Dfinity launches governance system for the Internet Computer

The blockchain project Dfinity has launched a governance system for the protocol it is developing, intended to be the final piece before the public release of the decentralised ‘Internet Computer’. The developers announced this on September 30 at the online event DFINITY Sodium Network Launch.

Network Nervous System (NNS) is an ‘algorithmic governance system including independent data centres’. It is based on the project’s own ICP token.

ICP holders will be able to lock coins in the NNS to create ‘neurons’. This will enable them to vote on new proposals.

They are also planned to be used to power DeFi applications: ICP will be burned to launch new cycles of software operation. A stable cost for cycles will allow them to be used as stablecoins.

Along with the launch of the NNS, the developers announced the creation of Beacon Fund — a dedicated fund worth $14.5 million to invest in companies and entrepreneurs building solutions on the DFINITY platform. The management of Beacon Fund, with backing from Andreessen Horowitz, was taken on by the hedge fund Polychain Capital.

Announcing the $14.5 million Beacon Fund – a fund managed by Polychain Capital with support from DFINITY and Andreessen Horowitz at #SODIUM pic.twitter.com/pbWSLSkpdV

— DFINITY Foundation (@dfinity) September 30, 2020

Earlier, DFINITY representatives stated that the technology being developed by the project is 150 times faster than Ethereum and 900 times faster than Bitcoin. According to them, a ‘gigantic Internet Computer’ is being created, the operation of which will be supported by all participants in the protocol. The developers are convinced that, if successful, their technology will change the face of the blockchain industry.

In February 2018, Polychain Capital and Andreessen Horowitz invested $61 million in Dfinity. Later in the same year the project conducted a private token sale for accredited investors, raising another $102 million.

In June 2020, Dfinity opened its protocol to external developers.

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