Best Guide to the Internet Computer (ICP) 2022
The simplest way to think about the Internet Computer Blockchain is as a decentralized hosting and compute provider, similar in many ways to Amazon Web Services, Google Cloud, or Microsoft Azure. All of these companies have data centers around the world that host websites and power the internet, just like the Internet Computer.
However, if we stopped there we would be missing the mark! The Internet Computer is a network of computers that is as decentralized and scalable as the internet itself, powered by smart contracts and chain key cryptography. This is a little more advanced than our first definition, but is basically a fancy way of saying it uses groundbreaking cryptography to create a more secure and usable blockchain that can run at web speed, meaning we can build web applications 100% on the blockchain, and it just works.
This might feel a little confusing at first, so let’s dive deeper to really understand what this all means and why we should care. But before we do that, let’s take a walk down memory lane to see how far the Internet Computer has come already.
Also Read : Everything you need to know About the Metaverse
Internet Computer (IC) is a cryptocurrency developed by the Dfinity Foundation, a nonprofit based in Zurich, Switzerland
IC runs on its own proprietary protocol called Internet Computer Protocol. It allows anyone to build software and publish content on the Internet without the help of Google and Facebook for instance. The company claims to provide a ‘hackproof platform’ at ‘dramatically’ reduced costs with interoperability.
IC backed by venture capital companies Andreesen Horowitz and Polychain Capital also intend to launch apps for decentralized finance. With the DeFi apps, anyone could use cryptocurrency (preferably IC) to substitute the existing and traditional financial processes and switch over to the new age IC.
Dfinity claims it can scale up its capacity as demand increases and it should be seen as a network that uses blockchain technology to power apps rather than as a cryptocurrency.
How different is IC from others
Three features make IC different from others. With IC, anyone can create an app using its blockchain technology. It basically allows the app developer to do an end-run around the big tech companies.
According to the founder of Dfinity Dominic Williams, its technology does not run on the cloud like others do. It runs on dedicated hardware established by independent parties. IC runs and operates at web speed, unlike the other cryptos that take 30 minutes or more to complete transactions.
credit: cnbctv18 and ICP
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