Dominic Williams, founder of DFINITY, claims that Near Protocol stole its mental property (IP) behind its cross-chain stack, NEAR Intents. DFINITY is the developer of the Internet Computer (ICP) blockchain.
Williams labelled Near’s cross-chain execution as a ‘fake decentralization’
The NEAR Intents saga simply acquired far more loopy on additional investigation. Much is lacking from Intents, however key enabling element seems to be stolen proprietary DFINITY tech. I’m shocked.
William added that Near Protocol used a former DFINITY worker they fired in 2021. According to him, the ex-worker helped Near Protocol develop its cross-chain NEAR Intents, warning of potential “authorized implications.’
NEAR Intents makes use of Chain Abstraction (powered by our proprietary tech) to custody property on completely different chains, after which Intents principally simply makes use of a market maker paid by them to swap them throughout chains based on folks’s needs.
DFINITY and Internet Computer claimed that the IP theft harmed them financially. In reality, William stated that even ICP crypto holders have been impacted by alleged NEAR Intent theft. However, he didn’t point out any pending lawsuit, however famous that “something has to be worked out.”
NEAR Intents’ response to Internet Computer claims
As of writing, Illia Polosukhin, founder of Near Protocol, had not responded to the allegations. However, Alex Shevchenko, an government at Near Protocol, responded with a sarcastic post, not directly urging his followers to brief the ICP token.
It’s unclear whether or not DFINITY will escalate the alleged IP theft to court docket. That stated, NEAR Intents has seen extra traction than Internet Computer. The cross-chain hit a report $5 billion quantity in September with over $8 million in cumulative income.
On the opposite hand, Internet Computer has seen a sustained drop in community exercise. Its whole worth locked (TVL) has declined from $200 million to about $4 million. The liquidity has additionally decreased to $4 million from $7 million.
Impact on ICP crypto
Some group members claimed that the allegations have been mere FUD (worry, uncertainty, and disinformation). Critics warned that the FUD would backfire and impression ICP market sentiment.
Sentiment evaluation confirmed customers have been impartial on the altcoin as of writing. This was down from its ‘greed’ stage of 68 seen on Thursday and final month. On the value charts, ICP dipped 6%, which coincided with a broader market decline.
Final Summary
- DFINITY founder claimed that NEAR Intents stole its proprietary tech, financially harming the Internet Computer and ICP token holders.
- The founder warned of ‘legal implications’ however didn’t make clear whether or not it’ll sue Near Protocol.
