The Internet Computer, a fully decentralized, third-generation blockchain and cloud infrastructure, recently celebrated its two-year anniversary, marking another year of exponential growth and development. With a relentless pursuit of innovation, the Internet Computer has propelled groundbreaking advancements in decentralized cloud computing, solidifying its position as a leader in the transition to, and adoption of, web3.
DFINITY Foundation is a major contributor to the Internet Computer blockchain and is dedicated to democratizing the development of the open internet and removing control from centralized entities. With its scalable and secure infrastructure, the Internet Computer has gained widespread recognition for its transformative impact on the web3 ecosystem. The Internet Computer has continually pushed the boundaries of what is possible, enabling developers to build and deploy decentralized applications (dapps) directly on the network.
Dominic Williams, Founder and Chief Scientist of the DFINITY Foundation, commented on the anniversary, “Our mission is to build a new generation of the Internet that is open, secure, and owned by the community. The Internet Computer unlocks the potential for decentralized applications and services that are not possible on any other network. The Internet Computer has brought the industry closer to blockchain singularity – every system and service is rebuilt and reimagined using smart contracts and runs entirely from the infinite public blockchain without the need for traditional IT.”
Led by visionary Dominic Williams, the Internet Computer witnessed remarkable growth over the past year, revolutionizing the way developers and users interact with the Internet. As of May 2023, the Internet Computer processed half a billion transactions per day and its novel smart contract approach, called canisters, now contains 3.7 TB of data.
In December 2022, the Internet Computer integrated with the Bitcoin blockchain, enabling the Internet Computer to act similarly to a Layer 2 for Bitcoin. Smart contracts on the Internet Computer can hold, send, and receive Bitcoin natively, without having to trust wrapped Bitcoin from centralized bridging services. The Internet Computer will also integrate with the Ethereum blockchain to create decentralized front-ends and data processing for Ethereum dApps, as well as improved multi-chain DeFi.
Last month the Internet Computer generated its 2 billionth block, a milestone number that speaks to the scalability of the Internet Computer and its development relative to other platforms. At present, the Bitcoin blockchain has less than 800 thousand blocks, Ethereum less than 15.5 million, and Solana less than 200 million.
Notable Accomplishments
- The average TPS of the Internet Computer increased from ~2400 in 2022 to ~5600 in 2023, representing a 136% increase YoY
- Data stored in the Internet Computer’s canisters increased from 928 GB in 2022 to 3,160 GB in 2023, representing a 240% increase YoY
- The number of canisters has increased from 63,359 in 2022 to 277,100 in 2023, representing a 337% increase YoY
- The Internet Computer integrated the Bitcoin blockchain at the protocol level
- The Internet Computer has experienced no downtime since launch
“I am incredibly proud of the milestones the Internet Computer has achieved in such a short time,” continued Williams. “The Internet Computer provides thousands of developers with a powerful and secure platform to build the next generation of applications. We believe in the potential of the Internet Computer to reshape the Internet as we know it, and we are committed to scaling its capabilities, fostering inclusivity, and strengthening our community.”
The DFINITY Foundation remains steadfast in its mission to drive the advancement of a decentralized internet. The Foundation has issued over 250 developer grants since the genesis of the Internet Computer and will continue to collaborate with innovators in the industry to promote transparency and accessibility in the digital landscape.
About the DFINITY Foundation
The DFINITY Foundation is a not-for-profit organization comprised of leading cryptographers, computer scientists and experts in distributed computing. With a mission to shift cloud computing into a fully decentralized state, the Foundation leveraged its experience to create the Internet Computer and currently operates as a major contributor to the network.
About the Internet Computer
The Internet Computer (ICP) is a fully decentralized web3 cloud platform that allows developers to deploy code directly to the blockchain without the need for servers or other centralized infrastructure. The fast, low-cost and easily scalable protocol establishes a new paradigm for how a decentralized web3 platform truly operates. ICP provides the same functionality as centralized clouds but with cost-efficient computation, enhanced security, and high processing speeds native to decentralized technology.
