What is Internet Computer (ICP)?

The blockchain, which aims to transform the traditional internet structure into a global transaction platform by making it capable of hosting back-end software, is the Internet Computer, and the token of this blockchain is called ICP. Internet Computer, the first blockchain that works at internet speed and with unlimited capacity, scales smart contract computing and data and enables them to work at internet speed, can process and store data effectively, and offers developers powerful software frameworks.

Internet Computer also aims to develop a system that is fully compatible with Ethereum and to become a decentralized cloud where Ethereum smart contracts can work. Developers; Using the Internet Computer network, you can upload their codes directly to the public internet; They can create websites, corporate data processing systems and internet services without the need for server computers and commercial cloud services.

In addition to all these, blockchain also provides solutions to system security, one of the biggest problems of traditional information technologies, and allows the creation of internet services monopolized in the hands of Big Technology companies without the need for these companies.

Internet Computer, whose Alfa mainnet was launched on December 18, 2020, was fully opened to access on May 10, 2021.

Who is Internet Computer (ICP) developed by?

Internet Computer is a project of the DFINITY Foundation. The DFINITY Foundation is a Switzerland-based nonprofit organization that oversees research centers in cities such as Palo Alto, San Francisco, and Zurich. DFINITY, which has teams in countries such as Japan, Germany, the United Kingdom and the USA, was founded by Dominic Williams in 2016.

The Foundation, whose main purpose is to build and maintain the Internet Computer project, explains its mission on its official website:

“Our mission is to build the Internet Computer and thereby reshape the Internet as a home to superpowered secure software. Internet Computer is a new technology that is tamper-proof, fast and scalable to billions of users around the world, and it will stop Big Technology companies from monopolizing the Internet. It supports a new type of autonomous software that promises. “

What does Internet Computer (ICP) do?

Today, those who want to create corporate IT systems and internet services can only do so through cloud services offered by Big Technology companies such as Microsoft, Google, Facebook and Amazon. These services, which are not secure enough due to their nature, need to be protected with systems such as firewall and VPN, and despite all these precautions, it is not possible to provide security completely.

Adherence to these centralized services creates security vulnerabilities as well as problems with the processing of user data, leading to the monopolization of these companies due to the lack of alternatives.

Internet Computer, which uses a decentralized protocol called Internet Computer Protocol, is designed to solve these problems. Hosting its own software in a tamper-proof, non-cyber-attacked and unstoppable environment, Internet Computer makes it possible to create services that do not rely on firewalls and backup systems.

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Internet Computer is constituted by independent data centers from around the world. Using a secure protocol, these data centers combine processing capacities to create a completely new kind of environment in which internet services can be built. Thus, the need for traditional IT services such as databases is eliminated, and therefore internet software systems developed on the blockchain are self-sufficient. While the Big Technology companies, which are currently monopolized, are eliminated, the costs are drastically reduced.

Supporting “autonomous software”, Internet Computer enables Internet services that offer users guarantees regarding the processing of their data. Autonomous software that can work without an owner allows the creation of “open” versions of mainstream services such as social media sites.

As of May 10, 2021, when Internet Computer was opened, 48 data centers from North America, Europe and Asia are supporting 1,300 nodes. This number is expected to reach 123 data centers and 4,300 nodes, and eventually thousands of data centers and millions of nodes by the end of the year.

Internet Computer can create 2.5 blocks per second as of May 2021. This number is planned to reach around 1,000 by the end of the year.

ICP, the usage-purpose token of the network, has three basic usage areas. ICP tokens, which allow participation in network management, can be turned into neurons that will perform voting when locked. ICP tokens can also be used by converting them into “loops” similar to gas on the Ethereum blockchain, a kind of power required for processing transactions on the Internet Computer. Finally, those who play a critical role in the operation of the network are also encouraged by awarding ICP tokens.

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As of May 2021, when the blockchain was launched, 469,213,710 ICP tokens were produced. There is no data on what the maximum supply is.

How to buy an ICP?

The ICP was listed on many cryptocurrency exchanges when the blockchain became available on May 10. It is possible to buy and sell cryptocurrencies from exchanges such as Binance, Huobi, Coinbase Pro, KuCoin, Gate.io, OKEx and Coinlist Pro.

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