In an exclusive interview, Pierre Samaties discussed DFINITY's Internet Computer (ICP) and its role in supporting the next generation of Web3 applications through seamless blockchain integration.
Samaties emphasizes the 'self-writing internet,' allowing users to create on-chain applications using only natural language prompts, fundamentally changing application development.
The interview delved into the unique reverse gas model and horizontal scalability of ICP, ensuring cost-effectiveness and a deflationary token economics structure for sustainable Web3 growth.
In a captivating discussion at Paris Blockchain Week, DFINITY Foundation's Chief Business Officer Pierre Samaties shared the bold vision behind the Internet Computer Protocol (ICP) - a fully decentralized infrastructure that is infinitely scalable and designed to support the next generation of Web3 applications.
From a groundbreaking AI project called 'self-writing internet' to protocol-level integration with Bitcoin, Ethereum, and the soon-to-be-released Solana, DFINITY is constantly pushing the limits of Web3. Samaties provides exclusive insights, helping users build real-time on-chain applications with just natural language prompts.
Samaties talks about the Internet Computer Protocol
The DFINITY Foundation is the main contributor to the Internet Computer Protocol (ICP), and I am responsible for all business, commercial, and product-related matters at the DFINITY Foundation.
The Internet Computer community is growing significantly because it is the only true global computer infrastructure that can genuinely build a complete end-to-end global computer stack, which means front-end, back-end, data, and everything is on-chain.
This is very attractive to many developers. If you read last year's Electric Capital report, you will find that ICP is the second fastest-growing developer ecosystem, just behind Solana.
Self-writing internet
We are developing a 'self-writing internet' created by our founder and chief scientist Dominic Williams, which allows anyone on Earth to use an AI interface, such as a ChatGPT interface, where you can use natural language prompts to specify what kind of application you want to build and deploy on-chain.
AI can not only return code but also return the URL of the deployed application within one to two minutes and push it in real-time to connected computers. We are working to achieve chat speed. Not only that, but you can also update the application through prompts, which is very important as it is another use case following DeFi.
The Web3 infrastructure is superior to Web2 infrastructure, but you don’t need to tell anyone; people will naturally realize that this is a great thing. I can create my own applications, and if I am an individual, business, or startup, I can use natural language directly, which is a very important thing.
Users will not notice the difference between Web2 and Web3 because any application on the Internet Computer is accessed via a web browser, so it feels like a regular web application to you. By the way, I believe this should actually be the true goal of Web3.
I believe the current issues with Web3 lie in its access method, which always has some additional restrictions and some UI problems. The key to promotion is to make it as seamless as possible, which is what our product is all about.
Integration of ICP with key blockchains
Another key feature of the Internet Computer is its protocol-level integration with Bitcoin, Ethereum, and the soon-to-be-launched Solana, with other platforms following suit. On Bitcoin, it particularly allows anyone building on the Internet Computer to interact, read, and write on Bitcoin, which is very interesting for Bitcoin builders. Bitcoin is an excellent single-purpose blockchain, but building logic on it is very difficult.
Given that we have this chain-key Bitcoin integration, many developers (we have over 40 different projects from the Bitcoin community) are using ICP technology to build real Bitcoin DeFi and Bitcoin Web3 applications. You can use the most liquid main chain, which provides the best trust assumptions for our Web3 and DeFi applications.
There is a 'container,' which is what we call smart contracts on Twitter. It is a full-stack container that can read and write Bitcoin, meaning you can build any logic you want in ICP, smart contracts, and stricter applications, while still being able to interact with Bitcoin immediately.
Another important key factor is that we have a digital twin of Bitcoin, which is cryptographically protected on the Bitcoin mainnet and exists on the Internet Computer. It is called CkBTC, which allows Bitcoin transactions to be completed in one second and charges only 10 sets of transaction fees, enabling projects like Odin.fun to leverage Bitcoin to create a decentralized trading experience on decentralized infrastructure.
Whenever you convert mainnet Bitcoin to CK Bitcoin, it automatically locks Bitcoin on the mainnet. And due to the absence of a central bridge that could be tampered with, hacked, or exploited, CkBTC becomes the safest way to hold Bitcoin outside the mainnet.
The deflationary model of ICP's scalable infrastructure
ICP may be one of the most ambitious projects in the entire Web3 industry, which is why DFINITY has one of the largest R&D teams in the Web3 space, and we invest most of our funding into research and development. Our team has actually created some truly amazing things; it is a well-configured infrastructure that has achieved infinite scalability due to its horizontal expansion.
The mainnet has been online since 2021, and we have been running about 500 applications on the Internet Computer, including a whole social media platform, with a WhatsApp Telegram clone called OpenChat that has approximately 20,000 users.
Scalability is not an issue; the system was designed with scalability in mind. Imagine this: if you are committed to creating a true world computer, you will certainly make very wise choices regarding scalability.
As I mentioned, it is a horizontal scalability. We do not adopt a gas model but a reverse gas model. Now, we all feel the pain of second-generation blockchains that adopt this gas model, where you always need to recharge to conduct transactions. The Internet Computer must be built from the ground up based on first principles.
This is what we call the reverse gas model. As a user, you do not need to pay gas fees because we believe this would stifle adoption. Instead, the model we adopt is fundamentally the same as the one in today's Web2. If you host an application on Amazon, you need to pay Amazon for cloud computing space, which is exactly the same logic as on the Internet Computer.
If you are a developer, you need to pay for computing Cycles, which are paid for with ICP, and these ICP will be destroyed. This also means that the more computing done on the Internet Computer, the stronger the deflationary nature of the token economics.
The deflationary model of ICP
I cannot comment on the price, but over the past six months, due to the high activity of some deployed projects, the network has experienced days of deflation, leading us to believe that we may reach a sustainable deflationary state even before our initial predictions.
But time will prove everything. The self-operating internet will also become a key catalyst, as all deployable applications will clearly run on ICP. It needs to pay for its computing Cycles, and by the way, computing Cycles are very cheap, possibly the cheapest in the industry, which will further exacerbate the deflationary factor.
About developing on ICP
As long as the self-writing internet has not been released, you will not be able to use artificial intelligence for prototyping. However, once it is released, it may be implemented quickly, and you will be able to use it to create prototypes. If your project is ongoing and the architecture and ideas are already determined, you can directly contact our dedicated growth team, which is led by my colleague Lomesh.
The growth team will provide you with all the assistance you need, from helping you join the Internet Computer, reviewing your project, and even possibly providing some funding.
Anticipation for Paris Blockchain Week
For me, the real benefit of these meetings is the ability to have face-to-face discussions. As usual, we have many online meetings, etc., but I believe the value of these meetings is in gathering so many people, especially every leader in the European industry.
This way, we can have good discussions and smoothly complete tasks. Nevertheless, in a sense, we are a trustless industry; we want to achieve trustlessness, but face-to-face discussions are still very important for building trust, which is exactly what I am striving to achieve here.
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