For almost a decade, the world has been fascinated with cryptocurrencies and crypto mining. Cryptography protects this virtual or digital currency, making it nearly impossible to forge or double spend. While many cryptocurrencies operate on a decentralized network based on blockchain technology and enforced by numerous computer networks, this may not be the complete picture.
Only a few technology behemoths dominate the whole Internet that we use today. Storage, websites, and application interfaces are all essential components of cryptography. Amazon, Google, Facebook, and other gatekeepers are among them.
If a small number of firms control the entire Internet, they also have power over the bitcoin market. A simple prohibition against crypto firms using their services would end all crypto as we know it. The Internet Computer Protocol, or ICP, is used in this situation.
What Is ICP?
Dfinity was the first to create the Internet Computer in 2016. Internet Computer is a digital token that uses the Internet Computer Protocol, a registered protocol. It allows anyone to create content or software without relying on the services of the tech behemoths described previously.
ICP aims to empower people to create a new open Internet that benefits users. According to Dfinity founder Dominic Williams, this new protocol is a hack-proof platform that will help users save money. ICP is based on the same concept as other blockchain cryptocurrencies that use smart contracts or protocols to facilitate user agreement.
IP, or Internet Protocol, is a decentralized protocol that built the Internet as we know it today. IP connects millions of private networks to make one global network. It’s long-lasting and straightforward to use since it relieves linked applications from worrying about how data is routed across the network.
The Internet computer is also built on a decentralized protocol, but it does it using blockchain technology. The ICP combines the processing power of node computers connected by data centers worldwide to form a coherent system capable of hosting smart contract software and utilizing all data. Websites, online services, apps, and corporate systems can be built with the Internet Computer.
How Does Internet Computer Work?
To reach an agreement, the Internet Computer employs a Threshold relay mechanism, a version of the Proof of Stake algorithm. The Ethereum cryptocurrency uses Proof of Stake for consensus, requiring users to stake their ETH for the network to validate it.
The nodes in ICP’s version generate a random number called a random beacon, which is used to pick the next group of nodes. This drives the platform’s protocols. The tool is known as the Threshold Relay Consensus model, one of the essential parts of ICP.
The Internet Computer also uses Chain Key Technology. This is used to partition the execution of smart contract functions into two halves. “Update calls” and “query calls” are the two types of calls. This makes blockchain user experiences more competitive. Update calls result in long-term changes.
They can’t be tampered with because the Internet Computer Protocols run on each node in the subnet. Query calls are handled differently. After the execution, all changes to memory are discarded. Query calls can now be executed in milliseconds. ICP could be considered a step forward in blockchain technology because it is speedier and has more possibilities.
What Are ICP Tokens?
The Internet Computer is a public network that allows users to vote on what the Internet Computer will become in the future. ICP token holders make the decision. These coins are used to vote on proposals that will define the future of the Internet Computer. ICP tokens can be purchased on exchanges like BuyUCoin, and others.
ICP tokens grant its owners the ability to shape and manage the future Internet. This network seeks to make it easier for developers to create websites, internet services, enterprise IT systems, and applications by allowing them to upload their code to the public Internet. Many individuals are intrigued by the prospect of an Internet without the big tech companies dictating all of the rules.
What Are the Pros and Cons of ICP?
The Internet Computer’s potential is attractive, but let’s examine some of the advantages and disadvantages of ICP. As previously said, ICP’s potential is virtually limitless. This implies that the scalability element of it is likewise limitless. Another advantage is security.
Dfinity claims that its check system is even better than Ethereum’s. It supports smart contracts, allowing for the development of decentralized apps on the network. Another benefit of ICP is its quickness. Due to network congestion, Bitcoin transactions can take up to 10 minutes and Ethereum transactions up to 15 seconds. The Internet Computer, according to Dfinity, can complete transactions in one to two seconds.
The protocol hasn’t been battle-tested because the Internet Computer is still relatively young. Some argue that there is a significant amount of exclusive code involved. Critics also claim that the blockchain being used is tightly controlled and that the protocol’s actual value is unknown.
What Is the Future of Internet Computer?
Cryptocurrency is still evolving in a variety of ways. Art is becoming a coin as well. Although the Internet Computer is still in its early phases, the numerous possibilities make the Internet Computer’s future attractive. Early adopters and investors may benefit from being on the cutting edge of future new internet.
The Internet Computer’s goal is to construct a better blockchain for the rest of the world to build on. The concept of a platform governed by a bigger group of people rather than just a few tech behemoths is intriguing. If the Internet Computer accomplishes its goals, the internet as we know it will be irrevocably changed. It will be a truly open internet that democratizes access to technology for a broader range of individuals. Only time will tell what the Internet Computer’s consequences will be and how they will affect the rest of the globe.
Is ICP A Good Investment In 2022?
The Dfinity Foundation, the non-profit behind ICP Crypto, has laid out a 20-year strategy that might result in an open internet greater than today’s restricted ecosystems governed by large tech companies.
Before using the platform’s services, customers must first download a wallet and purchase crypto tokens on blockchains like Ethereum.
Users don’t need unique tokens or wallets to use blockchain services or apps since ICP Crypto uses a reverse gas paradigm.
Furthermore, the infrastructure is free because developers utilize the ICP token to pay for computer resources required by their products.
The ICP platform works like other cloud services, with businesses paying for infrastructure and users paying for services and software.
Following the drop in mid-2021, ICP’s price stayed relatively constant for the rest of the year, prompting many traders to consider it one of the most undervalued cryptos of 2022.
ICP Crypto hit a high of around $85 in August 2021 but has since ranged between $20 and $83. This coin’s 24-hour high and low are $18.50/$20.68 at the time of writing, and if you invest in ICP Crypto, you will pay roughly $19.40.
Of course, this will alter due to the generally volatile nature of cryptocurrencies. That said, it should offer you a better idea of where the cryptocurrency is now than when it first launched.