Dfinity Foundation's Dominic Williams doesn't mince words when discussing the state of the crypto and blockchain industry, where he's been involved for nearly a decade.

According to Williams, the industry has reached a point where investors are putting their money into projects based more on marketing hype than actual substance. "It's like investing in snake oil," he recently told The Block. "There's a lot of confusion, and people are buying into narratives without fully understanding what they're investing in. That's the biggest challenge facing the industry today."

Williams serves as the chief scientist and founder of Dfinity Foundation, the organization behind the Internet Computer Protocol (ICP). Despite the hype surrounding Dfinity's $195 million fundraising and the launch of the Internet Computer blockchain, Williams is critical of the broader industry.

He believes that a significant portion of the blockchains in existence are "junk," merely selling empty promises. He contends that the focus has shifted away from technological innovation to crafting convincing narratives, with many projects exaggerating their capabilities or progress.

While Williams acknowledges the utility of popular blockchains like Bitcoin, Ethereum, Solana, and Avalanche, he believes they have limitations when it comes to building a scalable and efficient internet. In contrast, he touts the Internet Computer Protocol as the "only third-generation" blockchain capable of facilitating entirely on-chain online interactions.

Williams argues that traditional blockchains like Ethereum and Solana struggle with scalability and cost-efficiency, hindering their potential to underpin a decentralized internet embraced by mainstream users. He emphasizes the need for a blockchain that can scale efficiently to support web3 platforms like on-chain social networks.

Despite facing delays in its development timeline, the Internet Computer Protocol aims to address the "blockchain trilemma" by offering a decentralized, secure, and scalable network that operates at web speed. Williams envisions the Internet Computer becoming the primary computing platform for building software and the Open Internet in the future.

However, the journey hasn't been without setbacks. Following its public launch, the ICP utility token experienced a sharp decline in value after initially soaring to over $400 with a market cap exceeding $18 billion. Despite this, the token has seen a modest recovery, hinting at its potential resilience in the market.