The Internet Computer(ICP) is a blockchain-based platform that provides a new way of building and deploying decentralized applications that are more efficient, secure, and scalable than traditional cloud computing services. It was created by Dfinity, a non-profit organization that seeks to build a decentralized internet infrastructure that is more open, secure, and efficient.
How Does Internet Computer (ICP) work?
ICP’s version includes random beacon nodes, which generate a random number and are used to select the next set of nodes. This is what drives the protocols of the platform. The threshold relay consensus model is a tool that is one of the primary components of ICP.
The Internet Computer also makes use of chain key technology. Chain key technology divides the execution of smart contract functions into two halves. The first type of call is an update call, and the second is a query call.
Calls help to provide competitive blockchain user experiences. Because the Internet Computer Protocols run on every node in the subnet, update calls make permanent changes that cannot be tampered with. Query calls function differently. When the program is finished, they discard any changes made to memory. As a result, query calls are executed in milliseconds. ICP has the potential to be an advancement in blockchain technology because it is faster and has greater potential.
What is ICP Token?
ICP (Internet Computer Protocol) is the native token of the Internet Computer platform.
- Governance: ICP token holders can participate in the governance of the Internet Computer network by proposing and voting on changes to the protocol.
- Network Access: ICP tokens are used to pay for computation and storage fees on the network. Developers must hold a certain amount of ICP to deploy their applications on the network.
- Incentives: ICP tokens are used to incentivize node operators to participate in the network and perform tasks such as processing transactions and storing data.
- Staking: ICP tokens can be staked to secure the network and earn rewards.
ICP Token Live Price
It has a circulating supply of 289,873,214 ICP coins. And the highest price paid for Internet Computer(ICP) is $700.65, which was recorded on May 10, 2021. At the time of writing, ICP market cap is 2,022,045,710. The current ICP token price is $6.97 per coin. The 24-hour trading volume for the coin is $87,076,624.
What are the Advantages of Internet Computers？
The Internet Computer is a blockchain-based platform that aims to provide several advantages over traditional cloud computing services. Some of the main advantages of the Internet Computer include:
- Decentralization: Unlike traditional cloud computing services, which are controlled by a small number of centralized companies, the Internet Computer is a decentralized network of computers. This means that there is no central authority that can control or manipulate the platform, and users can enjoy greater transparency, security, and privacy.
- Efficiency: The Internet Computer is designed to be highly efficient and scalable, allowing developers to create and deploy applications that can handle a large volume of users and transactions. The platform uses a unique consensus mechanism called the Chain Key Technology, which allows multiple nodes to collaborate on processing transactions and executing smart contracts in a parallel and efficient manner.
- Cost-Effective: By leveraging the Internet Computer platform, developers can avoid the high costs associated with traditional cloud computing services, such as server maintenance, infrastructure management, and bandwidth costs.
- Open and Transparent: The Internet Computer is an open-source platform, which means that anyone can access the code and contribute to the development of the platform. This makes it easier for developers to collaborate and build innovative applications that can benefit the wider community.
- Developer-Friendly: The Internet Computer offers a developer-friendly environment that supports popular programming languages such as Motoko, Rust, and C/C++. This makes it easier for developers to build applications and services on the platform without needing to learn new programming languages.
What are The Use Cases for Internet Computer？
- Decentralized Finance (DeFi): The Internet Computer can be used to build decentralized financial applications, such as peer-to-peer lending, decentralized exchanges, and stablecoins.
- Decentralized Social Networks: The Internet Computer can be used to create decentralized social networks that offer greater privacy, control, and ownership of user data.
- Supply Chain Management: The Internet Computer can be used to build supply chain management applications that offer greater transparency, security, and traceability of goods and products.
- Gaming: The Internet Computer can be used to build blockchain-based gaming applications that offer unique features, such as asset ownership, decentralized marketplaces, and play-to-earn incentives.
- Identity Verification: The Internet Computer can be used to build identity verification and authentication systems that are more secure and private than traditional centralized systems.
- Digital Art and Collectibles: The Internet Computer can be used to build blockchain-based platforms for creating, trading, and storing digital art and collectibles that offer unique features, such as provenance tracking and authentication.
- Decentralized File Storage: The Internet Computer can be used to build decentralized file storage systems that offer greater security and privacy, as well as incentivize users to contribute storage capacity to the network.
These are just some of the potential use cases for the Internet Computer platform. As the technology continues to evolve and more developers build on the platform, we are likely to see many more innovative and impactful use cases emerge.