Internet Computer
Internet Computer is a third-generation blockchain network that supports smart contract calculation and creates dApps in an 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).
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, Electric Capital, 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.
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 trends, 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".
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.
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 Fees: 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.
DATE NEWS/EVENTS IMPACT 23/03/2022 Internet Computer is looking for a 50% move as ICP breaks out of a "falling wedge" +22% Increase 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
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 DFINITY Foundation. This is in clear contrast to the blockchain technology created in 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.
