A Brief Overview of Internet Computer (ICP)

Not many blockchain-based platforms have taken the world by storm in such a short time, but Internet Computer (ICP) seems to have crossed the threshold. As a disruptive technology, this protocol wants to alter the internet by injecting decentralization and reducing the effects of a few tech giants.

The proprietary protocol that this platform uses to offer its innovations is the Internet Computer Protocol (ICP). With the tools that this ecosystem provides, developers can conveniently churn out dApps. Also, they can release their content on the internet without worrying about the snags that come with big centralized tech companies.

This blockchain intends to reduce the unnecessary costs that traditional internet companies and their publishing gurus practice. Dfinity, this platform’s creator, claims that issues like hacking will not be feasible because of decentralization.

Internet Computer’s (ICP) Architecture

As proprietary software, the Internet Computer Protocol controls the platform, which consists of blocks. At the bottom of the protocol, the data centers store advanced hardware nodes. Subnets appear when the nodes become a group. That’s how they stock canister smart contracts. Like on other blockchains, smart contracts here allow users to create an immutable agreement embedded with terms and conditions.

When uploaded into the blockchain, smart contracts consist of states and codes created by the users.

Developers can craft out interesting innovations to spread openness on the internet. As a result, they allow their users to enjoy more features without ridiculous restrictions.

Different aspects of ICP are peculiar. However, one thing that makes it stand out from others is the NNS – Network Nervous System, which monitors, alters, and ensures the smooth running of the chain.

Before a data center can access the platform, the NNS must vet it. Its duties are similar to the tasks carried out by ICANN in the traditional internet space. As the center of the ICP, the jobs assigned to Network Nervous System are crucial to the survival of its ecosystem.

Apart from vetting the data centers and inducting them into the network, it oversees the nodes to search for erratic occurrences. The working mechanism is straightforward. The system looks for statistical deviation of the nodes and, once it spots a fault, fixes it. Nodes that misbehave will receive sanctions and even cut out from the network.

Every data center that runs nodes in the chain is rewarded with ICP tokens, which the NNS creates. Other participants rewarded with new tokens include the neurons voting on proposals that would change the ecosystem. Before choosing a proposal, the neurons have to cast their votes, and new tokens are the reward for participating.

Use Cases

The internet is a formidable tool that developers, businesses, and individuals use to build, sell and publish their content. ICP is altering the existing way of doing things on the internet by incorporating better opportunities.

Instead of developers using centralized tools that are prone to a single point of failure and other issues, developers will build their enterprise systems and websites with the innovative tools accessible on Internet Computer. This takeover attempt will unleash massive numbers of open internet platforms and decentralized apps on the internet. When Internet Computer will finish its plans, internet-based services and platforms will no longer depend on the servers of centralized tech bodies.


Internet Computer live price
Internet Computer
price change

When you consider that ICP is less than a year old, at the time of writing this, it has made a name for itself, and this may be due to several reasons. The platform gets backing from notable names in the blockchain realm, making it easily acceptable by many. Its technology intends to disrupt the internet, which is intriguing to watch.

Stay up to date with our latest articles

More posts

Cynthia Lummis Drops Reveal Date for Landmark Crypto Legislation

Senator Cynthia Lummis (R-WY) has given a specific date for when her long-awaited crypto regulator bill will be unveiled. The legislation will help to sort cryptocurrencies under appropriate regulatory labels and federal jurisdictions. According to a tweet from the senator on Friday, the final version of her bill will be released on Tuesday, June 7th. Lummis has spent months working on the bill alongside Senator Kirsten Gillibrand (D-NY), announcing it as early December 2021. The bill will reportedly provide sweeping…

Cardano Founder Lobbies for Favorable Laws in Washington

Cardano Founder Charles Hoskinson has shared details of a week-long trip to Washington D.C, where he met with US lawmakers to discuss crypto-related policies. In a Youtube video, Hoskinson related his conversations which he says are another step towards changing how regulatory entities view the crypto industry. Crypto Policies in Need of Major Work Charles Hoskinson has reportedly spent the past few days mulling over the best course for regulation. In fairness, Hoskinson has always pushed clarity in government interactions…

Terra Holders Approve Proposal to Burn 1B UST from Community Pool

Terraform Labs has announced plans to burn 1.3B UST from the community pool following a successful governance vote. After the "Rebirth of Terra" passed some days ago - the burn proposal is the latest in Terra's ultimate revival plan.  Terra will Absorb the UST Supply On Thursday, the burn idea, proposal 1747, passed with staggering support from the Terra community. 99.3% of participants in the vote (154.579 million) pushed for TFL to destroy a huge part of the UST supply. …

How Can You Determine the Rarity of an NFT?

