Internet Computer (ICP) is a set of protocols that operates using independent data centers as an alternative to corporate cloud solutions. Developers designed this new protocol to move forward with initiatives to decentralize the internet.
Internet Computer is based on a decentralization project that connects independent data centers worldwide to create a public blockchain.
The primary goal of this initiative is to reward transparent software development.
According to research conducted by MIT, developers created ICP software with no fixed physical address. The software works by moving around distributed data centers located around the world. ICP proposes this fee-based system to launch user websites on the public network that can meet hardware requirements and pay the required platform fees.
What Is the Internet Computer?
Internet Computer (ICP) offers the public an alternative to using centralized internet cloud service providers like Amazon Web Services and Google Cloud. One of the most popular features of the new ICP internet protocol is that it’s capable of running all internet-connected applications over DNS.
It also provides security by reducing the likelihood of data center failures on a distributed network. Traditionally, when data centers on the current version of the internet fail, thousands of processes and end-users are affected. Using distributed architecture without a central governing authority opens up the possibilities of decentralized systems being supported by distributed networks.
- No censoring or removal of DAPPs
- Build, host, serve, apps
- Decentralizing the public internet
- Deploying websites directly onto the public internet
- Use the ICP token as a governance tool to pay transaction fees and reward network users.
The DFINITY Foundation and web developer Dominic Williams created Internet Computer.
Dominic Williams and the DFINITY Foundation officially launched ICP in May 2021.
Developers designed Internet Computer protocol to create a new decentralized version of the internet. ICP provides public web users with an alternative to centralized internet cloud service providers.
Platform users can use the ICP token in the following three ways.
- As a governance tool for stakeholders
- Pay transaction fees
- Reward network users
Internet Computer stakeholders can secure their ICP using hot and cold storage solutions. Hot wallets, known as network nervous systems (NNS) are available for ICP holders on the DFINITY platform. This hot storage option requires users to have an internet browser and internet identity to store and secure ICP on the network. This new protocol offers several similar storage solutions, including hardware wallets, plug wallets, and browser extension-based wallets that are free to users.
We do not provide financial advice. The information in this post is based on publicly available data and historical research of Internet Computer (ICP) cryptocurrency investments.
Along with having many advantages, ICP also has a few downsides. The new protocol has already been involved in a scandal and lost substantial amounts of money within its first year. This pay-to-play system has large hardware requirements that can prevent smaller players from participating. This might limit the game to large corporations that meet both hardware and financial requirements.
Last, a decentralized internet means no moderation for abusive content. Using an open-source internet with decentralized authority begs the question of “who will moderate offensive content?” Before you invest, Do Your Own Research (DYOR). It’s critically important to complete your own research based on how much you can afford to invest and how much you can afford to lose in a highly volatile cryptocurrency market — before investing in Internet Computer (ICP) or any other cryptocurrency investment.
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