• Long-awaited upgrade has allowed smart contract code to transfer ICP tokens, after it was adopted by the Internet Computer community’s DAO, the Network Nervous System (NNS).
• Vote by the community on Proposal 31471.
• The stage has been set for the creation of new web-speed and censorship-resistant DeFi applications via the Internet Computer Blockchain. These apps run on their own without any cloud computing.
• The Internet Computer is the sole blockchain to run under the total control of a community DAO known as the Network Nervous system, which can continuously evolve and upgrade its protocols.

Today, the DFINITY Foundation announced that an upgrade was approved to allow all smart canisters to transfer and hold ICP tokens. It is now live on network. Voting on the proposal 31471 was a close vote of 309,936,205 to 20,561 approvals.

This much-anticipated feature will allow for an explosion in advanced DeFi applications using the Internet Computer Blockchain. By expanding support for all smart canisters to transfer and hold ICP tokens, this new feature allows for an explosion in DeFi applications.

Dominic Williams is the Chief Scientist at DFINITY and its Founder.

“The Internet Computer blockchain is the only blockchain that truly scales, runs efficiently at web speed, and where smart contracts can serve web experiences directly to end users without the need for other services, such as cloud computing, which provides much stronger censorship resistance. Now the community has adopted this proposal, and the Network Nervous System DAO has upgraded the network, canister smart contracts on the Internet Computer have become able to hold and transfer ICP tokens for the first time, providing for the development of a new generation of DeFi, and the blending of DeFi with social media and games functionality in the form of SocialFi and GameFi, forging the path towards billions of end users.”
Legacy blockchains perform disruptive, divisive “hard forks” or require centralized coordination by its validators to upgrade their protocols. The Internet Computer, thanks to Chain Key cryptography, breakthroughs in computer science and its ability to allow token holders to vote for governance proposals, is the only publicly accessible blockchain. Additionally, ICP automatically upgrades itself through the Network Nervous System, a highly advanced DAO.

Internet Computer developers have been anxiously waiting for the ICP transferability upgrade. A dapp like OpenChat which is a decentralized WhatsApp version, will soon allow ICP token sending via instant messaging. Smart contracts run on the Internet Computer at web speed, and are able to deliver web-based experiences to users. This functionality will also lead to the creation of decentralized exchanges, which run completely on blockchain. Think of everything running entirely on-chain. Recently, a community developer revealed a Uniswap frontend on the Internet Computer. This shows how traditional DeFi solutions can run completely on blockchain technology.

Mike Schwartz is the Co-Founder of ORIGYN Foundation. This digital authentication and certification platform has recently been valued at $300m by backers Paris Hilton, Bill Ackman.

The Internet Computer has the fastest public blockchain in the world, processing 250,000 queries per minute and 11500 transactions every second. It is also more than 11x faster than. The ICP transferability upgrade has been a high priority feature needed by entrepreneurs and developers to activate DeFi, and after the community adopted the code, the Internet Computer automatically upgraded itself — no hard forks or disruptions to operations. When you combine advanced DeFi capabilities with the fastest blockchain, your possibilities are limitless. For ORIGYN, the Internet Computer’s advanced technology matches our massive ambitions and AI-based technology to authenticate every luxury good, art, and NFTs on a sovereign blockchain — and in doing so, eliminate counterfeiting as we know it.”
Implementing dapp tokenization via the Internet Computer is also possible with the execution of this feature. A proposal to upgrade the crucial Service Nervous System(SNS) feature has already been discussed within the community. DFINITY is also currently working on directly integrating the Internet Computer with the network, which will leverage the combined strength of Bitcoin as the world’s digital gold reserve and the Internet Computer as a platform for securely and efficiently executing smart contracts.

Within a matter of months, the Internet Computer attracted thousands upon thousands of developers and hundreds of thousand of users to its dapps.

Many hundreds of projects have been launched with Internet Computer users, such as DeFi and DAOs.

“This upgrade to allow canisters to transfer ICP is significant for the Internet Computer ecosystem because decentralized exchanges on the Internet Computer can now spin up liquidity pools to convert ICP to other Internet Computer-based tokens, and NFT projects can securely launch on their own websites — opposed to NFT marketplaces. This upgrade has a huge impact and I anticipate hundreds of new opportunities to invest ICP with the newfound capabilities of NFTs and DEXs.
Bob Bodily (Chief Product Officer, Toniq Labs)

Toniq Labs’ ICP upgrade permits us (1) to conduct secure NFT auctions via our Entrepot marketplace; (2) to allow bidding for NFTs not listed on our marketplace and (3) to release our NFT minting APIs and marketplace APIs so that developers can use our services in decentralized applications.
The Internet Computer Blockchain has surpassed 345M block count this week. This is a record number of blocks added to the mainnet since its launch just seven months ago. The record-breaking 28.13 blocks per seconds, which is the fastest throughput of any blockchain network, was also reached. This number is indicative of how quickly the Internet Computer scales to offer vast capacities. However, it’s expected that throughput will exceed 100 blocks per second by 2022.

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