Internet Computer ICP
Current N price data
Current ICP price data is $7.31
What is Internet Computer
Internet Computer is a proof-of-stake blockchain developed by the DFINITY foundation, a non-profit organization based in Switzerland. The idea and start of research for this groundbreaking blockchain technology began in 2016, and it has since gained significant attention from the crypto community.
While other layer-1 blockchains try to solve the common problems of Ethereum, such as scalability, affordability, and speed, Internet Computer solves the same problems, but its ambitions go far beyond those of other networks. Internet Computer's developers aim to create a blockchain that can compete with tech giants like Google, Facebook, and Amazon. To accomplish this, the project seeks to combine the benefits of traditional blockchains, such as security and transparency, with the efficiency of centralized tech giants.
The Internet Computer Protocol is a new, open internet protocol that allows users to host software and data on the Internet Computer blockchain, creating a completely decentralized network that operates independently of the traditional internet.
Internet Computer is claimed to be designed to offer unparalleled speed, capable of processing up to 10,000 transactions per second. The blockchain is also highly scalable and capable of expanding to accommodate the growing needs of the network without sacrificing performance.
How does Internet Computer work?
At the core of this complex blockchain are data centers, which are independent centers that house the necessary technical equipment, also known as hardware nodes. These data centers are responsible for ensuring the proper functioning of subnets. Some argue that the hardware required to run the nodes is both complex and expensive, potentially jeopardizing the decentralization of the platform by limiting access to those who can afford it. However, the DFINITY team clarifies that they do not provide any data center with hardware directly, and the responsibility of acquiring and maintaining the necessary equipment lies solely with the data center operators themselves.
Subnets are decentralized networks that can be likened to transparent blockchains. One unique aspect of subnets is that they are classified according to their type, such as "data," "system," or "fiduciary," which determines their functionality based on the type of application a developer intends to create. If a subnet becomes overloaded, the Network Nervous System has the capability to divide it into multiple subnets, a process that is transparent and observable by the original subnet. This division does not adversely affect the performance of the applications on the original subnet, and their operations remain uninterrupted.
The Network Nervous System (NNS), which serves as the supervisory authority, is responsible for verifying the functionality and accuracy of data centers and subnets. NNS can be compared to ICANN, the Internet's regulatory body. In contrast, Chain Key is a collection of cryptographic protocols that govern the management of nodes.
Subnets are responsible for hosting smart contracts, which are called canisters in the Internet Computer ecosystem. However, canisters are not merely an alternative name for smart contracts; rather, they are an enhanced version of them, according to DFINITY. Canisters bundle code and data together, capturing all the functionality of smart contracts while also enabling the creation of scalable software services.
Canisters can communicate with each other using bidirectional message passing, regardless of whether they are written in the Internet Computer's native Motoko programming language or another language. Canisters can create new canisters and fork themselves, allowing for the scalability of protocols and other software applications. The project claims to deliver 25 times the throughput of Ethereum, and this is just the beginning.
The ICP is the native token of the blockchain and it is utilized both as a payment currency for network commissions and for acquiring voting power to make decisions about the Internet Computer network.
Where to buy and how to store ICP?
The ICP token can be purchased on such centralized exchanges as Binance, HitBTC, and Coinbase Pro and can be stored on centralized and decentralized exchanges and hot/cold wallets.
