The final milestone of a „full feature“ before the public launch introduced the governance system for the first time.
On 30 September, DFINITY announced its final launch before the public launch of the network later this year. This launch, called Sodium, represents a „full feature“ of the network. The company also revealed details of its governance system, called the Network Nervous System, or NNS.
The NNS will use a patented token called ICP to facilitate operations on its „Internet Computer“. At launch, there will be 469,213,710 ICP tokens in existence, a number determined by the number of Bitcoin Supreme previously issued through pre-sales and other distribution rounds.
While NNS‘ most recent fundraising effort offered ICP tokens at a rate of around USD 4.50, the asset futures price is currently over USD 17. If this hypothetical value is true, it would give the token a market capitalization of around USD 8 billion at launch. If this hypothetical value is true it would give the token a market capitalization of around USD 8 billion at launch. Such a high price would be sufficient to immediately place it in the Top 5 in CoinMarketCap.
However, Williams would not rely on this statistic and told Cointelegraph:
„… we are focused on technology, making sure that the Internet Computer works successfully, and the immense positive impact and benefits it will bring to the world, so pay little attention to it […] We are thinking of the long term, whereas markets, especially cryptomone markets, are very volatile and short term indicators“.
The NNS is an algorithmic governance system that will allow PKI holders to block tokens within it to create „neurons“. These give voting rights on proposals that will affect the operation of the network. They also provide participants with rewards in the form of extra ICP tokens.
Independent data centres that run the special node hardware that supports DFINITY’s Internet Computer are also rewarded with ICP tokens.
DFINITY’s chief scientist and founder, Dominic Williams, had this to say about the launch
„It is the technical solution to the systemic problems that Big Tech has created with its monopoly on the Internet […] The NNS is the catalyst for the open Internet that we were promised in the 1990s, and ensures that the future of the Internet remains open and free.
DFINITY’s Internet Computer aims to provide a truly decentralised alternative to running and hosting content through Big Tech’s cloud services. Instead, users interact directly with the code contained in an immutable chain of blocks.