Internet Computer – ICP
The traditional internet has had its time. It’s time to welcome the decentralised alternative, the Internet Computer.
It’s only right that we take a deep dive…
This is a Project Review on ICP.
Internet Computer first was launched in 2021 by the dfinity team with the mission to replace the internet as we know it, by providing users and developers with the ultimate blockchain that can power dApps, software and more at web speed!
The Internet Computer uses a unique consensus mechanism called, Proof-of-Useful-Work (PoUW), which is supposedly a million times more efficient than Proof-of-Stake! What makes the PoUW consensus mechanism so special?
Well, the InternetComputer Protocol connects an entire network of nodes set up by individuals, into one boundless independent network, called the World Computer. The nodes are converted into subnet blockchains which focus on smart contract computation.
Every subnet is connected, and new subnets can be added or removed at any time. This allows the protocol to achieve incredible throughput, fix bugs, launch software upgrades and so much more decentralised power!
The InternetComputer blockchain allows developers from both Web2 & Web3 backgrounds to create dApps or services. The blockchain is notorious for GameFi, Metaverse and SocialFi protocols, however, is also home to many DeFi protocols.
One thing that amazes me is the efficiency of ICP’s decentralised storage. Let me explain by comparing ICP with another major blockchain. It costs $110K per 1GB of data on the Solana network, yet costs only $5 on the Internet Compuer blockchain…
The Internet Computer blockchain has become a desired network for many to build on and especially use. Let’s take a look at the thriving ICP ecosystem that is powered by the native $ICP token.
There are currently 98 protocols within the Internet Computer ecosystem, therefore I am going to pick out my favourite ones that caught my attention:
Whilst I could pick out many more, I think it’s best you take a look for yourself. As the world moves to a more decentralised and data-private environment, the odds of the Internet Computer becoming a first choice for both users/devs are very high!
I think it’s safe to say that any blockchain without multi-chain capabilities will eventually drown and become a thing of the past.
Internet Computer is on a mission to connect the largest and most popular blockchains, so anyone and everyone can explore them with ease!
How you may ask?
Recently, Internet Computer integrated the world’s largest blockchain, Bitcoin. Not only has Bitcoin joined the Internet Computer, but Internet Computer users can also access the Bitcoin network!
Most importantly, we can all agree that Internet Computer needs to integrate Ethereum and every EVM-compatible network. Most importantly Polygon, Arbitrum, Avalanche, BNB Chain and the other leading networks. Well, the good news is the Internet Computer Protocol is working on that as we speak. The date is unknown, but stay tuned!
Will Internet Computer integrate the Cosmos ecosystem? I would imagine they are focusing on Ethereum, but this is definitely something many would love to see!
As you may have guessed, the $ICP token is used as a means of exchange, to pay gas fees etc.
It doesn’t stop there. As the Internet Computer Protocol is truly a decentralised protocol, they allow $ICP holders to participate in the governance of the network. Users can create proposals or vote on existing ones.
The $ICP token can also be converted into what’s called, Cycles. Cycles serve as gas for storage and computation. These Cycles are able to fuel bandwidth and storage which helps the network to operate smoothly.
Compared to other blockchains, this method allows users to interact with decentralised applications on the ICP network without any tokens. Instead, developers are responsible for covering fees and storage costs! This provides users with the smoothest and most profitable experience!
As we mentioned, the $ICP token is not available on Ethereum or any EVM-compatible networks. The $ICP token is available on the ICP and Bitcoin lightning network, not to mention it is listed on 99% of major centralised exchanges.
There are two main ways to buy $ICP, but you will always go through a centralised exchange (CEX). Here are the options:
We recommend using one of these centralised exchanges when buying or trading the $ICP token. Here is a list of CEXs with a few delicious promotions:
To get started you will need a DeFi wallet and make sure to secure your seed phrase with a hardware wallet (Trezor/Ledger):
If you are buying $ICP through your DeFi wallet, we have compiled a small list of Decentralised Exchanges (DEXs) for you to swap or trade assets that are available on the network.
There are not that many decentralised exchanges in the ecosystem as of yet, but these are the two most used DEXs in the ecosystem.
At the time of writing, $ICP is sitting at a price of $4.82, ranked #40 on @CoinMarketCap and has a market cap of $1.43B! The $ICP token once peaked at an all-time high of $750.73 and reached a market cap of over $52B!
Twitter – @dfinity
Website – https://internetcomputer.org/
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