In what ways does the Internet Computer differ from other blockchain platforms?
Transaction cost and time.
The ICP team prefers the name "Ethereum Savior" to "Ethereum Killer." This is because, rather than replacing or disrupting existing blockchains, ICP seeks to improve them by making them faster, less expensive, more environmentally friendly, and sustainable.
Let's compare the ICP to the Ethereum
When conducting an Ethereum transaction, the cost of gas must be considered. This is the amount of ether you're spending on a transaction; it actually goes to miners. The cost of gas is usually very low, but it can vary depending on network congestion.
The time it takes to process a transaction is an important factor to consider. Confirmation takes about 15 seconds on average. However, it can take much longer during times of high network traffic. This can be aggravating for users who are trying to make a quick decision.
Smart Contracts
Canisters are limitless smart contracts that allow you to reimagine everything, including interactive web and decentralized applications (dApps) in place of Big Tech Clouds (Google, AWS, Azure, and others). Canisters are bundles of WASM code and memory pages that are used on the Internet Computer to store and execute applications. Canisters are the evolution and specialization of smart contracts, making them more efficient and cost-effective to use than traditional smart contracts.
While the Ethereum network requires developers to pay to deploy smart contracts and users to pay to use them, the Internet Computer employs a "reverse gas model," in which only developers provide the funds required to run the applications that use their gas. Furthermore, 1GB on Ethereum costs approximately $5,000,000, while 1GB on the Internet Computer costs approximately $3-5. This reduces the cost of deploying applications on the Internet Computer.
On-Chain storage cost
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