In a recent Q&A session on X, Dominic Williams, the founder of DFINITY, took time to respond to a variety of queries from the ICP community, offering insights into the ongoing development of the Internet Computer (ICP) network. Topics covered ranged from the future of decentralised finance (DeFi) to the role of artificial intelligence (AI) on ICP, highlighting the strengths and challenges of the ecosystem as it continues to evolve. Below is a summary of the key discussions.
Native Stablecoins and DeFi Liquidity
One of the major discussions revolved around the need for native stablecoins on the ICP network. A community member expressed that having a native USDC or USDT on ICP would significantly boost liquidity in the DeFi ecosystem. Dominic Williams agreed, acknowledging that while the current solution—using the ckUSDC twin—works, the user experience could be improved.
“Currently, the ckUSDC twin is available, which can be easily converted back into ERC20 USDC,” Williams explained. However, he recognised that a native stablecoin would be the ultimate goal for enhancing the liquidity and ease of transactions on ICP.
He also pointed out that there is work underway to make the process of converting USDC to ckUSDC simpler, making it more accessible to new users who might find the current system confusing. For those who are new to the space, the added complexity of token conversion can be a barrier, and simplifying this would help bring more people into the ICP ecosystem.
Building High-Quality dApps
Another critical point discussed was the need for high-quality decentralised applications (dApps) on ICP. Williams agreed with the sentiment that the technology behind ICP is already superior to many competitors, but he emphasised that a crucial next step is for dedicated teams to build powerful dApps that attract new users to the network.
The conversation also shifted towards the importance of attracting talented developers and fresh ideas into the ecosystem. As Williams mentioned, the success of the Internet Computer will depend on a growing ecosystem of developers committed to creating applications that leverage ICP’s unique capabilities, such as low fees, fast transaction speeds, and on-chain storage.
“We need strong, dedicated teams to build applications that will draw in users and further solidify the ICP network as the backbone of decentralised services,” Williams said.
ICP’s Role in AI and the Future of Computing
AI and its integration with ICP were also major talking points. When asked about ICP’s AI capabilities, Williams acknowledged that there is ongoing work to optimise the platform for AI applications. One user even suggested that a comparison between ICP’s AI model and NEAR’s AI approach would be useful, considering the growing competition between blockchain networks in this space.
Williams agreed that there is much to explore when it comes to AI, especially considering the differences in approach between ICP and NEAR. He highlighted that ICP’s monolithic on-chain stack offers unique advantages, such as a more secure and decentralised environment for building AI applications, compared to the modular off-chain approach taken by other networks like NEAR.
“ICP’s approach is fundamentally different in that we offer a full-stack, decentralised solution where everything can run on-chain. This gives AI applications built on ICP distinct advantages, such as security, resilience, and autonomy,” Williams explained.
The conversation also touched on the upcoming AI-related features that will help advance the platform’s capabilities. Williams mentioned that DFINITY is working on materials to showcase how ICP is enabling AI to build web apps and services autonomously, but emphasised that the development of these features is complex and requires careful attention to detail.
Exploring Web3 and Decentralised Social Media
Decentralised social media also made its way into the discussion. Williams expressed his belief that decentralising social media is key to empowering users and creating a more open internet. He pointed to projects like OpenChat, which aim to bring social media entirely onto the blockchain, as a step in the right direction.
“We need to focus on decentralising social media, making sure that it is under the control of digital governance, and putting power back into the hands of users,” Williams said.
The potential for ICP to host decentralised social networks was highlighted as an exciting opportunity for the network to grow. Williams also noted that such platforms would benefit from ICP’s superior infrastructure, including its ability to store data on-chain and ensure the security of user content.
ICP’s Capabilities in the Internet of Things (IoT)
A question about the applicability of ICP to the Internet of Things (IoT) sparked a lively discussion. Williams responded by acknowledging that while the fees on the ICP network might currently be too high for some IoT applications, the network’s technology is still highly suitable for the secure and scalable operation of IoT devices.
He addressed the concerns raised by one community member, who suggested looking to IOTA’s Tangle for inspiration, pointing out that the Tangle’s Directed Acyclic Graph (DAG) technology is not well-suited for IoT applications due to its high client processing requirements. In contrast, ICP offers a more efficient solution where IoT devices can securely interact with the network using the 48-byte master chain key, making it an ideal fit for large-scale IoT ecosystems.
“ICP’s architecture is the best conceivable technology for IoT applications,” Williams said, underlining the network’s potential to support billions of microtransactions per minute in a highly secure and cost-effective manner.
The Future of ICP in the Global Landscape
The conversation also delved into the broader global impact of ICP, with one user suggesting that DFINITY should engage with the incoming U.S. administration to introduce ICP to policymakers. Williams confirmed that efforts are being made to bring ICP to the attention of government officials, particularly in the context of its potential to enhance digital governance and decentralised applications.
Williams also touched on the evolving narrative around blockchain networks, responding to criticism of ICP by pointing out the network’s ability to host social networks and process on-chain data—something that other platforms, like SuiNetwork, struggle to achieve.
“The narrative around ICP is often hijacked by misinformation, but we know that ICP can do far more than many realise. It’s time to highlight the true capabilities of the network,” he said.
The Road Ahead for ICP
As the session concluded, Williams reflected on the future of ICP. He remains optimistic about the platform’s ability to continue pushing the boundaries of decentralisation and web3. However, he made it clear that the network’s success depends on the efforts of the entire community, from developers to users.
“We’re at a critical point in the journey,” Williams said. “ICP has the potential to revolutionise the internet, but it will take all of us—developers, users, and advocates—to make that vision a reality.”
The discussion reaffirmed the importance of collaboration and innovation within the ICP community, as well as the need for continued focus on building strong, high-quality applications that will attract new users to the network. As the ICP ecosystem grows, the emphasis remains on decentralisation, security, and creating the building blocks for the future of the internet.
