According to PANews, Dominic Williams, the founder of Dfinity Foundation, recently made sharp comments about the current state of the cryptocurrency and blockchain industry. Williams stated that 95% of blockchain projects are 'garbage' and pointed out that the industry seems to be more focused on narratives rather than substantive content. He believes that the current industry challenge is that people are investing in so-called 'cure-alls', choosing to invest because of marketing and getting caught up in confusing narratives.
Williams further explained that while blockchains like Bitcoin, Ethereum, Solana, and Avalanche perform well in handling transactions, he is skeptical about these platforms building a completely new, decentralized internet. He believes that only the Internet Computer Protocol (ICP) is the real 'third generation' blockchain, capable of effectively solving scalability issues and supporting the construction of fully on-chain network interactions, such as on-chain social networks.