When Dfinity raised $102 million in funding in 2018 at a $2 billion valuation in a round jointly led by Andreessen Horowitz and Polychain Capital, it was thought of as a step-change in the world of blockchain technology. In an area that was synonymous with generating a lot of headlines around cryptocurrency speculation, this was a shift in focus, looking instead at the architecture behind Bitcoin, Ethereum and the rest, and how it could be used for more than just “mining,” distributing and using new financial instruments — with a major, mainstream VC backing the idea, no less.
Dfinity launched with a very lofty goal: to build what it called the “Internet Computer”: a decentralized and non-proprietary network to run the next generation of mega-applications. It dubbed this public network “Cloud 3.0”.
Now, it looks like this Cloud is now about to break.