The Name of the Project: Internet Computer
The Ticker of the Project: ICP
The Web Site of the Project: https://internetcomputer.org
The Twitter Account of the Project: twitter.com/dfinity
The Whitepaper of the Project: https://internetcomputer.org/whitepaper.pdf
A. What Is the Internet Computer?
Launched by Dominic Williams in September 2016, the Internet Computer (ICP) project attracted considerable attention. It raised $121m from those who contributed to the project such as DFINITY, Andreessen Horowitz, Polychain Capital, SV Angel, Aspect Ventures, Electric Capital, ZeroEx, Scalar Capital and Multicoin Capital. In 2018, the Internet Computer gave more than 50.000 registered users ICP local tokens by airdrop. On December 18, 2020, DFINITY launched the first alpha mainnet of the Internet Computer. And on May 10, 2021, DFINITY made the Internet Computer available to the public. In other words, ICO, Initial Coin Offering, took place.
Supported by the DFINITY Foundation, the Internet Computer (ICP), which started running on the Genesis block on May 10, 2021 with 48 independent data centers and 1.300 nodes, is the first blockchain network working at web speed and can increase its capacity unlimitedly. It is a blockchain that can scale smart contract calculations and data, run them all at web speed, process and store them efficiently, while providing developers with an environment to develop powerful software. The Internet Computer that enables all of these, also enables the re-creation of software concepts and creates new ways to create tokenized internet services, platforms for all industries, decentralized financial services, even traditional systems and websites.
Functionally, it brings together independent data centers around the world. It differs from existing centralized internet cloud providers in that it is a set of protocols that offer a decentralized alternative. It allows the Internet Computer users to create applications, web sites and web-based services. ICP is the local token of the Internet Computer ecosystem.
B. What Does the Internet Computer Offer?
As an open-source project, the Internet Computer offers its users the first blockchain in the world that is scalable, runs at web speed, and with unlimited capacity. It has an ecosystem run by data centers operating independently in the world. Therefore, it serves its users with a decentralized, secure and non-monopoly system network.
There Are Three Features That Set the Internet Computer Apart From the Other Blockchains:
● The Internet Computer enables its users to create software services using open-source codes,
● It runs not on cloud, but on a decentralized network,
● All transactions made at web speed on the blockchain, and they have unlimited capacity,
● As an incentive, the Internet Computer gives ICP to its users who make transactions on the network.
Today, the internet is quite centralized and dependent. The popular applications on the web are generally closed-source, proprietary applications, and they are stored in the data centers owned by major technology companies. Thus, if a critical data center fails, large areas of the web also fail. Moreover, this interdependent chain system is under the management of centralized and corporate web services providers. That is why, they have the authority to censor or remove contents from platforms on the web. Contrary to all this, ICP aims to make the protocol decentralized by making it run on millions of computers in the world and remove the perception of one mighty control center.
The Internet Computer tries to offer a basic alternative for developers to develop, store and offer applications in a decentralized way. For example, it allows the distribution of web sites directly to the public internet. Also, the Internet Computer is based on promoting the development of open-source and transparent software.
As it is stated on the web site of the Internet Computer, it aims to achieve a decentralized system that does not have a stable and physical address and moves between servers owned by independent data centers around the world. In theory, all kinds of applications can be built and run on the Internet Computer network, from the social platforms like LinkedIn and TikTok to all familiar software that we know today, and new genres that are yet to be created. Developers can upload codes directly to the public internet using the Internet Computer network and create services such as web sites and enterprise computing systems without the need for server computers and commercial cloud services.
C. The Technology of the Internet Computer
Developed by the DFINITY Foundation based in Zurich, Switzerland, the Internet Computer (ICP) allows its users to participate in the management of the blockchain network. The Internet Computer aims to help developers create web sites, enterprise IT systems, internet services and various decentralized applications without using services of companies such as Amazon and Microsoft.
