drowny
@drownwave
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$ICP Advocate | All things $BTC | Full Stack Software Engineer | Government and Enterprise
Joined August 2021
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$ICP has proven that it can succeed without retail community. Defi, memes, and NFT projects are nice. But what caused the run up in
#ICP
price was institutional money, NOT retail. Milestones like Lugano BTC payments, Cop28 Carbon Credits, chain key multichain, UTOPIA private
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UTOPIA will compete with IBM Hyperledger Fabric. Hyperledger is the current industry leader in private Blockchains for enterprises. Fun fact, the CTO of
@dfinity
invented a cryptographic identity protocol for Hyperledger. $ICP
@GroR_not_ShOr
1) Governments and large corporations don't want to build on public networks yet. Later this year, we will see UTOPIA provide an ICP technology solution for them. Going to be a big deal
2) 3rd gen. blockchain value hard to see within all the bs narratives and hype. Will change
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The bank that
@dfinity
is most likely working with is
@sygnumofficial
. Sygnum is located in Zurich and hosts 64 $ICP nodes. They are a private crypto regulated bank with a valuation close to a billion. With ISO20022 compliance from
@ic4java
, banks like Sygnum will soon adopt $ICP
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If these AI companies merge, then SingularityNET has the potential to bring and Ocean Protocol to $ICP. The last paragraph in this report states these AI companies are trying to accomplish decentralized AI on a Blockchain. The only Blockchain that can do
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ckBTC is not stored in a glorified multisig. The subnet that manages ckBTC splits any private keys into multiple key shares. Each key share in a node is periodically replaced with a new key share over time. So even if attackers can organize 10 nodes to collude, they would need to
Initial review on ICP is complete.
The ICP “Bitcoin Integration” enables ICP canisters (smart contracts) to have a view into Bitcoin state, have bitcoin addresses, make bitcoin transactions, etc.
Our review, however, primarily focuses on the ckBTC canister and its corresponding
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AI Models as NFTs is a big deal. Imagine owning a unique AI chat agent that is trained on data inputs that is completely different from a different AI agent. $ICP
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1) The first education SaaS platform is being built on $ICP. The company is called Veriable and they are hosting Canister Smart Contracts on a GDPR compliant European subnet. The person behind all this is
@samlinux
, who I believe should be credited for pioneering the first app
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$BTC fees have skyrocketed. Miners are making more revenue post halving due to the launch of Runes. These high fees will bring more demand for Bitcoin scaling solutions. $ICP is in prime position to capitalize on this high fee narrative much like how $MATIC took first movers
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UTOPIA IS ON $ICP ROADMAP 🤯
@Markus_B30
@drownwave
@dfinity
Spot on! At first glance I was a little disappointed until I dug further into the roadmap, Xnet and storage upgrades mention UTOPIA - Totally lapsed it being a private instance!
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The
@icp_cc
event last week was pretty successful at onboarding new users. Almost 5000 new users created an Internet identity. It looks like doing a 9 hour livestream with periodic airdrops was an effective strategy on getting new people to use $ICP.
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Gavin Wood - “Polkadot is the worlds biggest DAO”.
Meanwhile $ICP racks up the largest number of proposals according to
@DefiLlama
😂
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Let’s take a look at what is coming up in the year 4 $ICP roadmap.
API Boundary Nodes is ramping up. There’s a proposal in progress to allow monitoring access of boundary node logging info from
@dfinity
data centers. This is a pre-requisite for deploying the first API boundary
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Adoption is happening in the government space. Singapore is the one the most crypto progressive countries in the world, and they work with UNDP closely. Looks like they are focusing on Cambodia to utilize $ICP on building trusted credentials. This is a big deal.
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When asked if $DOT can be compared to AWS,
@gavofyork
hesitated and dismissed $ICP.
Instead he brought up an old ICO project that that did not perform scalable compute on chain.
He claims “There isn’t an AWS JavaScript object environment where you can store persistent data”.
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No $ICP even after the on chain AI facial recognition demo that
@dominic_w
showed 2 days ago. Another sign that we are still early on $ICP.
We’re pleased to announce the launch of our newest private placement investment product, Grayscale Decentralized AI Fund. Available to eligible accredited investors.
$NEAR $RNDR $FIL $LPT $TAO
See important disclosures or speak directly to a team member:
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More reason El Salvador needs to adopt $ICP over lightning network for $BTC payments. Applications built on chain cannot be hacked because the code is immutable. No need for cybersecurity team or firewall if you put your data on
#ICP
.
