Home Coins Ethereum (ETH) Dfinity unveils ‘open algorithmic governance system’ as final milestone before launch

Dfinity unveils ‘open algorithmic governance system’ as final milestone before launch


Dfinity, the much-hyped and long-anticipated blockchain-based cloud computing project, today unveiled a token-based governance system that will be used to control its “internet computer.” 

It’s the final milestone before the network’s public launch, which will occur later this year, according to a press statement.

Dfinity, which launched in 2018 and has raised more than $160 million in venture capital, aims to establish the basis for a new decentralized internet. In June, the network opened its doors to third-party developers. The newest piece, which it calls the “Network Nervous System” (NNS) is an “algorithmic governance system that onboards independent data centers to the network.”

At the center of the new governance system will be a token, called ICP (formerly called DFN). According to the release, ICP token holders will be able to lock their tokens within the NNS to create “neurons” that allow them to vote on new proposals. 

The ICP tokens can also be used to power decentralized applications, similar to the way Ethereum gas works. Specifically, the tokens can be burned to create new “cycles,” which the company calls “the fuel” to run software on Dfinity.

Since the cycles will have a stable value, they will also function as a stablecoin for use in decentralized finance (DeFi) applications on the network, according to the release.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.



Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
474FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,551FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.17
GBP
1.29
CHF
1.09
NOK
0.10
JPY
0.01
CAD
0.75
AUD
0.70

Most Popular

Japan is the ‘leading candidate’ for Ripple’s new headquarters: SBI Holdings CEO

Japanese financial giant SBI Holdings CEO Yoshitaka Kitao said that Japan is the most likely country Ripple will relocate to, should it leave...

Despite strong security token growth, tZERO continues to lose money

Despite explosive third-quarter growth in the security token sector, Overstock’s Q3 2020 earnings report reveals that its tZERO alternative trading system (ATS) has...

Wrapped Bitcoin is now Ethereum’s 6th Largest Token

Wrapped Bitcoin (WBTC) reached all-time highs today in terms of market capitalization and number of tokens.WBTC is the most popular version of Bitcoin tokenized...

The Hoff claims to have invented Bitcoin in 12th anniversary video

Nine celebrities with profiles on the sponsored video-sharing platform Cameo have published messages wishing Bitcoin (BTC) a happy birthday ahead of the twelfth anniversary...
bitcoin
Bitcoin (BTC) $ 13,217.41
ethereum
Ethereum (ETH) $ 381.91
ripple
XRP (XRP) $ 0.237121
tether
Tether (USDT) $ 0.998764
bitcoin-cash
Bitcoin Cash (BCH) $ 262.78
bitcoin-cash-sv
Bitcoin SV (BSV) $ 163.43
litecoin
Litecoin (LTC) $ 53.73
eos
EOS (EOS) $ 2.58
binancecoin
Binance Coin (BNB) $ 28.33
okb
OKB (OKB) $ 4.58
tezos
Tezos (XTZ) $ 1.83
leo-token
LEO Token (LEO) $ 1.27
cardano
Cardano (ADA) $ 0.091734
monero
Monero (XMR) $ 120.20
stellar
Stellar (XLM) $ 0.075753
chainlink
Chainlink (LINK) $ 11.04
huobi-token
Huobi Token (HT) $ 4.17
tron
TRON (TRX) $ 0.025994
usd-coin
USD Coin (USDC) $ 0.998711
dash
Dash (DASH) $ 65.94
neo
NEO (NEO) $ 14.49
iota
IOTA (MIOTA) $ 0.251028
nem
NEM (XEM) $ 0.095071
zcash
Zcash (ZEC) $ 55.95
maker
Maker (MKR) $ 525.82
paxos-standard
Paxos Standard (PAX) $ 0.999023
ethereum-classic
Ethereum Classic (ETC) $ 5.29
vechain
VeChain (VET) $ 0.009994
true-usd
TrueUSD (TUSD) $ 0.998964
ftx-token
FTX Token (FTT) $ 3.72
kucoin-shares
KuCoin Shares (KCS) $ 0.848105
waves
Waves (WAVES) $ 3.01