To understand the Internet Computer's mission of achieving blockchain singularity, we have to first understand what that term means. Singularity, in the simplest terms, refers to a change in the existing system to bring about new technology to the masses.
An Example of a Singularity
A good example of a future singularity point would be crypto achieving singularity. When that happens, crypto, or some of them, will become a better means of storing and transferring value than fiat currencies. Eventually, more value will flow into these crypto coins than into fiat currencies. As more people give fiat for crypto, it will start an irreversible cycle. Fiat currencies will see their value drop, which will lead more people to use crypto. Eventually, crypto would replace fiat in its entirety as the most popular means of transacting and storing value, thereby achieving the crypto singularity.
Understanding the Internet Computer Blockchain Singularity
When talking about blockchain singularity, it refers to some point in the future, when one blockchain replaces all other blockchains. For this to happen, the superior blockchain would have to surpass all others in every way. That means it will offer faster transaction speeds, lower costs, be more scalable, and support many types of applications. As a result, most developers in the blockchain space would move to this blockchain, and abandon all other blockchains.
One project touted as being able to achieve blockchain singularity is the Internet Computer. The reason for this is that the Internet Computer is such an advancement in the development of blockchain technology that some feel it could soon achieve singularity. It simply means that prior methods of building, evaluating, and thinking about how blockchain technology works are incomplete, and becoming increasingly obsolete thanks to the capabilities made possible with the Internet Computer.
What Exactly Is the Internet Computer?
The Internet Computer aims to be the backbone for Web3. In short, it will form the foundation of the decentralized internet of the future. Its founders believe that it is the beginning of a paradigm shift that will change everything.
With Internet Computer, developers gain independence from all the proprietary application programming services created by mega-corporations such as web servers, database servers, cloud services, firewalls, DNS services, and others. Instead, developers will be able to create and deploy secure, autonomous, and tamper-proof units known as canisters. These units will be able to achieve almost anything. Some of the possible use cases are DeFi, enterprise systems, tokenized online services, and even the launch of traditional websites.
The Governance Model
Governance in the Internet Computer ecosystem is via ICP, which is the native governance token. Unlike BTC, ICP tokens directly tokenize utility, just like modern fiat currencies, but without the downside of centralized control. ICP holders can take part in network governance via the Network Nervous System (NNS).
Summary
Only time will tell if the Internet Computer is going to achieve a blockchain singularity. However, it looks quite promising in theory. With the right investment and enough support from its community, the project could become a major player in the future of Web3. The DFINITY Foundation is conducting a hackathon dubbed the Supernova, where developers and builders can submit dApps built on the Internet Computer Layer-1 protocol. Awards totaling $6Million will be given to projects that will help grow the ecosystem and ultimately advance Blockchain singularity.