🇸🇻BREAKING: personal data of over 5 million Salvadorans stolen and leaked.
The leaked information matches perfectly the data required for registration on the
@chivowallet
.
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I always compare $ICP and $DOT together because I think the communities are very similar in culture. Both are technical communities that have advocated for more marketing.
@Polkadot
tried to let the community vote on how the treasury should be spent towards marketing. This
This is real:
Polkadot's Treasury has about 2 years of runway left at the current burn rate of $87m USD per 6 months.
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Someone converted about 50 ckBTC to $ICP and then burned over 200 billion cycles. I don’t think this actually burned any
#ICP
. My guess is that these cycles were preallocated already. This conversion made the price jump to $13.80 today. Interesting activity 👀
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In collaboration with
@icphub_US
and
@LaRoseDigital
, I am excited to announce the first ever Internet Computer meetup in Dallas TX!
Join us to hear speakers from
@pedrogk
,
@Spider_ICP
, and
@lastmjs
where they will give talks on the following topics.
🚀 WTH is ICP? An overview
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At ETH Denver I felt $ICP has not gotten any respect. I heard people calling $ETH the world computer and $EGLD devs calling themselves a multiverse despite the fact that they interoperate via a bridge. When Dfinity gave a talk, half the room were disrespectfully talking over them
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Ah, I had a hunch
@dfinity
would put Fully Homomorphic Encryption on their roadmap back in February 😂
For other $ICP roadmap items, it looks like there is a lot of emphasis on reducing latency that will help improve things like HTTPS outcalls.
I was
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$ICP should learn from the failures of $DOT OpenGov. Too much decentralization can lead to poor decisions. That’s why I am okay with
@Dfinity
owning most of the voting power.
Some people who are the most vocal in this community have not proven themselves to make the network
has Polkadot’s OpenGov been a success or failure?
it is hard to imagine what exactly failure would look like for a worldwide experiment in human coordination unfolding in real-time.
but given that governance exists for a reason, this difficulty is easy to sidestep. OpenGov
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@BradHuston
Blackrock and
@dfinity
offices are 4 minutes away from each other. I bet they are talking.
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@HoumanShadab
United Nations partnership, El Salvador Bank ckBTC integration, CME Group supporting $ICP, and On Chain AI Facial recognition demo. This all happened in a span of two weeks. The price was bound to pop.
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If I am an $ICP node operator and I wanted to collude with other operators. I would look up their contact info since nodes are all KYC.
But I’m also KYC. So how do I know that this node operator won’t snitch me to the authorities?
With other networks, people collude through
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Whatever you post
@EasyStevie_e
, I selfishly hope you are starting to build the concept of AI Models as NFTs.
@dominic_w
has repeatedly said that AI models can be traded as NFTs on $ICP. I think whoever is first movers advantage in building this technology will capture a value
Been thinking alot about the future of ICP NFTs. Expect alot of posts from me going forward on my ideas for the future $ICP
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@BlockchainPill
There is a danger in letting competition get too much of the spotlight. For example, people still think $NEAR and $TAO run AI on chain. But they don’t consider $ICP as an AI coin when in fact it is the only Blockchain that can run AI on chain. The same thing is happening with AO.
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Burning tokens as a deflationary mechanic is overrated since this has historically never made long term impact on crypto prices. But for the sake of discussion, let’s address the elephant in the room on whether Utopia will meaningfully burn enough $ICP.
Utopia only burns $ICP
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Questionable $ICP takes during the great Summer 2024 flush out. Thread 🧵👇
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The
@CrowdStrike
attack was due to an internal update from their engineering team. It was not from a long range hacker that was trying to penetrate their systems. If
@CrowdStrike
was built on $ICP, then it would have suffered the same issue. Bad code deployment is bad regardless
Cybersecurity cannot fix current IT's broken security. Now, CrowdStrike software has blown up the very IT it means to protect 😱
#ICP
platforms host online applications that are *immune* to cyber attack. It's time to remove cybersecurity dependencies
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Thank you everyone in making history on being a part of the first ever $ICP event for both
@icphub_US
and Dallas. A lot of work went into this behind the scenes and I am grateful for these people who have helped contribute to the event. Apologies if I missed any names.
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I made a forum post about $ICP node profitability and need feedback on if my math is correct. So far nobody has responded, but I would love it if there are any Node providers that could respond with their experiences on operating an
#ICP
node.
