June 9, 2021

What is Internet Computer (ICP)?

Internet Computer (ICP) is considered to be one of the latest projects in the blockchain space. This blockchain claims that it can run at web speed with unbounded capacity.

Internet Computer (ICP) is considered to be one of the latest projects in the blockchain space. This blockchain claims that it can run at web speed with unbounded capacity. Some analysts consider that this could certainly become one of the largest blockchain networks in the market. 

The project was founded by Dominic Williams, the Chief Scientist of DFINITY. Mr. Williams has also been part of the Bitcoin (BTC) and Ethereum (ETH) communities when they were expanding and becoming what they are today. In the next sections, we will tell you all about the new Internet Computer (ICP) project and how this could be a major player in the crypto market. 

Disclaimer: the information shared by AltSignals and its writers should not be considered financial advice. This is for educational purposes only. We are not responsible for any investment decision you make after reading this post. Never invest more than what you are able to lose. Always contact your professional. financial advisor.

What is Internet Computer (ICP)?

The Internet Computer makes it possible for the public internet to host backend software by extending its functionalities. Rather than using commercial cloud services, individuals and projects can easily use the Internet Computer to create all the websites and systems they need. 

The main advantage of the Internet Computer is related to the possibilities that it gives to the community to create their own projects directly on the Internet. Furthermore, the Internet Computer addresses some of the most discussed issues in the industry. 

Through its solutions, the Internet Computer provides alternative solutions to centralized internet services. In this way, rather than working on top of centralized solutions, the internet comes back to the decentralized and permissionless features that it used to have. 

These solutions are powered through autonomous software that does not require an owner in order to operate. By using the Internet Computer, it is possible to run social media websites and also offer SaaS business services without relying on a centralized authority. 

ICP Cryptocurrency

The ICP token of virtual currency is the native digital asset of the Internet Computer. The virtual currency plays three important roles in the ecosystem and it makes it possible for the project to run efficiently. 

One of the main utilities of this token is related to the governance of the Internet Computer. A large number of blockchain networks today work with different governance tokens. The token can be then used for voting and for users and holders to receive economic rewards. 

Furthermore, the ICP cryptocurrency works as a Production of Cycles for Compute. ICP works as a source store of value that gets converted into cycles. Moreover, when the token is used as gas, it gets burned. 

The network is also rewarding its participants and those that play important roles in order for the project to move forward. At the same time, it rewards those that participate in the governance of the project, those that operate the node machines and there will be other miscellaneous activities that could be rewarded as well. 

Team Behind Internet Computer

As we mentioned before, the project was founded by Dominic Williams, which is also the Chief Scientist and founder of DFINITY. He has been involved in different projects in the last years, including Threshold Relay, Probabilistic Slot Consensus and other crypto projects in the industry.

It is worth taking into consideration that he was also the President and CTO of String Labs, an incubator for venture-backed cryptocurrency projects. Williams has been involved in a wide range of initiatives in the crypto and blockchain industries. 

He has also founded a large number of startups over the last years, showing his entrepreneurship skills, dedication and imagination to improve current systems and solutions. 

What is DFINITY?

The DFINITY Foundation is a non-profit foundation located in Switzerland that is backed by some of the most recognized cryptographers and blockchain experts from all over the world. DFINITY members have more than 100,000 academic citations and 200 patents collectively. This shows their involvement in the cryptocurrency and blockchain industries through their cryptographic activities and investigations. 

Some of the most recognized cryptographers at DFINITY include Andreas Rossberg, PhD (Principal Engineer and Researcher), Ben Lynn, PhD (Sr Staff Engineer and Researcher), Jens Groth, PhD (Principal Researcher) and many others. Groth pioneered non-interactive zero knowledge proofs, Lynn was a Google Engineer and Rossberg co-created WebAssembly. 

DFINITY new challenge is to drive the Internet Computer forward and allow the internet to be really decentralized. 

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