Getting to Know the Internet Computer (ICP) and How It Works

Internet Computer (ICP) is one of the most ambitious and innovative blockchain projects today. The project aims to create a fully decentralized web3.0, where users can create and run online applications without intermediaries or restrictions. Thus, ICP challenges Big Tech's dominance and offers a new vision for the internet world.

Understanding Internet Computer (ICP)

Internet Computer (ICP) is a blockchain protocol that serves as a public computing layer on the internet. The protocol allows developers to build and deploy web applications called canisters, which run directly on the blockchain network without the need for servers, clouds, or other infrastructure.

A canister is a collection of code and data that other users and applications can interact with through a web interface. Canister has the decentralization, security, and scalability inherent nature of blockchain. Canisters can also communicate with each other via cross-caister calls, which enables the creation of an ecosystem of interconnected web applications.

Internet Computer (ICP) is also the native token name of the protocol. ICP tokens have three main functions:

ICP Convertible

ICPs can be converted into cycles, which are units of fuel that are burned to power canister computing. Thus, ICP creates deflationary pressure, as the number of tokens decreases over time.

ICP holders can support protocol development

ICPs can be stacked in a Neural System Network (NNS), which is the DAO that governs Internet Computer protocols. By stacking ICPs, users can create neurons that produce voting rights and rewards. Neurons can be used to propose, support, or reject changes to protocols, such as network parameters, code updates, and resource allocation.

Store of Value

ICPs can serve as a store of value, for example allowing users to invest in decentralized sales run by web3 services.

Why was the Internet Computer Invented?

The Internet Computer was created to overcome some of the problems and limitations faced by the internet today. Some of them are:

• Big Tech dominance: Big tech companies like Google, Facebook, Amazon, and others have great control over the internet, both in terms of infrastructure, data, content, and services. This threatens the privacy, freedom, and innovation of Internet users, and creates risks of centralization, censorship, and monopoly.
• Complexity and cost of web development: To create and run web applications today, developers have to face various challenges, such as selecting and integrating various technologies, renting and managing servers or cloud services, securing and maintaining code and data, and complying with different regulations and standards. All of this adds to the cost, time, and difficulty of web development, as well as reduces the quality and performance of the application.
• Blockchain limitations: Although blockchains offer decentralized and transparent solutions for various use cases, they also have some limitations, such as low scalability, low interoperability, poor user experience, and lack of support for complex and dynamic web applications.

Internet Computer aims to address these issues by providing a web3.0 platform that can support almost any type of online application, from social media to e-commerce, gaming, to DeFi, without the need to rely on third parties or traditional technologies. Thus, Internet Computer hopes to elevate the internet into a more open, fair, and innovative public space.

How Does Internet Computer Work?

Internet Computer runs on a network of dedicated machine nodes, which are installed in independent data centers by independent node providers around the world. These machine nodes are connected to each other using the Computer Internet Protocol (ICP), which provides consensus, communication, and computing for the network.

The Internet Computer network consists of several blockchain subnets, each of which is a collection of machine nodes that work together to validate and process transactions. Each subnet adds additional capacity to the network, which means it can host more canisters, compute, and data. However, subnets are invisible to canisters or hosted users, as they can move between subnets without disrupting their functionality or availability. Internet Computer uses proof-of-stake consensus similar to the Ethereum blockchain. Internet Computer has several unique features that increase its security, efficiency, and flexibility.

Advantages of Internet Computer (ICP)

Internet Computer also has several advantages over other blockchains in terms of web application development and use, such as:

Motoko 

It is a new programming language developed by DFINITY Foundation, designed specifically for Internet Computers. Motoko has a simple and elegant syntax, as well as features that make it easy to create canisters, such as automatic memory management, object-oriented programming, and support for rich data types.

RUST and C 

RUST and C are popular programming languages that are also supported by Internet Computers. RUST and C have advantages in terms of performance, reliability, and expressiveness, and have a large and active developer base.

Canister 

Canister is an alternative to smart contracts, which has several disadvantages, such as gas costs, complexity, and functional limitations. A canister is a self-contained, scalable capsule that can contain unlimited code and data, and has the ability to communicate with other canisters asynchronously and atomically.

Conclusion

Internet Computer has attracted a lot of attention and interest since its launch in May 2021. At the time, ICP reached a high price of around $428, making it one of the largest crypto tokens in the world.

How to Buy ICP on Bittime

You can buy and sell ICP in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappbeti. ICP is available on Bittime with ICP IDR pairing.

To be able to buy ICP/IDR tokens on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, then you can make ICP purchases in the application. Complete Guide on How to Buy ICP on Bittime.

Monitor the price chart movements of Internet Computer (ICP), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

Internet Computer (ICP) Price Experiences Correction, Will It Go Back Up?

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DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.