think this kid deserves a scholarship for $250,000 from Bitcoin and to meet the President?
Also I found this..."Ahmed explains that he closed up the box with a piece of cord because he didn’t want it to look suspicious. I’m curious, why would “looking suspicious” have even crossed his mind before this whole event unfolded, if he was truly showing off a hobby project, something so innocuous as an alarm clock. Why did he choose a pencil box, one that looks like a miniature briefcase no less, as an enclosure for a clock? It’s awful hard to see the clock with the case closed. On the other hand, with the case open, it’s awful dangerous to have an exposed power transformer sitting near the snooze button (unless, perhaps his invention was to stop serial-snooze-button pressers by giving them a dangerous electrical shock!)"
https://www.youtube.com/watch?v=3mW4w0Y1OXE&feature=youtu.be&t=86YouTube
submitted by rage242 to debunkingviral [link] [comments]

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Let's Talk Bitcoin! #246 Smart Contracts with Nick Szabo

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