The Internet Computer blockchain is designed to process an enormous volume of updates and transactions in a consistent manner without sacrificing speed, security, sovereignty, or decentralisation.
About Internet Computer [ICP]
The Internet Computer seeks to become a ‘global computer,’ containing Web3 dapps, DeFi, gaming, NFTs, social media, and metaverse utilised by billions of users, and was incubated and launched by the DFINITY Foundation in May 2021. Along with Bitcoin and Ethereum, it is the third major blockchain innovation — a blockchain that supports industry-leading 250,000 queries per second, 1 second transaction finality, storage costs less than $0.46 per GB per month, and decentralised, censorship-resistant sovereign physical infrastructure capable of scaling to millions of nodes using ground-breaking technology called Chain Key cryptography.
DFINITY released the Internet Computer into the public domain on May 10, 2021, as part of its decentralisation efforts. The release of all of the Internet Computer’s source code into the public domain, as well as the ICP utility token allowing hundreds of thousands of community members to govern the Internet Computer network, marks a major milestone that means the internet now functions as a decentralised “world computer.”
What is Internet Computer [ICP]?
The Internet Computer, like the Bitcoin network, is the only other 100 percent sovereign infrastructure in blockchain, with zero centralised cloud nodes. Currently, centralized cloud services such as AWS, Google Cloud, Microsoft Azure, Alibaba Cloud, and others host 70% of Ethereum nodes and over 50% of Solana nodes, allowing tech giants to shut down or decrease the performance of legacy blockchain networks. As of January 17, 2022, there are 413 sovereign, censorship-resistant Internet Computer nodes around the world run by independent node providers, making the Internet Computer immune to centralized shutdown.
The Internet Computer’s subnet blockchains enable the network to scale indefinitely. Within the main Internet Computer blockchain, each subnet (also known as a small blockchain) is made up of 13 to 37 nodes to achieve Byzantine fault tolerance. Increasing the number of subnets on a regular basis improves network throughput, or overall block rate. The Internet Computer supports an industry-leading 32 blocks per second as of January 14, 2021.
Who Are the Founders of Internet Computer [ICP]?
Internet Computer’s Founder and Chief Scientist is Dominic Williams. He is a crypto theorist, serial entrepreneur, and early member of the Bitcoin and Ethereum technical communities. He invented Threshold Relay, Probabilistic Slot Consensus, and other unique crypto approaches. He was formerly the President and CTO of String Labs, a venture-backed crypto project incubator, an early DeFi pioneer at Mirror Labs, and the Founder and CEO of Fight My Monster, a children’s MMO game that grew to millions of users. He has launched a number of businesses, including System7, Airdocs, and Smartdrivez.
What Makes Internet Computer [ICP] Unique?
Chain Key Cryptography, which encompasses multiple scientific breakthroughs and innumerable developments in crypto engineering, is the driving force behind the Internet Computer.
The NNS DAO is a permissionless, decentralised algorithmic system that governs the Internet Computer. It automatically improves the protocol based on community ideas and adds new nodes on a constant basis, allowing the blockchain network to scale indefinitely.
On the Internet Computer, decentralised data storage costs $0.46 per 1 GB per month or $5 per 1 GB per year. On traditional blockchains, storing 1 GB per year costs $310 million (Ethereum) and $800,000 (Solana) as of January 17, 2022. As a result, historical blockchains rely on centralised cloud providers for off-chain data storage, such as AWS, Google Cloud, Microsoft Azure, Alibaba Cloud, and others. For the first time, entrepreneurs and developers may run Web3 dapps totally on-chain due to the low cost of decentralised data storage via the Internet Computer.
Web3 Dapps on the Internet Computer have the same high-quality user-friendly experience as today’s mass-market Web2 apps and games like TikTok and Fortnite because the Internet Computer is the only public blockchain that runs smart contracts that directly serve HTTP calls to consumers. Web3 dapps on the Internet Computer, most significantly, run on censorship-resistant, sovereign infrastructure. For their user-facing front ends – the part of a website or service that users view and interact with – today’s largest DeFi and DEXs, such as Uniswap, SushiSwap, Aave, Curve, Compound, and others, rely on centralised cloud services like as AWS, Cloudflare, and Netlify.
Users of Internet Computer-based Web3 dapps, DeFi, games, NFTs, social media, and the metaverse use Internet Identity, the only anonymizing blockchain authentication system leveraging cryptographically enabled devices such as the fingerprint sensor (TouchID) on a laptop, FaceID system on a mobile, or portable HSM devices such as YubiKey or Ledger wallet, to anonymously authenticate to Web3 dapps without being tracked across dapps and services DFINITY made node specifications available at the Genesis launch, allowing node providers to buy or manufacture node devices independently. DFINITY and the technical community are working on ways for amateur node providers to engage in the Internet Computer network and further decentralize it (see Roadmap).
Where Can You Buy Internet Computer [ICP]?
If you’re wondering where to purchase ICP Token, the main cryptocurrency exchanges for buying ICP Token stock right now are Binance, OKX, Bitget, Bybit, and Huobi Global
Frequently Asked Questions
Can I Buy Internet Computer [ICP] With Cash?
No. There is no direct method to purchase ICP Network using cash. You can, however, utilise markets such as LocalBitcoins to first acquire BTC, and then complete the remainder of the procedures by moving your BTC to the appropriate AltCoin exchangers.
Are there any quick ways to buy Internet Computer [ICP] in Europe?
Yes, in reality, Europe is one of the easiest countries to acquire cryptocurrency in general. There are also online banks where you can create an account and send funds to exchanges like Coinbase and Uphold.
On what factors does the price of the Internet Computer [ICP] Depend?
Exchange inflows and outflows, technical and fundamental changes, the news cycle, and the overall economic climate are all variables that impact ICP’ price and market cap.
Internet Computer Official Website – https://dfinity.org/
Internet Computer Twitter – https://twitter.com/dfinity
Internet Computer Reddit – https://reddit.com/r/dfinity
