- Developer Dominic Williams highlighted the primary issue plaguing the Web3 industry.
- The creator of the Internet Computer project believes that the sector is suffering from what he calls the “snake oil syndrome.”
- The entrepreneur deems around 95% of existing blockchains to be “junk.”
Dominic Williams, the founder of the Internet Computer project and the DFINITY Foundation, has identified the snake oil syndrome as the primary problem within the crypto-asset sector. He asserts that many developers and companies make unsubstantiated claims and promises, according to The Block.
The term “snake oil” is commonly used to describe deceptive marketing, fraud, or scams. According to Williams, this is the approach adopted by most blockchain projects.
Williams contends that approximately 95% of networks are “junk.” These networks do not contribute to the advancement of the Web3 ecosystem and typically sell a product that is far from ready.
At the same time, Williams recognizes the value of networks like Bitcoin, Ethereum, and Solana. However, he argues that these projects grapple with the blockchain trilemma.
The blockchain trilemma is a theorem that outlines the main challenge in scaling any distributed network. According to this theorem, a blockchain can possess only two out of the three key characteristics: security, decentralization, and performance.
Williams asserts that his organization’s Internet Computer project can overcome this obstacle. He firmly believes that it is technologically superior to the Bitcoin and Ethereum networks.
“At its core, Internet Computer is the world’s first blockchain that runs at web speed with unlimited bandwidth. This is the solution to the blockchain trilemma by creating a decentralized, secure, and scalable network,” Williams says.
The programmer suggests that the Internet Computer has the potential to become the primary computing platform for humanity, facilitating software creation and launching the Open Internet project.
It is worth noting that Forbes previously dubbed 20 major blockchains as “crypto zombies” with no value.