Based on my analysis, it looks
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Bottom signal
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UTOPIA basically competes with solutions such as Hyperledger Fabric. Thus far Hyperledger has been the standard for massive companies like IBM and Oracle to build private enterprise Blockchain solutions. But those solutions don’t have the secure tamper proof traits of
#ICP
$ICP
UTOPIA:
Unstoppable
Tamperproof
Open
Platform for
Independent
Autonomy
A private virtual cloud platform that can be spun up over existing clouds, or dedicated hardware, which has game-changing properties.
Corporations, NGOs, governments, militaries etc, who need their data on
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Dfinity R&D team made this post describing a new technical roadmap that is coming in a few weeks. The TLTR summary is that Dfinity intends to address most of the performance, governance, and general developer experience issues voiced by the $ICP community
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Some people have told me that price action is not a good metric for measuring the success of a DAO. I suppose that is fair, so let’s look at number of proposals between $DOT and $ICP along with treasury flow.
The NNS alone has 8813 proposals while $DOT only has 904. Open gov has
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It looks like 4 new canisters were deployed to the European subnet this week. There have also been DDOS attacks on Swiss government sites as of yesterday.
$ICP just had a major NNS outage today. So far
@dfinity
is claiming this to only be a frontend issue, but there are reports
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@januszg_
What is a better solution to ckBTC? If you say lightning network, you’re going to lose a lot of credibility.
There’s a lot of zk scaling solutions for $BTC, but zk depends on where you store the private keys. If the keys are stored in a centralized AWS server, then the zk proof
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For this crypto cycle I think we will see a race among $BTC L2 scaling solutions that also support $ETH.
@tap_protocol
just announced their partnership with $ICP to bridge
#BTC
and
#ETH
. Meanwhile
@Starknet
intends to scale Bitcoin and Ethereum within 6 months.
I think $ICP has
Starknet will be:
1st L2 on Bitcoin and Ethereum,
1st to scale Bitcoin to 1K+ TPS,
Within 6 months of OP_CAT adoption.
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Pay close attention to what is going on at
@ICPHUBS
Latin America with
@ccossio
and
@czambier
. Here are the main highlights.
- Attempting to organize a private event with President of Argentina and regulators to speak with
@dominic_w
and
@JanCamenisch
.
- Integrating Internet
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Had an interesting conversation with
@Cephii1
yesterday. He’s not familiar with $ICP ecosystem so it was difficult for me to explain to him that AI models are stored on the blockchain. I probably didn’t do the best job explaining certain concepts. But this guy is a smart dude and
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Very insightful observation from
@paulliuicp
on Arweave AO. I recommend everyone in $ICP to follow this forum thread.
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@icircle_nft
@dominic_w
Dumping your neurons will not negatively impact the price. I will gladly scoop them up at a 30% discount.
Also the market does not care about OGs. Markets are a game of PvP with winners and losers. Not everyone on the $ICP community is on the same side, and I can bet you that
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According to
@januszg_
from
@BitcoinLayers
, they believe Lightning Network is more secure than $ICP. How can this be the case when there have been many documented reports on the vulnerabilities of the Lightning Network? See the links below.
@josephfounder
@drownwave
I would highlight that this unknown company considers Lightning Network to be the top notch BTC layer
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Keep an eye on this project. The guy on the right is a former Principal Researcher at
@dfinity
.
1/ Introducing:
The Nexus 1.0 machine.
We are scaling ZK to 1 trillion Hz of compute capacity.
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The leader of Dfinity just published this amazing post in response to Justin’s criticism on
#ICP
decentralization. While Justin is probably engagement farming, I appreciate the fact that Dominic helped educate us on the nuances of decentralization for the crypto industry
#ICP
security involves different thinking vs proof-of-stake networks, so direct comparisons are hard. Differences include:
1 "Deterministic decentralization" ⬆️ vs simple Nakamoto Coefficients
2 Games of life ⬆️ vs small-game fallacies
3 Hardware ⬆️ vs liquid stake
Big thanks
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Discovering
#ICP
has made me see through the fog whenever a person with a web2 mindset makes a post like this. Listing Cloudflare and Okta as leaders of cybersecurity is laughable. Those companies got hacked will continue to be vulnerable since they are built on big tech cloud.
