"China is a very important part of our strategy!" Dominic Williams, founder and chief scientist of the DFINITY Foundation, is one of the few public chain founders to come to Hong Kong to participate in the Web3 Carnival. In an exclusive interview with PANews, he said nothing Don’t hesitate to tell me the reason for coming to Hong Kong this time.
Like many participants, Dominic is also optimistic about Hong Kong's role and prospects in the development of Web3. When it comes to Internet Computer (IC), he confidently shared the latest progress and suggestions for developers.
Hong Kong is the interface linking China and the outside world, and the Hong Kong government seizes the initiative in Web3
This is Dominic’s return to China after many years of separation. “In the past, it was because of the new crown epidemic that disrupted the normal rhythm of market exchanges. Now that it has reopened, we are back.”
During Dominic's trip to Hong Kong, in addition to giving speeches at the main venue, he also specifically participated in developer activities in the community. This was also the main purpose of his visit to Hong Kong.
The DFINITY Foundation is an important contributor to the development of IC. Ecological development is a top priority for any public chain. Dominic said frankly: "China is a very important part of our strategy. There are many Chinese teams in the IC ecosystem, some of which are Very good project.”
He also revealed to PANews that he plans to establish the ICP Asia Alliance in Hong Kong and will also recruit more employees.
"I think Hong Kong is a natural interface between mainland China and the rest of the world. It's always been a very international place, it's always been a financial center. When you combine the friendliness of Web3 with the developer talent in mainland China, it's It’s going to be a huge recipe for success,” Dominic said.
The DFINITY Foundation is registered in Switzerland, the world's first encryption-friendly place, and Hong Kong, which aims to build a Web3 center, allows Dominic to see the hope that the encryption industry will flourish in Asia.
“I see the plans and enthusiasm of the Hong Kong government and their efforts in regulatory transparency, which is what people in the Web3 space are looking for. The Hong Kong government has seized the initiative and aims to bring a lot of entrepreneurship and growth to Hong Kong, I think they’re doing a smart thing and I think it’s going to be successful.”
As the founder of Binance said during a fireside chat at the Hong Kong Carnival Forum, even strict regulation is better than no clear regulation, and practitioners’ need for regulatory clarity is obvious to all.
Dominic believes that it is important to have flexible regulation and maintain regulatory clarity. At the same time, the most important thing for regulation is that if there is some kind of Ponzi scheme, it should be shut down quickly, but honest projects should be supported, rather than attack.
“I think this is where places like Switzerland and Hong Kong can really drive innovation growth by being more friendly to Web3, while regulators in the U.S. are attacking honest crypto projects and now dishonest projects are creating a crypto winter while regulation is It's attacking honest projects, so that's doubly bad." Dominic said, shaking his head.
Indeed, American encryption companies are now entering a period of development due to strict regulations. Even Coinbase CEO Brian Armstrong recently said that if the supervision of the encryption industry is unclear, Coinbase may consider moving out of the United States.
Industry builders should return to technology itself
The name DFINITY means the infinite possibilities of decentralization, a blueprint that Dominic and the others began to draw in 2016 and launched Internet Computer (IC) in 2021.
Compared with public chains such as Ethereum and Avalanche, IC does not want to be their killer, but has chosen another lower-level path - decentralized computing services, which can be commonly understood as decentralized AWS.
In fact, many of the current decentralized infrastructure are still built on centralized services, such as NFT or Token on the Ethereum chain. In addition to contracts running on the chain, many storage and calculations are through centralized services such as AWS. cloud computing platform, and IC plays the role of encrypted cloud services.
According to data released by IC’s official website, if 1 GB of data is stored on the blockchain for one year, the cost is only US$5, while the same data is stored on the Ethereum chain for US$79 million, and on the Solana chain it is $110,000 is needed.
Recently, IC has two other big moves, one is EVMC (Ethereum Virtual Container), and the other is the issuance of ckBTC.
ckBTC is an ICP native token backed by real BTC 1:1 and managed on-chain by Internet computer smart contracts. Think of ckBTC as Bitcoin’s (highly fungible) twin token, a 100% mirror asset, It uses chain key cryptography to own and control all underlying Bitcoins.
By integrating directly with the Bitcoin network, ckBTC can be used for decentralized finance applications on supported networks, meaning faster speeds and lower fees, but more importantly not through a bridge , there is no risk of cross-chain bridge.
EVMC realizes the compatibility between IC and Ethereum, and can run smart contracts written in Solidity language through EVMC.
According to reports, EVMC is faster than the main Ethereum network EVM implementation because it optimizes transaction throughput by performing signature verification and transaction batching. EVMC is entirely on-chain, code and data are executed in Web assemblies, and parallel computing is Achieved through a multi-container architecture, this makes EVMC extremely fast.
When it comes to suggestions for industry builders, Dominic believes that we should return to the technology itself, "People should always focus on the longer-term development trajectory. We have gone through a crazy period, but I think things will become more rational because people will return to to things that can actually be built and try to find things and create products that people actually have a need to use.”
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