The rarity of a non-fungible token (NFT) is one of the most often debated topics on the internet. The rarity of an NFT is one of the most critical elements in determining its value. Understanding how rarity works is a significant advantage for anyone investing in the NFT market. How can traders learn to measure this feature for any digital asset? Our guide today will share more insight on this critical aspect. Is It Possible to Measure Rarity? There has…

Twitter Agrees to Pay $150 million Fine for Invading Users’ Privacy

Twitter has consented to pay a $150 million sanction to the US Department of Justice (DOJ) and the Federal Trade Commission (FTC). The payment is a settlement for an invasion of privacy charge by the US government. The complainant maintained that Twitter had released users' private information to help advert companies target customers. The Breach Explained Per a complaint on Thursday, the Social Media behemoth allegedly retrieved customers' cell numbers and email info under false pretenses. According to the charge, …

Most NoCoiners Simply Don’t Understand Bitcoin, Finds Block Study

Jack Dorsey’s financial company Block has unveiled a survey from January examining top reasons that people don’t buy Bitcoin. The top reason, cited by 51% of respondents, was that they simply don’t understand it well enough. Conducted in partnership with Wakefield Research, the study surveyed 9500 people across 14 different countries. Besides the lack of knowledge, other common reasons for avoiding Bitcoin included cybersecurity risks (32%) and price volatility (30%). Among those that refused to buy Bitcoin despite sufficient knowledge,…

Federal Reserve Vice Chair Backs CBDC Issuance, Despite Republican Backlash

Lael Brainard – vice chairwoman of the Federal Reserve – showed support for a US CBDC at the House Financial Services Committee hearing on Thursday. She believes one could bring more efficiency to the financial system, but Republicans are staunchly opposed. Potential Need for a CBDC In advance of the hearing, Brainard issued a written statement discussing the pros and cons of a CBDC in the United States. When framing her argument, she first acknowledged the recent instability of private…

Binance, FTX and Others Pledge Support for Rebirth of Terra

Several of the world’s major exchanges have declared their support for Terraform’s reintroduction of the Terra chain as Terra 2.0. Likewise, participants in the network responded positively to the latest in a string of revival strategies from CEO Kwon Do-Hyeong. Terra Revival Plan Receives the Green Light Algorithmic stablecoin UST’s depegging kicked off a series of events that led to the Terra ecosystem’s record collapse. Although most of the crypto-industry had written off the project, Do-Kwon relentlessly pursued its salvation.…

1inch Integrates With Travala to Allow Travel Bookings With 1INCH Token

The popular DEX aggregator 1inch has entered a partnership with Travala.com to integrate 1INCH token into its platform. Holders will be able to book homes, hotels, airlines, and other activities using the governance token. According to a blog post from 1INCH, the partnership is meant to boost 1INCH token’s adoption and expand awareness of the network. Like other governance tokens, it allows for users to vote on the protocol’s parameters in a relatively decentralized fashion. It also expands its utility…

Ethereum Beacon Chain Experiences 7 Block Reorg: Here’s What That Means

On Wednesday, the Beacon Chain – the core of the Ethereum 2.0 ecosystem – experienced a blockchain reorganization 7 blocks deep. That means that 7 blocks worth of its most recent transactions were effectively reversed on Wednesday. The Meaning of Blockchain Reorgs A blockchain reorganization occurs when nodes cannot agree on the canonical order of blocks. This can be caused by a number of factors, which differ between proof of work and proof of stake systems. Ethereum co-founder Vitalik Buterin…