Internet Computer (ICP) Research

Internet Computer (ICP) Research Details

Internet Computer (ICP) Internet Computer

INTRODUCTION

Internet Computer is a third-generation blockchain network that supports smart contract calculation and creates Dapps in unlimited capacity. It stores and processes data efficiently and provides a foundation for application creators at fast web speeds.

The basis of cryptocurrency is that it can be used as a way to re-create the web, but in a much more decentralized form. Think of it as a decentralized network of computers that can run new or different versions of an application on the Internet. Because of this, the creator of the project says there is an opportunity to challenge Internet giants such as Google, Facebook, and Amazon Web Services.

Therefore, it may be more useful to think of Internet computers as networks running applications using blockchain technology, rather than cryptocurrencies (in the general sense of currency).


HISTORY AND FOUNDER

The project was launched as DFINITY in October 2016 by Dominic Williams. DFINITY has raised $ 121 million from partners such as Andreessen Horowitz, Polychain Capital, SV Angel, Aspect Ventures, ElectricCapital, ZeroEx, Scalar Capital, and Multicoin Capital. In 2018, the DFINITY Foundation distributed ICP tokens to 50,000+ registered participants through airdrop.

On December 18, 2020, DFINITY released the alpha version of the Internet Computer. The team then released Internet computers into the public domain on May 10, 2021. The public launch also revealed the source code of Internet computers and the trading and governance functions of the ICP utility token.


REASON TO BUILD THE PROJECT

Historically, crypto projects have been used for storage and computing by tech giants such as Amazon.com, Alphabet Inc, and Facebook Inc. These companies use oligopoly successfully and control a large amount of our data.This led to the making of the ICP project and because ICP comes here you do not need to use these traditional companies to create and write code. This is essentially free of decentralization trend, especially for software and websites.

Unlike other crypto smart contracts, the goal of ICP is to replace the entire internet stack. This is a significant "serious long term problem which is related to the security of the system, the failure of Internet services, changing, revoking and canceling user relationships and the right to data and restoring the Internet to a soothing innovative and creative root".


BASE OF PROJECT

Internet Computer operates through a blockchain protocol known as the Internet Computer Protocol (ICP). Its network contains a type of tower made of building blocks. Independent data centers are situated at the bottom, hosting special hardware nodes.

·       Network Nervous System- This is a system that controls, organizes, and manages a network. Data centers that would like to join the network should operate on the NNS.

·       NNS and ICP Crypto- New ICP tokens are generated by the NNS to reward nodes and neurons that generate votes within the NNS, which determines which submissions are sent to the protocol.

·       Subnets- Subnets are the building blocks of the ICP network. The subnet hosts a specific subset of software-operated canisters. A subnet is created as a result of a few interconnected nodes from different data centers.


USE CASE

ICP has three major key purposes:

·       Governance- Like the Uniswap Exchange UNI token, the ICP is used to vote on various proposals organized for the network. The user holding the ICP token has the right to vote for or against any changes set to the network.

·       Gas Fee- Gas fees are a form of payment made by developers or software creators to run applications or websites on the Internet Computer blockchain. ICP tokens are converted into cycles to pay for a canister or gas fee.

·       Network Rewards- Internet Computer rewards ICP token holders for participating in governance and rewards data centers for providing accounting services through the Internet Computer blockchain.


MAJOR NEWS AND EVENTS

DATE

NEWS/EVENTS

IMPACT

2/12/2021

Psychedelic, that built solutions for ICP launched Terabithia,a  cross-chain support.

+27% Increase

10/05/2021

A Zurich-based non-profit organization that supports the Internet Computer project has dropped an ICP worth about $ 6bn since the token went on sale.

-42% Decrease


CONCLUSION

ICP is one of those transformation projects that can permanently change the state of the internet. It has a very powerful application with a clear vision of freeing the internet from centralization. It is supported by a strong team of developers and the project is also financially stable.

However, after going through the ecosystem, it is not difficult to say that the project has somehow been put in one place and placed greater control in the hands of the DIFINITY foundation. This is in clear contrast to the blockchain technology created in close proximity to countries. On the other hand, the ICP ecosystem needs access to multiple Dapps to arouse interest among users. Value action has already failed to bring the required attention but high volatility can help the coin return to action.


DISCLAIMER

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto products are currently unregulated and subject to market risk. Please seek independent financial advice or do your own research before investing.