Internet Computer Protocol Aims to Revolutionize Web3 with Self-Writing Internet

Pierre Samaties, the Chief Business Officer of the dfinity Foundation, recently shared his vision for the Internet Computer Protocol (ICP) at Paris Blockchain Week. The ICP is designed to be an infinitely scalable, fully decentralized infrastructure that powers the next generation of Web3 applications. Samaties highlighted the foundation's ambitious projects, including the 'Self-Writing Internet,' which aims to enable users to build live, on-chain apps using natural language prompts.

Samaties explained that the Internet Computer community is rapidly growing due to its unique ability to build a full end-to-end world computer stack, including front end, back end, data, and everything on-chain. This infrastructure is particularly attractive to developers, as it allows for the creation of applications that are accessible through a web browser, making the transition from Web2 to Web3 seamless.

The 'Self-Writing Internet' project, coined by DFINITY's founder and Chief Scientist, Dominic williams, is a groundbreaking AI interface that allows users to prompt in natural language what kind of application they want to have built and deployed on-chain. The AI not only returns the code but also provides a URL with the deployed application live on the Internet Computer within one to two minutes. This innovation is set to revolutionize the way applications are developed and deployed, making it accessible to individuals, enterprises, and startups alike.

Another key feature of the Internet Computer is its protocol-level integration with major blockchains such as Bitcoin, Ethereum, and soon Solana. This integration allows developers to interact with these blockchains, read, and write on them, opening up new possibilities for Bitcoin DeFi and Web3 applications. The 'canister,' DFINITY's term for smart contracts, can read and write Bitcoin, enabling the development of complex logic and applications that interact directly with the Bitcoin mainnet.

DFINITY has also introduced CkBTC, a digital twin of Bitcoin that is cryptographically secured on the Bitcoin mainnet and lives on the Internet Computer. CkBTC allows for Bitcoin transactions with one-second finality and significantly reduced transaction fees, making it a secure and efficient way to transact Bitcoin outside of the mainnet. This innovation is already being utilized by projects like Odin.fun, which aims to create a centralized exchange feeling on a decentralized infrastructure with Bitcoin.

The Internet Computer's scalable infrastructure is designed to handle a large number of applications without compromising performance. The mainnet has been live since 2021 and currently runs over 500 applications, including entire social media platforms like OpenChat, which has around 20,000 users. The system's horizontal scalability and reverse gas model, where users pay for compute cycles in ICP, which is then burnt, contribute to its deflationary tokenomics. This model is designed to incentivize network activity and reduce the supply of ICP over time.

Samaties also discussed the expectations for Paris Blockchain Week, emphasizing the importance of face-to-face discussions in building trust within the industry. He highlighted the value of these conferences in bringing together industry leaders to discuss and collaborate on the future of Web3 technology. The DFINITY Foundation's dedicated growth team is available to support projects in onboarding to the Internet Computer, reviewing their ideas, and providing grants to help them succeed.