dom.icp ∞ Profile picture
Dec 7 3 tweets 1 min read
"Wallet Apps" = new blockchain phenomenon coming on Internet Computer | #ICP

You'll click-install a wApp (e.g an expenses tracker) using an Internet Identity. Only you can update the code, not a developer or DAO. You'll maintain total control

People will install 100+ wApps each
A wApp can do anything. It might be your on-chain file storage vault. It might forward your posts to multiple web3 social media services. It might be your crypto wallet. In every case: 100% controlled by your IIs. Total sovereignty for private content, tokens etc
It would be hard to create a wApp framework using other blockchains rn, since a wApp must be self-contained and run fully on-chain. When you install the WASM smart contract, it has to be able to do everything inc. serving UX. Relying on Big Tech cloud wouldn't work #ICP

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More from @dominic_w

Aug 2
The Internet Computer (ICP) is
a singular vision of web3

The vision is sufficiently opinionated,
it can only be right or wrong

The choice is vexing many in blockchain

Is this a web3 awakening, or not?

Hear the arguments👇
ICP’s vision is that web3
services & dapps should always run:

- 100% on blockchain (no cloud..)
- In the mode of decentralized *protocols*

i.e. they must be built 100% from smart contracts that serve web & run autonomously under the full control of community DAOs

Why?👇
Because a web3 social network CAN overcome Facebook 1 day

But NOT just by dispensing NFTs

Billions of users are already on Facebook

This "network effect" forms a defensive moat

Web3 must use "pervasive tokenization" to overcome such moats👇
Read 11 tweets
May 12
It's time to speak out about some troubling stuff on FTX

ICP-PERP is a synthetic version of real ICP, exclusively created and traded there

The price is usually slightly below that of real ICP traded on spot markets.

Here's why 👇
When the price is below spot, that means traders/hedge funds/market makers can profit by:

1. SELLING n ICP
2. BUYING n ICP-PERP

When the price of ICP-PERP is kept below spot, it drives the selling of real ICP on exchanges around the world

But is the ICP sold coming from?👇
Many folks have "staked" ICP on exchanges to receive juicy returns of up to 20%

The exchanges generate those returns by making the ICP available to "short sellers", who are charged interest

They sell the ICP, hoping to buy it back cheaper later = big profits

👇
Read 7 tweets
Aug 1, 2021
DeFi chains connect to Bitcoin & Ethereum via "bridges".

1/ Your original assets are lost if trusted validators:
- Collude or get hacked
- Receive a cease and desist

The Internet Computer will integrate with Bitcoin and Ethereum DIRECTLY w/o a bridge, trust or fragility

How?
2/ Chain Key crypto on the Internet Computer will maintain an infinite number of Bitcoin ECDSA keys, virtually...

Smart contract have their own Bitcoin address

They can receive bitcoin, and can send bitcoin using a function call

Bitcoin.send(...)

The bitcoin lives on Bitcoin
3/ When a smart contract sends bitcoin, the Internet Computer constructs the required Tx...

The protocol enlists multiple independent nodes to sign using a "threshold" ECDSA scheme

The Tx is passed directly to a Bitcoin node
Read 7 tweets
May 18, 2021
10 big ideas in the Internet Computer blockchain...

1/ The "reverse-gas model"

Users can interact with smart contracts without holding, or paying, tokens (which is troublesome)

Smart contracts are pre-charged with "cycles" (gas) and these are used to power computation instead.
2/ Smart contracts at web speed

Smart contracts are fast and can be called (invoked) in two ways:

Update call
- changes persisted on chain
- 2 secs+ (fastest consensus ever)

Query call
- changes discarded
- milliseconds
3/ Smart contracts serve web content

Smart contracts serve web from the blockchain directly into end-user's web browsers

Advanced cryptography provides end-to-end blockchain security

No more need to use insecure, censorable AWS/cloud services to create websites for dapps
Read 10 tweets
May 16, 2021
1/ Smart contracts will rule the world.

Most websites, systems and online services will be rebuilt and fully reimagined using them.

They are a new and superior form of software. The Internet Computer blockchain removes their limitations.

Here's why smart contract are better:
2/ Smart contracts run on public networks.

Nobody wants to be the captive customer of AWS, Azure and Google. Developers don't want to build using proprietary old IT frameworks. They want to be free.

Unlimited smart contracts provide the alternative.

Remember AOL vs internet...
3/ Smart contracts are tamperproof.

All systems built with traditional IT are insecure, it's just a matter of degree. Solar Winds. Stalled oil pipelines & no fuel. Your photos from iCloud.

Smart contracts always run the right code against the right data. No firewall necessary.
Read 18 tweets
Nov 23, 2020
1/ Filecoin says its network is rewarding an *exabyte* of storage capacity, but is only storing GBs of data.

e18 capacity vs e9 usage → Filecoin paying for a *billion* times more storage than they need.

IMO this is not scaling. This is wasting.

decrypt.co/48938/bigger-t…
2/ Filecoin can't solve Ethereum's on-chain storage costs (1GB costs ~$5 million). Myth

If a smart contract puts its transactional data on IPFS, anchored by a hash, it still has to receive that via parameters → costs can get BIGGER

+ diff trust zones, multiple systems → mess
3/ Yet, some folks peddle the nonsense of a fix while hoping Ethereum 2.0 will come to rescue

Fully diluted, the Filecoin cap is now $59,058,497,638!

Because people think it enables the W3 dream to be built around existing blockchain technology

Big mistake IMO

Time will tell.
Read 4 tweets

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