Despite the fact that the Internet today connects everything and everyone, systems and services are still operated on a private infrastructure.
Chain Key technology is used by Internet Computer to get around this restriction. One of the important innovations underlying Internet Computer is the ability to have a single public key, making it possible for any device, including smart watches and mobile phones, to confirm the veracity of Internet Computer artifacts. Traditional blockchains are unable to accomplish this.
Update queries and query inquiries are the two categories of smart contract queries that are separated by this 48-byte public string.
Based on the time it takes to create new blocks, update queries can be completed in a few seconds at most, whereas query inquiries can be completed in milliseconds, allowing Internet Computer to operate at web speed.
ICP can update smart contracts in 2 seconds because to Chain Key technology, which is a significant improvement above Ethereum.
Internet Computer employs containers, which are very similar to smart contracts but are made to be extremely scalable, whereas Ethereum uses smart contracts to automatically enforce agreements and actions.
Due to this, Internet Computer promises to be able to complete transactions in 5 to 10 seconds with practically infinite scalability.
We are not surprised that the Internet Computer Token (ICP) has risen to the position of one of the top 10 largest cryptocurrencies by market capitalization following its inception given all of these benefits and characteristics as well as its potential and applicability in the field of blockchain technology.
It is worth watching how this platform develops over time to determine if the initial investors who put their trust in this project have been successful and received the anticipated revenues, even though it is too early to foresee its progression and despite the rapid expansion.
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