Internet Computer (ICP) news

About Internet Computer

The Internet Computer (ICP) is the first world computer blockchain that represents a new paradigm in computing by introducing a decentralized network that runs at web speed with unlimited capacity. It's designed to host everything from smart contracts to data and content directly on the internet, eliminating the need for traditional servers and cloud services.

Created by the DFINITY Foundation in 2021, the Internet Computer aims to democratize the internet, allowing developers to create websites, enterprise IT systems, DeFi applications, and more, all in a decentralized environment.

In 2021, the DFINITY Foundation announced a fund of CHF 200 million, or around US$223 million, to support development on the Internet Computer. By providing financial backing, they aim to enable developers and entrepreneurs to create new technologies and applications that can leverage the decentralized infrastructure.

Resources

Whitepaper: https://internetcomputer.org/whitepaper.pdf

Official website: https://internetcomputer.org/

How does Internet Computer work?

The key technology that will enable the network to run millions of nodes and thousands of subnets at once, and thereby creating a powerful decentralized web is Chain Key Cryptography. The Internet Computer, unlike most other blockchains, has only one public key. The single public key enables any device, no matter how powerful, to verify the authenticity of transactions and assets in the network without requiring a lot of data and computing power.

Furthermore, canisters (codes and states deployed to the Internet Computer) can be run across a number of nodes at the same time, eliminating the single point of failure while allowing the process to be faster and the result more correct. All nodes that process a canister are required to sign one shared secret key to mark the result, and their signatures can only be verified using the public key.

The unique infrastructure of Internet Computer enables the network to operate and upgrade seamlessly and easily. Replacing faulty nodes without halting the whole network or part of the network, and reviving a subnet when too many nodes within it crash are also possible for Internet Computer.

What is the ICP Token?

ICP, the native and utility token of the Internet Computer, plays an important role in network governance and is used to facilitate various activities within the ecosystem:

- Participating in Governance: Token holders can lock their ICP to create neurons, allowing them to participate in the network's decentralized governance through voting, thereby influencing the network's direction.

- Facilitating Operations: The ICP token is also used to pay for computation cycles on the network, facilitating smart contracts and other decentralized applications.

- Economic Incentives: Nodes in the network are rewarded with ICP tokens for providing computing capacity, creating an incentivized system that encourages participation and ensures network integrity.

DFINITY, the team behind Internet Computer, holds a large percentage of ICP tokens, which is 22.2%. This leaves only 77.8% to the community. Though the goal of Internet Computer is to decentralize the world at large, their token distribution shows a disproportionate amount of control that the team has over the network.

Conclusion

The Internet Computer presents a revolutionary approach to decentralized computing, offering an open and public computing resource. Its architecture ensures scalability and efficiency, and the ICP token is integral to its operation and governance. Together, these elements form a powerful platform with the potential to reshape the internet landscape, fostering innovation and inclusivity.

It's important to note that like any other cryptocurrencies, the Internet Computer carries its own risks and it's always wise to do your own research and exercise caution while investing.