Internet Computer founder says crypto has 'snake-oil’ problem.

Dominic Williams, the chief scientist and founder of Dfinity Foundation, has strong opinions about the current state of the crypto and blockchain industry. In a recent interview, he expressed concern about the increasing amount of confusion and narrative-driven investments in the space. 

Williams believes that many blockchains are simply selling "snake oil" and that only a small percentage of them have real value.

While acknowledging the utility of blockchains like Bitcoin, Ethereum, Solana, and Avalanche, Williams argues that they have limitations when it comes to building a scalable and efficient internet. 

He believes that the Internet Computer Protocol, developed by Dfinity Foundation, is the only third-generation blockchain that can power a truly decentralized internet.

Williams emphasizes the importance of scalability and efficiency in blockchain technology, pointing out the high costs and slow transaction speeds associated with some popular blockchains. 

He highlights the potential of the Internet Computer Protocol to enable on-chain social networks and other web3 platforms.

Although the Internet Computer has faced delays in its timeline, the Dfinity Foundation remains confident in its technical superiority. 

Williams envisions a future where the Internet Computer becomes the primary compute platform for building software and the Open Internet.

The launch of the Internet Computer Protocol included the release of the ICP utility token, which initially experienced a surge in price and market cap but later faced a significant decline. 

However, the token has shown signs of recovery in recent months.

Overall, Williams is skeptical of the multitude of blockchains in the industry and believes that the Internet Computer Protocol represents a transformative solution for the future of the internet.