What is that, Internet Computer Dfinity (ICP)?

Started by dragon, Aug 01, 2022, 02:31 AM

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dragonTopic starter

Dfinity wants to alter the cloud computing industry with its decentralized internet machine and build a new generation of mega apps around it.




What is Internet Computer?

The nonprofit Dfinity Foundation's solution is Internet Computer, which would reimagine the Internet as humanity's primary computing platform.

Internet Computer is a secure, decentralized and cost-effective blockchain network that aims to extend the functionality of the Internet.

It is hosted on a network of computers distributed around the world and is launched to run next-generation mega-applications - decentralized versions of Uber, eBay, Facebook, etc.
What is Internet Computer?

Today, Ethereum dominates the crypto industry. Dfinity aims to determine  the scaling issues that Ethereum faces without compromising security or decentralization.

Dfinity claims that Internet Computer can complete transactions in one to two seconds. By comparison, Bitcoin takes about 10 minutes and Ethereum takes 15 seconds (depending on network congestion).



Internet Computer Timeline

     October 2016: The project is founded by serial entrepreneur Dominic Williams.

     May 2018: 50,000 registered members receive ICP utility tokens on airdrop.

     August 2018: Dfinity announces it has raised $102 million from accredited investors and venture capital firms.

     December 2020: Launch of the Internet Computer alpha network.

     May 2021: Internet Computer launched. Internet Computer Protocol (ICP) tokens are available on exchanges.


How does Internet Computer work?

In many blockchain-based projects, the transaction verification process relies on mining, which is energy-intensive and can be slow.

Dfinity uses a variation of the Proof of Stake algorithm (called Threshold Relay) to reach consensus. In the Dfinity adaptation, nodes produce a random number. It is used to select the next group of nodes and control platform protocols.

But the secret sauce of Internet Computer is "Chain Key Technology", which separates the execution of smart contract functions into two types: "update calls" and "query calls". This is what allows you to make ultra-fast transactions.

Meanwhile, the Internet Computer's Networked Nervous System (NNS) manages everything from the economy and modernization to connecting independent data centers and dedicated nodes.
What is an ICP token?

The ICP token provides gas to the network and allows holders to vote on proposals that will determine the future of Internet machine. Users create "voting neurons" that allow them to vote either manually or automatically by setting their neuron to follow other neurons.

ICP is available for trading on a number of exchanges, including being listed on Coinbase Pro right after its launch. It is also listed on Binance, OKEx, and Huobi Global.


Advantages

    limitless scalability.

    Security - Dfinity claims to have a verification system that is superior to the Ethereum system.

    Compatibility with smart contracts allows you to create decentralized applications (DApps) on the program.

    Very experienced team.

What are the goals of Dfinity?

Dfinity hopes to offer the first blockchain that runs at the speed of the internet and can scale to support an limitless amount of computing and data.

The non-profit's broader focus is on creating an open-access Internet, a place where developers create next-generation mega-apps.
Is Internet Computer cheaper and more secure than today's cloud computing?

Dfinity aims to make it possible to create and run an Internet business without having to rely on another enterprise such as eBay or Facebook.

It uses a sharding process to store data cheaply on the blockchain.

Dfinity proposes that Internet Computer simplifies the process of building and maintaining systems by rethinking the IT stack.


Future of Internet Computer

The cloud computing industry is projected to reach $1 trillion by 2026. Dfinity has received almost $101 million in funding, so it can support third-party teams that want to build applications, tools, and protocols for the platform.

Dfinity has an ambitious 20 year roadmap, in May 2020 Dfinity announced a $200 million fund to attract developers to develop the project.

Several DApps are already running on Internet machine. These include Enso, a decentralized exchange (DEX), and DSCVR, a social network that resembles a decentralized adaptation  of Reddit.
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Deepak1

So ICP just resolves the scaling problem? And why is it better then Cardano or the darkness of other similar projects? At least a comparison of bandwidth added something.


Quote from: dragon on Aug 01, 2022, 02:31 AMMay 2018: 50,000 registered members receive ICP utility tokens on airdrop.

    May 2021: Internet Computer launched. Internet Computer Protocol (ICP) tokens are available on exchanges.

The drop was brilliant - for a little help in testing (2-3 hours), 120 ICP fell, which after 3 years turned into ~ 30,000 USD
at the average rate in the first days of listing (though with a gradual monthly unlock, but even now it is more than 12k USD)
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yoginetindia

Why not invest in Internet Computer (ICP)?
The first sneaky step of the project developers is to unlock ICP immediately after listing on Coinbase.
At that time, the ICP price was $630 and the team apparently did not miss the chance to earn hundreds of millions of dollars by selling existing ICPS at peak levels.

Internet Computer (ICP)

Despite the support of the coin by exchanges such as Binance, Huobi and OKEx, the ICP price continued to fall until it reached $28 in June, that is, five weeks after the start of trading.

By the way, in May, Arkham Intelligence analysts stated that $3 billion in ICP equivalent was transferred by the project developers to various crypto exchanges and these transfers took place against the background of a decrease in the price of the ICP token.

The ambitions of the Internet Computer team have always been great and in four years of work it has not released a single working product.
All these words about improving the Internet and destroying the monopoly of IT companies are fiction.

As of the end of July, Internet Computer is on the verge of falling out of the TOP 20 due to a drop in capitalization, price and trading volume. Such ICP coins periodically manage to get into the TOP 10, but a few months after that they ended up on the 79th, 113th or 208th place of the Coinmarketcap rating.

To summarize
Internet Computer is a great example of the fact that there is still a high probability of encountering scam and scam developers in the crypto market.
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