Dfinity's Founder Criticizes Blockchain Industry's Current State
Dominic Williams of Dfinity Foundation critiqued the blockchain industry, labeling 95% of projects as “garbage” and criticizing the focus on narratives over substance. He expressed doubts about blockchains like Bitcoin, Ethereum, Solana, and Avalanche, but believed that the Internet Computer Protocol (ICP) could solve scalability issues and support fully on-chain interactions.

PANews reports that Dominic Williams, the founder of Dfinity Foundation, recently expressed his disapproval of the current state of the blockchain and cryptocurrency industries. Williams declared that ninety-five percent of blockchain initiatives are "garbage" and noted that the industry appears to be more concerned with narratives than with substantive content. According to him, the current challenge facing the industry is that individuals are investing in purported "cure-alls" due to marketing pressures and becoming entangled in contradictory narratives.
Williams elaborated that although blockchain platforms such as Bitcoin, Ethereum, Solana, and Avalanche execute transactions competently, he is dubious that they are capable of constructing an entirely new decentralized internet. The individual holds the view that the Internet Computer Protocol (ICP) is the sole legitimate "third generation" blockchain, which possesses the ability to efficiently address concerns related to scalability and facilitate the development of entirely on-chain network interactions, including on-chain social networks.
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