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What is Internet Computer (ICP)?
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ICP offers a new form of digital currency and payment system. Internet Computer Coin has been designed to provide users with an easier way to make payments, lower fees for merchants, and have the ability to trade their coins with other cryptocurrencies.
With Internet Computer there are a maximum of 469 million tokens, though only 123 million currently are in circulation.
What is Internet Computer?
(Above: Internet Computer Explained Video)
The launch of Internet Computer Token on May 10, 2021, quickly led to the coin becoming 8th in value by market capitalisation. The internet computer coin is a new cryptocurrency from the DFINITY foundation with an impressive team of cryptography experts.
ICP has been developed by Zurich-based non-for-profit organisation, DFINITY for the past five years and led by a British computer scientist called Dominic Williams, who has a team of 188 computer engineers, cryptographers and operational experts working on the project.
Mr Williams said the project will let developers abandon traditional IT and big tech giants like Amazon and Facebook and instead rely on a seamless network of computing power from independent data centres around the world.
One of the problems with most other blockchain-based tokens is their lack of scalability. If you have more than a few thousand people trying to transact on your network at once, it will slow down significantly.
Internet Computer Coin (ICC) can process transactions in less than a second, and at fraction of the cost when compared to using Ethereum .
How does it work?
It’s got a bold aim – to completely reinvent the public internet. It has been created to give software developers or content creators the ability to publish anything they want on the internet, without having to use Amazon, Facebook or other servers.
It could mean users build their own social media and other services that compete with the tech giants.
Internet computer would then host data and software, creating a global computing platform.
“Using the internet computer, developers can create websites, enterprise IT systems and internet services by installing their code directly on the public internet and dispense with server computers and commercial cloud services,” the Dfinity Foundation said on its website.
What makes ICP different?
Unlike other smart contract enabled blockchains with quick processing times, ICP launched with decentralised apps already operating on its blockchain. Some programs on the network include a decentralised exchange (DEX), social media platform (Similar to TikTok) and a messaging app. These protocols should contribute to ICP adoption which will set it up well for this cryptocurrency bull market.
Is ICP a good investment?
Only time will tell! Although ICP seems to have done exceptionally well so far. So well that it has led to scepticism of the project’s credentials on Reddit . Always do thorough research if you intend to invest in a particular crypto currency such as Internet Computer.
Can you store ICP on a hardware wallet?
How to buy internet computer coin?
Use our link below to get $10 free of crypto when you invest $100.
Claim your $10 Free on Coinbase if you invest $100 when buying Internet Computer
What is CanCan?
CanCan is Internet Computer’s open version of TikTok. There is an explainer video below that showcases the app.
DFINITY Website https://dfinity.org/
Coinbase Help on Internet Computer: https://help.coinbase.com/en/coinbase/getting-started/crypto-education/ICP
Disclaimer: Cryptotravellers or the author are not a financial advisor and the information in this article is not financial advice and should not be construed in this way.