ICP Processes More Smart Contracts In An Hour Than All Blockchains In A Year Combined, says Dominic Williams 

• ICP offers a complete technical stack that allows for direct, on-chain data storage, eliminating the need for centralized web2 infrastructure.
• ICP boasts unparalleled processing power, capable of handling 1.5 million Ethereum-equivalent transactions per second.
• Building systems on the ICP network provides immunity from to cyberattacks, a crucial advantage in an increasingly interconnected world.
• ICP is a highly reliable platform that “never crashes” and just “keeps running”.
• Cambodia is exploring the use of ICP to become a technology and innovation leader in the APAC region.

Dominic Williams, Founder and Chief Scientist of DFINITY, delivered a compelling keynote address at the Chain Fusion Hub Chain Fusion Hub @ Token2049 Singapore titled “ICP Makes the Internet into a World Computer”, presenting his vision of a revolutionary blockchain technology that transcends the limitations of traditional blockchains and offers a paradigm shift in how we build and secure applications. Coin Edition is pleased to present the following soundbites from the DFINITY founder.

To start, could you explain what sets the Internet Computer (ICP) apart from other blockchain technologies?

Absolutely. ICP offers a complete technical stack that allows for direct, on-chain data storage, which eliminates the need for traditional web2 infrastructure like centralized servers or cloud services. This gives ICP significant advantages in terms of security, scalability, and reliability. Traditional blockchains, by in contrast, still rely on web2 infrastructure for data storage and security.

You mentioned scalability. How does ICP compare to other blockchains in terms of processing power?

ICP boasts unparalleled processing power. It can handle approximately 1.5 million Ethereum-equivalent transactions per second. To put that into perspective, in just one hour, ICP processes more smart contract computations than all of the hundreds of blockchains out there do in an entire year. It’s an incredibly powerful system.

That’s impressive! You’ve also discussed the importance of cybersecurity. How does ICP address these challenges?

This is where ICP really stands out. Building systems entirely on ICP makes them immune to cyberattacks. In today’s world, hackers are becoming more sophisticated, and as AI like GPT advances, these tools will inevitably be weaponized by cybercriminals. The traditional approach of relying on firewalls, anti-intrusion systems, and security teams is just not sustainable anymore.

So you’re saying ICP eliminates the need for cybersecurity?

Not Exactly. With ICP, you don’t need to worry about conventional cybersecurity measures like firewalls or security teams. Our approach provides a platform where systems are inherently secure. It’s not that cybersecurity is unnecessary, but rather that ICP offers a fundamentally different approach to security. The solution is to use platforms that are immune to cyberattacks from the start. It’s essential that humanity moves to a new IT infrastructure that offers this level of protection.

You’ve also spoken about the reliability of the ICP network. Could you elaborate on that?

One of the major advantages of ICP is its reliability. It never crashes and just keeps running. I gave the example of the New York subway system, which experienced service disruptions due to system failures. That type of infrastructure problem won’t happen with ICP. It’s designed to maintain continuous operation.

AI has been a major topic of discussion recently. How does ICP fit into the future of AI?

AI is going to be extremely important, but it also presents new security challenges, especially with sensitive data. Large AI models like GPT require uploading that data to centralized servers, which is a significant security risk. That’s why we’re developing tools like Toko on ICP. Toko is a language that allows for the creation of AI-powered applications to manage things like inventory or CRM without requiring a developer. People can interact directly with AI to get the information they need, securely.

You also mentioned that Cambodia is exploring ICP technology. Could you share more about that?

Yes, that’s an exciting development. Dr. TRY Sophal, Deputy Director-General of Cambodia’s MISTI, has signed a letter of intent with us to explore how ICP’s tech stack can be used to help Cambodia become a leader in technology and innovation in the APAC region. This move highlights the growing recognition of ICP’s potential to transform not just individual applications but entire economies.

That’s fantastic to hear. So, would you say ICP is poised to revolutionize the digital landscape?

Absolutely. With ICP, we’re offering a world computer that has the potential to reshape how we build, secure, and scale applications. The future of technology, in my view, lies in decentralized systems like ICP that provide both security and efficiency at an unprecedented level.