Dfinity Foundation founder Dominic Williams expressed dissatisfaction with the current situation in the cryptocurrency industry, where marketing is more important than technology, during an interview with The Block.
Selling blockchain narratives is like “selling medicine,” according to Dominic Williams. He pointed out that blockchain investments have become similar to unscrupulous merchants selling drugs, and which project to invest in depends on better marketing. He believes that people’s willingness to buy into these narratives (marketing) is the biggest challenge facing the current blockchain industry.
A few years ago, Dfinity raised $195 million in funding from well-known venture capitalists such as a16z and Polychain Capital, making it one of the most prominent projects in the blockchain field. Dominic Williams praised Dfinity’s technology during the interview, but his comments on other projects seemed more critical.
He stated, “Honestly, 95% of blockchain projects are garbage. They are just selling medicine. It has nothing to do with technology. It’s usually about who can weave the best story, make it sound the most convincing, and pretend on their website that the project has accomplished certain things.”
Dominic Williams believes that public chains like Bitcoin, Ethereum, Solana, and Avalanche have practical value, but people do not understand the limitations of these blockchains in terms of cost and time efficiency.
He gave an example to illustrate the inefficiency of the current Web3: “Take a photo with your phone, about 3MB, and upload it to Ethereum. It would cost you $110,000. Uploading it to Solana would cost about $400.”
He emphasized that Internet Computer (ICP), a project under Dfinity, as the only third-generation blockchain, has the ability to fully port all internet interactions to the chain. Its computing power and scalability are far superior to public chains like Ethereum and Solana.
ICP reached a price of $400 in May 2021, with a market value of over $18 billion. Although it has dropped to only $13 after the bear market, it still ranks 19th in terms of market capitalization.
Dfinity
Dominic Williams
Internet Computer (ICP)
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