Dominic Williams, chief scientist and founder of the Internet Computer and Dfinity Foundation behind the altcoin project ICP, suggested that the majority of existing blockchains are essentially “garbage”. Thus, he made a harsh criticism of the blockchain industry. In a recent interview, Williams expressed frustration with the industry’s focus on marketing narratives rather than core technology.
Altcoin inventor calls most cryptocurrencies “garbage”
According to Williams, the current state of the industry is characterized by confusion, with many investors more interested in flashy marketing campaigns than the actual technological capabilities of the projects they invest in. Williams likened the situation to “snake oil” investing: he suggests some projects are better at selling a compelling story than delivering on their promises.
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Williams was particularly critical of what he saw as a lack of understanding among developers and investors regarding the limitations of popular blockchains such as Bitcoin, Ethereum, Solana and Avalanche. While he recognizes the utility of these blockchains for processing transactions, he believes they fall short when it comes to creating a truly scalable and efficient decentralized internet.
ICP is a “third generation” Blockchain
In contrast, Williams sees Internet Computer Protocol (ICP) as the only “third generation” blockchain that can power a new era of online interaction. He argues that Internet Computer’s unique architecture enables more efficient scaling and computation, enabling the creation of web3 platforms such as on-chain social networks.
To illustrate his point, Williams pointed out the inefficiencies of current web3 platforms and noted that uploading a three-megabyte photo to Ethereum could cost up to $110,000 and take several days. By comparison, he claims, the Internet Computer Protocol can perform such tasks more efficiently and cost-effectively.
Despite its technical innovations, ICP has faced its own challenges, including delays in its launch timeline. But Williams remains optimistic about its long-term prospects, predicting that it will eventually become humanity’s primary computing platform for building software and the Open Internet.
ICP moves in waves
Dfinity Foundation’s ambitious vision for ICP has attracted significant attention and investment, with the ICP utility token initially reaching a market cap of over $18 billion. Although the token’s value has fluctuated since then, it remains a center of attention within the blockchain community. Ultimately, Williams’ criticism of the blockchain industry is a reminder of the importance of focusing on substance rather than hype. As the industry continues to evolve, his words may prompt developers and investors to re-evaluate their priorities and consider the real technological innovations that will drive the future of blockchain technology.
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