$GOOGL, $MSFT, and $AMZN confirmed this week that cloud computing is reaccelerating, indicating an increased need for cybersecurity -- let's delve into my top 10 names within this space and explore the competitive moats of each holding, from the largest to the smallest 👇
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@lastmjs
@BitcoinLayers
Your friend
@januszg_
simply gave an opinion piece, not a formal security audit. I gave a technical response that explains why his opinions are overblowing the technical facts as high risk. He is clearly downplaying the cryptography in $ICP since he is approaching the security
According to
@januszg_
from
@BitcoinLayers
, they believe Lightning Network is more secure than $ICP. How can this be the case when there have been many documented reports on the vulnerabilities of the Lightning Network? See the links below.
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I was going to look into this but someone beat me to it. Essentially Integral Neural Networks(INN) are able to compress neural networks to a smaller size. Allowing low computational devices like smartphones to run AI models natively.
This has huge implications for AI on $ICP.
This is HUGE. A company
@dominic_w
might be part of is building a “full stack web 3” ai platform. They received an award for inventing a new class of DNN, or INN which can run on small iot devices. Dozens of institutions have already requested access to their code.
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My original intuition about
@UtopiaCloudLabs
being a separate for profit entity was confirmed by
@dominic_w
in this forum post today. Not only that, web3 devs will also be able to utilize their $ICP knowledge towards supporting enterprises as consultants.
The most important
Does anyone know if this account is a separate entity from
@dfinity
? I wonder if UtopiaCloudLabs is going to be a for profit entity? Their target market are governments and institutions. They might take the IBM approach to get consultants to implement Utopia for companies $ICP
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@0xMert_
@AltcoinDailyio
A single subnet was down, so it was not a complete outage. The entire network in $ICP was still producing transactions on other subnets.
#ICP
uses a modular network topology that makes it fault tolerant to when outages do occur.
$ICP has around 3000 daily active addresses,
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@dominic_w
Throwing Jabs at
@aoTheComputer
😂. Meanwhile
@samecwilliams
and
@Allquantor07
continue to stay silent 🤡
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If anyone complains about $ICP not having user adoption, just look at other chains with similar market caps like $NEAR. Here is a former NEAR employee that claims their 2 million daily active users are botted.
Now
@Dmailofficial
and
@OpenChat
probably have a lot of bots as well.
@liquid_joule
@NEARFoundation
lol we don’t have 2M daily active members, we have no more than 1-2k community members
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I’m in favor of reducing 8 year neurons to 5. Would be good for price action since you will get more value out of your $ICP within that 5 year period from less selling pressure. It also means a majority of 8 year neurons will be released during 2026-27, which is in the middle of
If you stake $ICP on the NNS, you need to pay attention to this proposal!
It’s suggested that existing 8 year neuron’s are reduced to 5 year neurons, while taking on a reduction in APY of 20%!
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@itscryptotheo
This is one of the main pillars for my investment thesis in $ICP. Bitcoin Maxis are starting to call ckBTC a scam, which is good because now we are being noticed. Only a matter of time until El Salvador and Argentina adopts ckBTC. We are ranked 8th in cross chain TVL, which is
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It’s been a month since
@dominic_w
made this post about porting LAMP stack to $ICP. Is anyone building this? It would be cool to get an application like Wordpress on $ICP. There’s a lot of product market fit since smart contracts allow Wordpress to be hosted in a more secure and
Big opportunity for
#ICP
ecosystem: port the LAMP stack to WASM canisters, so that millions of existing websites can run securely and unstoppably on the Internet Computer.
Ping me if you are working on relevant tech.
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Many $ETH projects utilize centralized DAO platforms like
@AragonProject
and
@SnapshotLabs
to help save money on gas fees. But these platforms sacrifice decentralization since their proposals rely on the trust of developers to deploy code from an off chain deployment pipeline.
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This is a good milestone. Roadmap items are being finished on time in $ICP
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@lightning_lad91
@dgdg_app
We need to stop this fragmented exclusivity culture in our NFT ecosystem. Toniq is showing clear hostility towards other competing NFT marketplaces. If you look at other NFT ecosystems in ethereum and solana, they don’t have these exclusivity deal. This is bad business and I will
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There’s 3 people in this whitepaper who are not on the Arweave team. Two of them are from a company called hyper, which appears to be some kind of cloud consulting company. Is Arweave offshoring their research to a third party consulting company? I also don’t see anyone who has a
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My thoughts for anyone who thinks 1/3 verification for T-ECDSA is not enough.
