<h3><strong>What is Internet Computer (ICP)?</strong></h3><p>Internet Computer (ICP) is a blockchain network designed to run web-based services and decentralized applications (dApps) on a secure, scalable, and decentralized protocol. It seeks to replace traditional internet infrastructure with a blockchain-powered alternative.</p><h3><strong>How does Internet Computer work?</strong></h3><ul><li><strong>Underlying Technology:</strong> Operates on its own blockchain with an architecture supporting direct hosting of web services and dApps.</li><li><strong>Consensus Mechanism:</strong> Uses a variant of Proof of Stake (PoS) managed by the Network Nervous System (NNS) for governance and validation.</li><li><strong>Algorithms:</strong> Implements the Threshold Relay consensus protocol and chain key cryptography for enhanced security.</li><li><strong>Smart Contracts:</strong> Utilizes "canisters," an advanced form of smart contracts that integrate code and state for complex dApp functionality.</li></ul><h3><strong>What are the potential use cases for Internet Computer?</strong></h3><ul><li><strong>Decentralized Applications (dApps):</strong> Hosts DeFi platforms, social media, and supply chain systems.</li><li><strong>Web Services:</strong> Enables decentralized hosting and storage solutions.</li><li><strong>Industries:</strong> Supports applications in finance, social media, supply chain, and cloud computing sectors.</li></ul><h3><strong>What is the history of Internet Computer?</strong></h3><ul><li><strong>2016:</strong> Founded by Dominic Williams under the DFINITY Foundation.</li><li><strong>2018:</strong> Raised $121 million from notable investors and conducted a $35 million token airdrop.</li><li><strong>2020:</strong> Launched alpha mainnet on December 18.</li><li><strong>2021:</strong> Public launch occurred on May 10, marking its entry as a major blockchain platform.</li></ul><p><br></p>

What makes ICP important?

### What is Internet Computer?

The Internet Computer (ICP) is a decentralized internet and global computing system that enables independent data centres to collaborate and offer a decentralized alternative to traditional corporate-run internet services. It operates as a blockchain-based network, aiming to host programs and data in the form of smart contracts to foster the development of decentralized applications (dApps) and create a more open and reliable internet.

### How does Internet Computer work?

The Internet Computer operates with a unique architecture comprising multiple subnets, each functioning as a blockchain with its own instance of the core Internet Computer protocol. This setup allows for infinite scalability. It uses canister smart contracts, which are bundles of WebAssembly bytecode and storage, for processing computations. The consensus protocol is designed for low latency and high throughput, utilising advanced cryptography such as chain-key cryptography and BLS multi-signature schemes. Canister smart contracts handle both local and cross-network communications, with local messages bypassing consensus to enhance efficiency.

### What are the potential use cases for Internet Computer?

Internet Computer has a wide array of potential applications across different sectors. It is used in creating decentralized finance (DeFi) applications such as exchanges and lending platforms, decentralized social media platforms, and enterprise cloud solutions. It also aids in building fully on-chain gaming experiences and supporting AI and machine learning models. Moreover, it offers improvements in supply chain management through enhanced transparency and digitization of identity management by giving users control over personal data.

### What is the history of Internet Computer?

Internet Computer was founded in 2016 by Dominic Williams, with the DFINITY Foundation established in Switzerland to expand research and development efforts. It has reached significant milestones such as generating its 2 billionth block and integrating with the Bitcoin blockchain as a Layer 2 solution to enable smart contract interactions with Bitcoin. The platform has experienced no downtime since its launch, demonstrating robust performance and scalability, with considerable growth in its network infrastructure and community engagement over the years.

Internet Computer (ICP)

Similar Coins

ETH

ADA

AVAX

SUI

HBAR

DOT

NEAR

APT

MNT

TAO

CRO

POL

ETC

ARB

KAS

ATOM

OP

STX

TIA

Resources

Internet Computer (ICP) Price Index

Internet Computer Price

Trading volume

Market cap

Resources