Internet Computer (ICP) is known as a cryptocurrency or digital token that allows users to create applications, websites and other web-based services. The cryptocurrency was created by the Dfinity Foundation and is backed by venture capital firms Andreesen Horowitz and Polychain Capital.
One way to create the network that is the basis of cryptocurrency is that it can be used in an even more decentralized manner. ICP can be thought of as a decentralized network of computers that can run a new or different version of applications on the web. For this reason, the founder of the project says that it has the capacity to challenge internet platforms such as Google, Facebook and Amazon Web Services. There are decentralized finance applications mostly called DeFi (Decentralized Finance) in the market. DeFi applications can use cryptocurrency to replicate (or replace) common financial processes.
He says that given Dfinity’s highly decentralized network, Internet Computer will be able to scale its capacity with increases in demand. Therefore, it is better to think of the Internet Computer not as a cryptocurrency (in the typical currency sense) but as a network that uses blockchain technology to power applications.
Internet Computer (ICP) is known as the world’s first blockchain that operates at web speed with unlimited capacity. It also represents the third major blockchain innovation, alongside Bitcoin and Ethereum, a blockchain network that scales smart contract computation and data, runs them at web speed, processes and stores data efficiently, and provides developers with powerful software frameworks. By making this possible, Internet Computer enables a complete rethinking and delivery of software – in other words, a revolutionary new way to create tokenized internet services, pan-industry platforms, decentralized financial systems and even traditional enterprise systems and websites.
The Internet Computer (ICP) project was founded by Dominic Williams in October 2016 and has received significant attention from the crypto community. DFINITY has raised a total of $121 million from contributors and several notable Ethereum backers, including Andreessen Horowitz, Polychain Capital, SV Angel, Aspect Ventures, Electric Capital, ZeroEx, Scalar Capital, and Multicoin Capital. In 2018, more than 50,000 registered participants received ICP utility tokens via Airdrop.
On December 18, 2020, DFINITY launched Internet Computer’s alpha mainnet. On May 10, 2021, DFINITY made its Internet Computer publicly available in a step towards decentralization. This major milestone means that the Internet now functions as a decentralized global computer, signified by the ICP utility making all of Internet Computer’s source code publicly available, allowing tens of thousands of community members to manage the Internet Computer network.
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