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Dfinity Rolls out Network Nervous System for its ICP

Dfinity Rolls out Network Nervous System for its ICP

Dfinity has announced the successful rollout of its governance blockchain mainnet. It is known as NNS (Network Nervous System) for its ICP (Internet Computer Protocol). Dfinity, a Switzerland-based blockchain project, strives to contend with centralized cloud computing companies and smart contract projects like Ethereum.

Previously, Dfinity rolled out its Internet Computer on Dec. 18. The Internet Computer vows to be the first blockchain computer operating at web speed with unbounded ability. DFINITY’s Internet Computer seeks to offer a truly decentralized alternative to running and hosting content via big tech’s cloud services. Instead, users can instantly interact with code maintained on an immutable blockchain. The platform is entirely functional and decentralized, run virtuously by its governing Network Nervous System.

Intricate Details about Dfinity’s NNS

NNS, which came into existence on Dec. 18, is a programmable blockchain utilized to manage and configure Dfinity’s Internet Computer, a network of autonomous data centers for hosting decentralized apps. Founder Dominic Williams states that Dfinity’s new blockchain (NNS) is approvingly scalable owing to its in-house developed ‘Chain Key Technology’ that can complete transactions in 1-2 seconds. According to the team, since the blockchain went live, it has processed over 500,000 blocks, verified by hundreds of nodes.

Moreover, the NNS took the liability for producing constant network management tasks, like establishing new node machines to improve the network’s total capacity and upgrading node machines to modernize the network protocol. Further, the Network Nervous System will unveil ICP utility tokens (formerly called “DFN”) to holders in the form of voting neurons. It will come into existence after it processes a trigger proposal, probably by Q1 2021. Nevertheless, Dfinity has launched its mainnet; it hasn’t released the blockchain’s native governance token, ICP, as mentioned above.

The team has also issued the early portion of the total supply of 469 million tokens held in the project’s wallet. One more final launch event called Genesis will occur within Q1 2021, which will release the tokens and permit token holders to participate in network governance. Further, significant VC firms back the project. The VC investors involve Andreessen Horowitz and Polychain Capital, from which it has raised more than $166 million to date.

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