What is Internet Computer

The cryptocurrency market has seen several new projects with different aims in the previous years. One of these projects is Internet Computer, with its native token, ICP. Internet Computer is one of the successful blockchain-based projects that entered the list of cryptocurrencies with large market caps in a short time. So, what was the reason of Internet Computer’s success and popularity? Let’s investigate. Stay with us.

What is Internet Computer?

Inter Computer is a cryptocurrency that lets users develop decentralized web-based applications and services. As its name suggests, Internet Computer aims to “decentralize the web”. In other words, it is a solution to redesign the web in a decentralized manner. So, you can imagine Internet Computer as a decentralized computer network that can run new decentralized versions of applications on the web. Decentralization is of great importance in the world of cryptocurrencies. And the current version of web we are using (called Web 2.0) is repeatedly criticized for being centralized. Internet Computer has aimed at this centralization. Therefore, it is obvious that Internet Computer is a Web 3.0 project. The important practical purpose Internet Computer pursues may be the most important reason for its success. The founders of Internet Computer claim that this project has the ability to challenge services like Google and Amazon. In the next section, we will go through technical aspects of Internet Computer. Stay with us.

How does Internet Computer work?

Internet Computer uses a proof of stake consensus algorithm. As you may have guessed, this network is scalable and fast due to using this kind of consensus algorithm. Internet Computer’s transactions can theoretically get processed in less than 5 seconds. Like all other proof-of-stake networks, users can stake this network’s native token (ICP) and earn rewards instead.

We previously mentioned that Internet Computer wants to decentralize the web. It realizes this aim using protocols all over the world. Internet Computer’s protocols connect independent data centers all over the world, and the result is a distributed, censorship-resistant, decentralized form of the web.

Who created Internet Computer?

Internet Computer was developed in October 2016 by Dominic Williams. It was first named “DFINITY”. Internet Computer, or DFINITY, attracted the attention of a lot of investors, and gained the support of giants like Andreesen Horowitz, Multicoin Capital, and Polychain Capital. 50,000 participants received the ICP tokens through an airdrop in 2018. In December 2018, the alpha network of Internet Computer was released. And finally on May 10, 2021, the ICP token was run on a public domain. ICP is a governance token that lets its users participate in the governance of Internet Computer, and lets Internet Computer act like a decentralized global computer.

The ICP token; market cap and price history

At the time of writing, each unit of ICP is being traded at $6.35. This token’s all-time high goes back to early 2021 when its price was more than $360. ICP is the thirty-fourth-largest cryptocurrency by market cap. Its market cap (at the time of writing) is more than $1,620,000,000. More than 255,000,000 ICP tokens are also in circulation. ICP doesn’t have a fixed max supply yet.

ICP wallets

Like all other cryptocurrencies, you need digital wallets to store ICP. Since Internet Computer has an independent blockchain, it has specific wallets for storing ICP. Some of these wallets include:

  • Network Nervous System
  • Plug Wallet
  • Stoic Wallet
  • Earth Wallet
  • Dfinance
  • Ledger
  • Trezor

Conclusion

In this article, we went through a popular cryptocurrency project called Internet Computer. The name of this project implies that Internet Computer wants to revolutionize the current form of the Internet, and decentralize it. Internet is a widely-used service, and at the same time, a centralized one. So, it is Internet Computer’s unique aim that distinguishes it from other projects.