The Development Path of Internet Computer in the Multi-chain Era of Web3

Dominic Williams, the founder of the DFINITY Foundation, recently shared his understanding of multichain and Web3, as well as the progress of the Internet Computer's multichain strategy. As a serial entrepreneur and an early contributor to the Ethereum community, Dominic founded the DFINITY Foundation with the aim of promoting the Internet Computer as a leader in the field of decentralized cloud computing.

The Vision of "World Computer"

Dominic believes that the concept of a "world computer" is to run most business logic, data, and user experiences on the blockchain. However, current blockchains still have limitations in data storage and computing power.

Ethereum has achieved part of the "world computer" goal by supporting smart contracts, especially in the DeFi space. However, Dominic is more focused on how to replace traditional IT systems with blockchain, such as creating decentralized social networks. This requires building a scalable blockchain that can serve as a cloud platform for hosting smart contracts.

The Internet Computer is a brand new blockchain designed to realize this vision. It not only can store large amounts of data and perform complex computations, but also introduces Chainkey technology, which allows for seamless integration with other blockchains without the need for bridges.

The Future of Multi-Chain Ecosystems

Dominic expects that the cryptocurrency industry will undergo consolidation, but more application-specific chains will emerge. Enterprises may also operate private chains and integrate with public chains.

Internet Computer is advancing integration with Bitcoin and Ethereum. For example, users can convert Bitcoin into ckBTC for use on Internet Computer, enjoying almost zero-cost transfers. The integration with Ethereum is also promising, expected to address Ethereum's limitations in data storage and computation.

Improve User Experience

Dominic emphasized that improving user experience is crucial for the mass adoption of Web3. The Internet Computer employs a walletless architecture and a reverse Gas model, allowing users to interact with DApps without needing a wallet, unless they need to manage tokens.

For example, users of a certain chat application can start using it simply by creating an internet identity, without having to pay Gas fees for each message. Internet Computer has also developed Oisy Wallet, which serves as an improved version of Ethereum wallets, simplifying the interaction process with DeFi applications.

The Future Development of Web3

Dominic believes that the future of Web3 will go beyond simple applications like NFTs to provide users with true decentralization and ownership. Social media, gaming, and the metaverse could all be tokenized, allowing users to directly own and control these services through blockchain.

The SNS ( of Internet Computer Service Nervous System) infrastructure enables DApps to achieve decentralized governance. Governance token holders can submit software update proposals to achieve transparent community autonomy.

Dominic emphasized that the development of Web3 requires more innovation to attract billions of users. Future Web3 applications will enable seamless tokenized interactions, allowing users to participate in the Web3 ecosystem without the need for complex wallet operations.

Finally, Dominic pointed out that Web3 eliminates the need for trust through blockchain technology, allowing people from all over the world to contribute to the internet and create a new generation of services. This decentralized approach also enables outstanding innovators to be less restricted by geographical location and more easily obtain funding support, thereby driving innovation and creativity throughout the entire ecosystem.