Internet Computer (ICP) is a web 3.0-based digital asset that enables users to build apps, websites and other web-based services.
Blockchain technology has witnessed a lot of development over the years with the introduction of decentralized assets that are neither controlled by governments or corporations. Although crypto technology has yet to replace the traditional fiat currency, it has shifted it from its lofty position by providing solutions to the limitations and challenges facing the financial world. Unfortunately, blockchain technology is also faced with the same limitations as the traditional financial industry when it comes to the issuance of tokens.
Over the years, the cryptocurrency market has witnessed the emergence of new coins, each of them with distinctive features. The problem appears to stems from the management of assets, which is majorly due to the network constraints. It is only necessary that users are able to conveniently trade in cryptocurrency, sustain their holdings, while also ensuring that they make a profit in the decentralized crypto markets.
What Is Internet Computer (ICP)?
Internet Computer (ICP) is a digital asset that enables users to build apps, websites and other web-based services.
Since the creation of Bitcoin, the crypto market has witnessed the emergence of new coins which has few distinctive features compared to the existing coins. After so many years of developing the Internet Computer (ICP), it was finally launched in May 2021. Unlike Ethereum, Bitcoin, or any other crypto coin, this protocol is a new and unique development.
Internet Computer is aimed at building a global computing system through the use of blockchain technology and the combination of the speed of the internet. This type of cryptocurrency permits holders to operate systems independently through the Internet Protocol, which enables users to operate web-based services which include setting up new software, developing new apps, or publishing different content.
This remains a very significant feature of ICP because the mission of the project is to renew the internet and how it is operated as it seeks to ensure that networks, nodes, and data are well distributed. The protocolalso seeks to ensure decentralization through the Network Nervous System, a mechanism that oversees every action taking place on the network, for instance, it decides which nodes are suitable to be part of the system.
The Internet Computer itself is developed on a highly decentralized platform. Software is developed independently and data are distributed worldwide, and various computers are integrated through the Domain Name System. All these are not controlled by any corporation. Just like other cryptocurrencies, there are smart contracts. Internet Computer aims to ensure that users do not have issues with the networks. There is no doubt that there are cases when users may feel it’s not adequate. However, Dfinity is aimed towards ensuring that the satisfaction of users is not compromised.
To avoid a case where the internet is controlled, Internet Computer creates entirely autonomous software which makes it easier to create web services like social media websites, applications, or business websites. Despite these, the protocol ensures that their data is not prone to risk.
That’s why the Internet Computer is said to be a challenge to big corporations. Thereby, providing opportunities for developers and entrepreneurs.
There are a lot of large tech companies that support Internet Computer like Apple, Amazon, Harvard University, Facebook, Intel, Twitter, and many more. The protocol was built by Dfinity, a non-profit organization in Zurich. Over the years, Dominic Williams together with his team of computer engineers and experts with cryptographers worked towards developing the Internet Computer.
Features of the Internet Computer
Even though it was recently introduced, the Internet Computer ranks number 10 after the most popular cryptocurrencies; Bitcoin, Ethereum, and Dogecoin. The internet protocol has amazing features that are very useful to developers and organizations. Just imagine getting to create content and publishing them without making use of Amazon, Google, or Facebook.
The protocol is a very important feature of the Internet Computer which creates a “hack-proof platform” that allows open communication. There is a highly decentralized network that hosts the software and also allows access to other apps. These networks operate the protocol and also provides software and hardware needed to operate programs.
The Internet Computer creates a secure and transparent platform through blockchain technology, which allows a large number of computers to function virtually as one powerful machine, giving various users permission to run applications as well as ensure data security.
The Internet Computer Protocol has worked towards ensuring that decentralization remains the key focus of the network. Even though there are teams behind the evolution of the Internet Computer network, they do not have the power to influence any decision or action.
Dfinity has worked towards creating a unique internet identity that is quite different from that of normal websites. The Internet identity is fashioned in a way that it can be majorly used by developers to enhance verification. While a lot of users may condemn using a singular internet identity, Internet Computer does that to ensure that nodes can recognize every IP address and the actions taken by users.
The Internet Computer has its unique coin and it is significant to the entire network. The Internet Computer Protocol is a utility coin and it has three major importance on the network. The ICP token is a native asset that ensures that computation is powered in the form of processes. ICP tokens also work towards ensuring that the cost needed in the processes are constant, which includes the gas fees which will be used for burning and minting ICP tokens.
ICP can be staked in smart contracts that offer management benefits and rewards that are distributed according to users’ participation on the network. This token can also be traded and held depending on the desire of the investor.
Despite all the large numbers of cryptocurrencies, DFINITY’s Internet Computer Protocol is still very well accepted as it has shown incredible developments that could one day replace the current Internet’s infrastructure, which is owned mostly by corporations.