DFINITY Raises $102 Million Dollars to Build a Decentralized Internet Computer
On August 31, DFINITY announced that it raised $102 million dollars in a funding round. The round was led by Andreessen Horowitz and Polychain Capital. DFINITY, a company based in Zug and Palo Alto, wants to build a decentralized network to run ‘mega-applications.’
DFINITY Prepares for Mega Applications
This is not the first time that these companies invest in the blockchain firm. Earlier this year, both firms invested in a $61 million round that aimed to enhance early blockchain development. Since 2015, DFINITY has raised $195 million dollars.
In addition to Polychain Capital and Mr. Horowitz, SV Angel, Aspect Ventures, Village Global, Multicoin Capital, Scalar Capital and Amino Capital, KR1, among others, participated in the latest round.
DFINITY wants to solve the dilemma between decentralization and delegating machines to nodes. DFINITY tested the network saying that it can run software computations in just 5 seconds. This is very promising considering that Bitcoin (BTC) takes 3,600 seconds. Ethereum (ETH), for example, takes 600 seconds.
Back in May, DFINITY conducted an airdrop of 35 million Swiss Francs worth of DFINITY tokens.
Chris Dixon, Partner at a16z crypto, commented on the matter:
“We are excited to back DFINITY’s Internet Computer and their vision to host the world’s next generation of software and services on a public network. The Internet Computer is on track to become a critical piece of the future technology stack. This is groundbreaking and a real testament to Dominic and the incredible team at DFINITY.”
The Internet Computer is a public infrastructure that aims to host the next generation of software and services. Compared to other networks, it is significantly cheaper to use and is more secure.
Moreover, the company has an important team of experts behind. Timo Hanke, for instance, is the firm’s head of engineering. Hanke is a former mathematics and professor that created AsicBoost. Mahnush Movahedi has also joined the company as a senior researcher from Yale.
As of today, DFINITY has not disclosed its valuation after the latest round.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.