The Internet Computer (ICP)

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The Internet Computer, also known as Dfinity, is a first-level blockchain that provides a secure, efficient, and flexible consensus mechanism. The core of the system acts as a verifiable random function (VRF) that produces a stream of output over time.

The peculiarity of the network is that it provides a comfortable environment for supporting smart contracts and enables them to operate at a speed comparable to the speed of the Internet. High scalability and cost reduction are suitable for building mass media services, decentralized finance applications, etc.

ICP is a functional token that ensures the operation of the platform. Used to support data centers, then sold to network operators, and finally converted into cycles that run the system. ICP also plays the role of a control token.

The Internet Computer Protocol (ICP) is a high-speed public blockchain network that can throttle bandwidth based on demand. It brings together dedicated node machines mass-managed by independent parties from independent data centers around the world. Like any blockchain, the Internet Computer is immutable and secure from hacking.

What does this mean:

  • For business owners. The ability to use technology to democratize software development. Development of new business models, the launch of innovative services, instant access to talented workers from anywhere in the world, and opportunities for financing.
  • For developers. A seamless software ecosystem where different applications and programs interact with each other using APIs. This is achieved with the help of WebAssembly “canisters” — computational units consisting of code and data at the same time. Canisters, available for deployment on the Internet Computer, are a new stage in the evolution of smart contracts.
  • For consumers. Many centralized networks available for use require disclosure of privacy in exchange for access to services. Advances in cryptography and distributed computing could regain control and put ownership back into the hands of the public.
Read more:  Filecoin (FIL)

The ICP utility token, formerly known as DFN, is the main way to transfer control to the community. It can be converted into cycles that are used to power services and applications. It is also an important tool to encourage users to create nodes, which then become components of subnets.