Internet computer is a blockchain, cryptocurrency, and a new revolution in building internet services and token-making. ICP (Internet Computer) is a token released by DFINITY Foundation, a nonprofit corporation based in Zurich, Switzerland. This company competes with other successful cryptocurrencies like Ethereum and Bitcoin. ICP token runs on its protocol called Internet computer.
Despite this protocol being not well-known, it made its way into the top 10 tokens in the market cap. The Internet Computer Protocol is one of the grandest cryptocurrency projects in 2021. It aims to decentralize the web via blockchain.
Due to having done many scientific types of research in the past, Dfinity attracted much attention from investors and was very well-received by supporters. This token seems to have a bright future up ahead. ICP intends to replace the whole internet stack.
Internet Computer History
The headquarter of the Dfinity foundation is in Zurich. They have major research bases in Switzerland and California. They have a professional team of cryptographers, computer scientists, and engineers. Furthermore, this company has remote employees from Germany, the U.K., and the U.S.
Dominic Williams founded DFINITY in 2016 ( some say the idea of this corporation started in 2014). A remarkable number of supporters and Ethereum devotees crowd-funded the protocol in 2017. It raised funding and conducted airdrop ( 35 million Swiss francs worth of tokens) in 2018. Air dropping is when a new coin wants to promote its brand, sending a small number of free tokens to wallet addresses.
Dominic Williams is the founder and chief scientist at DFINITY that develops Internet Computer. This platform is a decentralized, open-source, general-purpose blockchain that hosts smart contracts. It announced many named versions, including Copper, Bronze, Sodium, and Mercury, from 2019 to 2021. For instance, the Tungsten (Developer Network) allowed developers to use the protocol to develop smartphone applications and the web. They launched ICP, the native coin on the network, in May 2021.
What is the Internet Computer?
Internet Computer is a new altcoin that runs on its protocol, enabling anyone to make software or create content on the Internet for websites and hosts without using services from big corporations such as Google, Facebook, or Amazon.
ICP runs on an open algorithmic governance system named NNS (Network Nervous System), which is controlled by the Internet Computer network of nodes. It is the computers that verify the blockchain.
It aims to take back the Internet for the people since a majority of users are not happy with the way centralized Internet works. A centralized network gives your information to a limited number of people. ICP works as a hero of some sort to get that back and decentralize the whole Internet. Some believe that this will come to passing sooner or later. What do you think? Do you wish to get on board with the idea?
Dfinity founder Dominic Williams states that this platform is hack-proof, interoperable, and reduces costs radically. He claims that by letting users make a “new open Internet” and giving better deals, this protocol makes the Internet interesting.
Internet Computer network works faster than the Ethereum network. The entrepreneur, Dominic Williams, said there would be an extension to the digital coin using Badlands. Badlands is a concept used to create a new network consisting of amateur node providers and uses the lowest fee to decentralize the platform to the maximum for smart contracts. Dominic elaborated on the incentives this project will present. He emphasized that this will be the perfect environment with the following points:
- Everybody can run a node.
- Anonymous node providers.
- A discrete digital coin to Internet Computer
- Apparent amalgamation with the native token
ICP was so well received that users started doubting it when it first came out. They thought it was not reliable and it will be out soon. However, they did not realize that it topped the boards so quickly because some big names in the industry supported it.
Internet Computer is undoubtedly just a new cryptocurrency that is creating buzz and is soon to rise in the market compared to other currencies. People can make their Internet and get a lower price of a hack-proof protocol.