In the multi-chain era of Web3, what is the future for Internet Computer?

Dominic Williams, the founder of the DFINITY Foundation, recently shared his insights on multichain and Web3, as well as the latest developments in the Internet Computer's multichain strategy. As a serial entrepreneur and an early contributor to the Ethereum community, Dominic founded the DFINITY Foundation with the aim of making the Internet Computer a leader in the decentralized cloud computing space.

Dominic believes that the concept of the "Internet Computer" means that most business logic, data, and user experiences run on the blockchain. However, the current blockchain can only store a limited amount of data, with limited computing and execution capabilities. The Internet Computer, as a newly built blockchain, can not only store a large amount of data and execute extensive computations, but also introduces Chainkey technology, enabling seamless integration with other blockchains without the need for bridging.

Internet Computer has launched Chainkey Bitcoin(ckBTC) and is working on integrating with Ethereum. This integration is at the code level and smart contract level, decentralized and trustless, based on cryptography rather than messaging.

Dominic expects that over time, the crypto industry will see consolidation, with more dedicated application chains and enterprise private chains integrating with public chains. The Internet Computer can serve as a gateway for communication between different blockchains.

Compared to traditional public chains, Internet Computer has multiple advantages:

1. Low storage costs: Storing a 3.3MB photo on Ethereum for 21 months costs $110,000, while the storage cost on Internet Computer is almost zero.

2. Decentralized Ownership: DApps on the Internet Computer can be fully built on the blockchain, controlled by DAOs, achieving true community autonomy.

3. Optimize User Experience: Adopt a walletless architecture and Reverse Gas Model, allowing users to interact with DApps without a wallet and without manually paying for gas.

4. Higher degree of decentralization: DApps are directly transmitted to the browser through smart contracts, without relying on centralized app stores.

Dominic believes that the future of Web3 will go beyond simple applications like NFTs, providing true decentralization and community ownership for social media, gaming, the metaverse, and more. To attract billions of users, Web3 needs more innovations, such as the decentralized short video platform Hot or Not on the Internet Computer.

Overall, the Internet Computer is committed to providing individuals and communities with true ownership through blockchain, eliminating the need for trust, and democratizing Web3 innovation and creativity. This will create more opportunities for developers and users worldwide, driving the development of the next generation of internet services.