The Internet Computer is an open-sourced crowd-computing platform developed by the DFINITY Foundation to address some of the most significant matters plaguing today’s internet, including system security, internet service monopolization, and misuse of personal user data.
History
The project began in 2015 and was first announced in 2016, and it raised a total of $195 million in 2018 through several financings. The DFINITY Foundation is a non-profit organization, based in Zurich with offices in Palo Alto, San Francisco, and Tokyo and remote teams located throughout the world. The foundation is currently overseeing the Internet Computer’s growth and development.
According to the theory, the system can host all of humanity’s software logic and data in smart contracts. Its objective is to build a modern internet capable of hosting applications of all sizes. From simple, smart contracts and DeFi to cross-industry platforms and enterprise systems.
Besides that, the platform is currently being developed by a large community of developers who can leverage DFINITY’s developer resources to create and launch the software on internet-connected computers.
How does it work?
Instead of relying on the centralized network, the Internet Computer will host and serve applications and data directly on-chain instead of the traditional internet. Datacenter networks can launch nodes that run the ICP protocol at its basic level. These nodes can then be divided into subnetworks. It contains software containers with which users can interact during their web experience.
The Internet Computer Protocol is the foundation of the Internet Computer (ICP). This novel decentralized protocol aggregates the computing power of numerous computer nodes. Mainly to form a unified computing platform supporting applications of different scales of complexity.
Smart Contracts
The company divides the Smart contracts into secure code units referred to as “canisters.” These are are computational units that operate independently of one another or via the Internet Computer. End users uses an entry point to interact with these canisters, giving them an internet-like experience.
Semi-public mainnet and data centers for the platform will go live in March 2021. This time the network’s first developers are welcomed on board. Futures products (also known as IOUs) for the ICP token are already available on multiple platforms, including MXC.
Smart contracts on the Internet Computer are free of charge to end-users, unlike those on other platforms (or canisters). The company pre loads these canisters with “cycles.” They recoup their costs through a “reverse-gas” model.
ICX Benefits
The Internet Computer has some benefits. First, the company requires not to necessarily own any cryptocurrencies to use the ICP, significantly lowering the entry barrier. Additionally, the company requires not to necessarily be aware among users that it is a decentralized service. This results in a seamless experience similar to their experience.
Today, a cursory examination of the online landscape reveals the availability of cloud, edge, and fog computing services on public and private platforms. And now, two even more dramatic computing possibilities are on the horizon: DFINITY’s Internet Computer and quantum internets, both of which are fluttering “Coming Soon” tags in the network winds. Short-distance quantum networks already operates, and it expects that DFINITY launches later this year. Since its humble beginnings as the Advanced Research Projects Agency Network (ARPANET) messaging system in the late 1960s, the internet has come a long way, and it shows no signs of slowing down.
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