Dfinity Founder: 95% of Projects Are Garbage, Blockchain Narratives Sold Like "Snake Oil"

Dfinity Foundation founder Dominic Williams expressed dissatisfaction with the current state of the crypto industry, stating that marketing is more important than technology, in an interview with The Block.

Selling Blockchain Narratives is Like "Selling Medicine"

Dominic Williams points out that blockchain investments have become akin to the scenario of unscrupulous merchants selling medicine, where the decision on which project to invest in depends on better marketing. He believes that people are buying into these narratives, making it the biggest challenge in the current blockchain industry.

A few years ago, Dfinity raised $195 million in funding from top venture capital firms like a16z and Polychain Capital, making it one of the most prominent projects in the blockchain space. Dominic Williams praised Dfinity's technology in the interview, but seemed to be more critical of other projects.

He stated:

Honestly, 95% of blockchain projects are rubbish. They are just selling medicine. It's not about the technology anymore; it's usually about who can weave the best story, sound the most convincing, and pretend on their website that the project has accomplished certain things.

The Third Generation Blockchain is the Future

Dominic Williams believes that public blockchains like Bitcoin, Ethereum, Solana, and Avalanche have practical value, but people do not understand the limitations of these blockchains in terms of cost and time efficiency.

He illustrated the current inefficiency of Web3:

If you take a photo with your phone, about 3MB, and upload it to Ethereum, it would cost you $110,000, while uploading to Solana would cost about $400.

He emphasized that Dfinity's project Internet Computer ICP, as the only third-generation blockchain, is capable of porting all network interactions onto the chain, with computing power and scalability far exceeding that of public blockchains like Ethereum and Solana.

ICP's price reached $400 in May 2021, with a market cap exceeding $18 billion. Although it has dropped to only $13 after the bear market, it still ranks 19th in terms of market capitalization.