There are tons of subnet upgrades happening everyday if you just look at the NNS proposal activity. As nodes get shuffled in and out of different subnets, collusion becomes much more difficult because
@lastmjs
@itscryptotheo
$ICP is malleable since nodes can be shuffled in and out from subnets through proposals. If Fudiciary subnet nodes are colluding, then the network can vote to replace them. All nodes are KYC, so no one will collude unless they want to get arrested. Deterministic decentralization
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Does anyone know if this account is a separate entity from
@dfinity
? I wonder if UtopiaCloudLabs is going to be a for profit entity? Their target market are governments and institutions. They might take the IBM approach to get consultants to implement Utopia for companies $ICP
UTOPIA is coming
Join us for our debut
@Nexus2050Lux
on June 26th-27th, 2024
Don't miss the chance to hear
@dominic_w
inspire with a keynote on the Main Stage
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If Mojo ever takes off and
@dfinity
launches GPU Nodes along with unlimited memory for WASM 64bit, then it would be cool seeing this Mojo programming language running on $ICP in next few years. Mojo is essentially Python but with much better options that optimizes performance.
Mojo🔥 combines the usability of Python with the performance of C, unlocking unparalleled programmability of AI hardware and extensibility of AI models.
Also, it's up to 35000x faster than Python 🤯 and … deploys 🏎
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@AaronBremser_
@UtopiaCloudLabs
In comparison to other Blockchains, Ethereum Foundation has a treasury of just a billion. So
@dfinity
has a higher treasury than Ethereum’s. Meanwhile $ETH is at 400 billion market cap while $ICP is only 3.7 billion market cap.
#ICP
is severely undervalued.
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I’m surprised there is no $ICP nodes in Dubai. This is one of the most crypto friendly cities in the world, so I think there’s an opportunity if anyone living in Dubai wants to take it!
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@dominic_w
This might be it. But even if it’s not, I am looking forward to whatever AI innovation you bring to $ICP.
I was going to look into this but someone beat me to it. Essentially Integral Neural Networks(INN) are able to compress neural networks to a smaller size. Allowing low computational devices like smartphones to run AI models natively.
This has huge implications for AI on $ICP.
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@dominic_w
@samecwilliams
@Allquantor07
It is time to respond to
@dfinity
. Any lack of meaningful response means conceding to the debate and losing all credibility in the AO whitepaper. If you cannot rebuttal
@paulliuicp
forum post, then you are silently performing a disservice to your
Very insightful observation from
@paulliuicp
on Arweave AO. I recommend everyone in $ICP to follow this forum thread.
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Here are the highlights from the Trail Of Bits audit on ckBTC for $ICP.
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@dominic_w
Do most hospitals run on premise IT infrastructure? I would imagine things like GDPR compliance is a mandatory requirement over in Europe. But if they tend to prefer doing their own hosting, then hopefully ya’ll can get Utopia production ready for these hospitals to use.
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Last week I said that $ICP goes to $15 dollars this weekend. Technically today is still the weekend since it’s Presidents Day 😅. So maybe we tag $15 by midnight 🙏
Strong uptrend is performing and $ICP typically outperforms the markets during the weekends. We are finally closing above the fib levels. Don’t be surprised if we pass $15 this weekend
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We are hearing rumors that $AR is under investigation and a huge case is about to become public
This has been brewing for weeks now and couldn’t come at a worse time
If what we heard is true, start praying for Arweave.
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@dominic_w
The hard part is adding MySQL support, and I believe
@lastmjs
is currently working on PostgresSQL at the moment.
But it looks like there was some previous work with putting Apache in a wasm environment here:
This team seems to have the best articles on
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Here is raw footage that I recorded for this month’s Dallas $ICP meetup. This includes Q&A at the end of each presentation.
Overall we had about 32 people who registered for the event and 26 actually showed up. This is a pretty high ratio considering
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The product market fit for private enterprise Blockchains and on chain AI is larger than you may think.
@NaveenGRao
is the VP of generative AI for
@databricks
, and he explains why smaller language models are better than popular models like ChatGPT. Databricks is one of the
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@kylelangham
@UtopiaCloudLabs
@dominic_w
My key takeaways. The secret AI technology that
@dominic_w
mentions is very interesting. Need to do some digging.
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@Bundtologist
@dfinity
@sygnumofficial
@ic4java
Exactly. What will make $ICP stand out among other ISO20022 coins is that they can provide the most secured infrastructure that hosts applications. Banks like Capital One got hacked due to an AWS employee being a bad actor. With
#ICP
you have no backdoors and no need for firewall
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