The Chain Key Technology is a set of encryptions regulating the nodes that make up the Internet Computer ecosystem, and it allows the protocol to run at web speed. User questions are answered in milliseconds, and update commands are completed in a second or two. The Duties of the Chain Key Technology as the Working Engine of the Internet Computer:
● It infinitely scales the network and adds new nodes to create subnets,
● It constantly replaces malfunctioning or crashed nodes with new ones,
● Even if there is a failed node in the system, it makes the node run without interruption thanks to the copied subnets,
● It allows upgrading the Internet Computer protocol successfully, correction of network errors and addition of new features.
The Internet Computer (ICP) has been supported by 48 independent data centers located in North America, Europe and Asia as of May 10, 2021, in other words, initially on the Genesis block. In the beginning, there were a total of 1.300 nodes working in these centers. The Internet Computer (ICP) had 123 data centers with 4.300 working nodes towards the end of 2021. This ecosystem continuously grows and adds new node providers. Anyone in the ecosystem can be a node provider. Any user can apply to the Data Center ID in the Neural Network System, join the Internet Computer network and become a node provider with devices he purchases.
ICP, the local token of the Internet Computer protocol, has three important roles on the network: Making the Management of the Network Easier: ICP Token can be locked to create neurons that participate in the management of the network through voting and earn economic rewards.
Loop Generation for Computation: It is to generate the ICP store of value resources that can be looped. Network Nervous System (NNS) translates ICP into Loop structure at varying rates. It lays the groundwork to enable network users to create new Loops at almost fixed cost. Therefore, the cost becomes predictable.
Rewarding Participants: ICP is produced to reward and encourage those who play important roles in the operation of the network. ICP participant awards are categorized as rewards to be given in return for the votes of those participating in the management, rewards to be given to those who operate the node devices hosting the network, and rewards for various other activities.
D. The Internet Computer Team and Company
The Internet Computer (ICP) project was launched by Dominic Williams in October 2016. ICP, which attracts notable attention from the crypto community, is developed by the DFINITY Foundation. And the DFINITY Foundation was founded by Dominic Williams in 2016. Zurich, Switzerland-based DFINITY Foundation is a non-profit scientific research organization that incubated and continues to develop the Internet Computer, a decentralized, open-source blockchain and infinitely scalable cryptocurrency.
E. The Internet Computer Digital Asset Economy
The Internet Computer Protocol (ICP) ranks 31st in the market with a value of approximately $9m.
Circulating Supply: 198,936,281
Total Supply of ICP: 476,490,923
Maximum Supply of ICP: No data
Pre-Sale Date: May 10, 2021
Pre-Sale Quantity: 115,990.000.00
Pre-Sale Price: $0.03
F. The Internet Computer Collaborations
The Internet Computer collaborations include the decentralized finance (DeFi) projects Enso Finance, Tacen, and SailFish, the social projects Distrikt, OpenChat, CanCan, and Capsule, and the infrastructure service projects Fleek, and Origin.
G. The Evaluation of the Internet Computer
The Internet Computer, which provides the opportunity to create individual services to its users, unlike the centralized institutions that today's internet network is tightly connected to, is the network that has succeeded to become a blockchain that can offer unlimited capacity and work at web speed for the first time. Therefore, it differs from the other blockchains. The popularity of the Internet Computer is increased by the fact that it is supported by large investors with unlimited capacity and that it is considered as a strong project by market analysts. Alongside Bitcoin and Ethereum, it represents the third blockchain innovation. It is a blockchain designed to overcome certain difficulties that are faced in the traditional internet system of today such as low system security, monopolization of internet services and the misuse of personal user data. The project is supported by big investors such as Andreessen Horowitz and Polychain Capital.
The Internet Computer allows you to perform any kind of service on the internet network with digital assets in a decentralized financial form. Therefore, it would be more realistic to think of ICP not just as a unit of digital assets, but as part of a network that will expand and decentralize the traditional internet structure.