Table of Content
- What exactly is the DFINITY Foundation?
- What Is the Internet Computer’s Distinctive Characteristic?
- Who is in charge of the Internet Computer Network’s nodes?
- What is the speed of the Internet computer network?
- What Is the Purpose of the ICP Token?
- What Purpose Do Cycles Serve?
Internet Computer Crypto is the first blockchain globally that operates at web speed and has limitless capacity. Bitcoin and Ethereum are the third significant blockchain invention – the blockchain computer that scales smart contract computation and data executes them at web speed, processes and stores data effectively, and offers robust software frameworks to developers. By doing this, the Internet Computer allows the entire reimagination of software, paving the door for a revolutionary new method to create tokenized internet services, pan-industry platforms, decentralized financial systems, and even conventional business systems and websites. Dominic Williams launched the project in October 2016, and it sparked significant attention in the crypto community.
Andreessen Horowitz, Polychain Capital, SV Angel, Aspect Ventures, Electric Capital, ZeroEx, Scalar Capital, Multicoin Capital, and many early Ethereum supporters invested $121 million in DFINITY. Approximately 50,000 registered users received ICP utility tokens via an airdrop in 2018. On December 18, 2020, DFINITY launched the Internet Computer’s Alpha Mainnet. On May 10, 2021, DFINITY released the Internet Computer Crypto into the public domain as the last step toward decentralization. This significant milestone means that the internet now functions as a decentralized global computer, as evidenced by the public release of all of the Internet Computer’s source code. The ICP utility token enables tens of thousands of community members to manage the Internet Computer network.
Dominic Williams is DFINITY’s Founder and Chief Scientist. He is a crypto theorist, serial entrepreneur, and early member of the Bitcoin and Ethereum technical communities. He invented Threshold Relay, Probabilistic Slot Consensus, and other new crypto methods. He was formerly the President and Chief Technology Officer of String Labs. a venture-backed crypto project incubator, an early DeFi pioneer at Mirror Labs, and the Founder and CEO of Fight My Monster, a children’s MMO game that grew to millions of players. He has established numerous companies, including System7, Airdocs, and Smartdrivez. Graduated first in class in computer science from King’s College London.
What exactly is the DFINITY Foundation?
The DFINITY Foundation fostered and launched the Internet Computer, a non-profit scientific research organization based in Zurich, Switzerland, which includes the world’s top cryptographers, distributed systems, and programming language experts and has nearly 100,000 academic citations and 200 patents. * Jan Camenisch, Ph.D. (VP of Research) – internationally known cryptographer and privacy * Andreas Rossberg, Ph.D. (Principal Engineer and Researcher) – co-creator of WebAssembly and former Google Chrome V8 engine team leader(Director of Engineering)- former Google Sr Staff Software Engineer responsible for scaling YouTube The DFINITY Foundation will now be one of several organizations dedicated to developing and sustaining the Internet Computer network after its public debut on May 10, 2021.
What Is the Internet Computer’s Distinctive Characteristic?
The Internet Computer’s goal is to expand the public internet such that it may also serve as the world’s computing platform. The internet now links everyone and everything, yet systems and services are still operated on private infrastructure. The scientific accomplishment underpinning the Internet Computer Crypto is Chain Key Technology, which comprises hundreds of complex technologies such as novel Consensus, Non-Interactive Distributed Key Generation (NI-DKG), Network Nervous System (NNS), Internet Identity, and so on. Chain Key Technology is a collection of cryptographic protocols that orchestrates the Internet Computer’s nodes. It is one of the fundamental innovations that enabled the Internet Computer to have a single public key. This is a significant benefit since it allows any device, even smartwatches, and mobile phones, to verify Internet Computer artifacts. Traditional blockchains do not provide this functionality. The single public key is just the tip of the iceberg: Chain Key Technology is the engine that powers the Internet Computer and enables it to function. It allows the network to scale infinitely by adding new nodes to form new subnets; without ever pausing, replacing defective or crashed nodes with fresh ones resurrecting subnets even after too many nodes inside them have failed; and seamlessly upgrading the Internet Computer Protocol, allowing the network to fix bugs and add new features. The DFINITY R&D team developed a novel non-interactive key resharing mechanism. Each previous signer has to send a single message to the new signers. Many sophisticated cryptographic techniques, such as encryption with forwarding secrecy and non-interactive zero-knowledge proofs, are used to guarantee that this is done safely. The key resharing protocol is suitable for an asynchronous environment since it is non-interactive, and the advantages include critical retention. A single public key is used to identify a subnet throughout its lifespan, so other Internet computer parties do not have to keep track of changing public keys.
Who is in charge of the Internet Computer Network’s nodes?
On May 10, 2021, the Internet Computer is backed by 48 separate data centers spread throughout North America, Europe, and Asia, each hosting 1,300 nodes. The network will continue to expand exponentially to support the next generation of mega apps, with 123 data centers hosting 4,300 nodes planned by the end of the year and ultimately thousands of data centers hosting millions of nodes to support the Open Internet’s decade-long construction. Importantly, anybody may become a node provider; interested parties apply to the Network Nervous System (NNS) for a Data Center ID (DCID), acquire specialized machine nodes, install the ICP protocol, and join the Internet Computer network.
What is the speed of the Internet computer network?
Chain Key Technology, a technological discovery, enables the Internet Computer Crypto to operate at web speed, where query calls execute in milliseconds and update calls take 1-2 seconds to complete. More significantly, the Internet Computer at Genesis will have a block rate of 2.5 blocks per second (bps), rapidly increasing to an industry-leading bps of 10.3 bps and 1,000 bps by the end of the year. When a user browses the forum on an open version of Reddit operating on an Internet computer, personalized views of the hosted material are formed and delivered into their web browser by executing query calls, which run in milliseconds on a nearby node, giving a great user experience. However, if a user wants to make an occasional post or provide a token tip to the author, this would need update calls, which would take 1–2 seconds.
What Is the Purpose of the ICP Token?
ICP are native utility tokens that provide three crucial functions in the network:
Facilitating Network Governance: ICP tokens may be locked to form neurons that vote to participate in network governance and receive economic incentives.
ICP offers a source store of value that can be transformed into cycles, which power computation in the role of fuel that is burnt when utilized. The NNS translates ICP to processes at a variable rate, which is designed to guarantee that network users may always generate fresh cycles at a near-constant cost in real terms, ensuring that the cost of obtaining fuel is predictable.
Rewarding Participants: The network produces fresh ICP to reward and incentivize individuals who play vital roles in allowing the network to run, such as a) giving voting incentives to those who participate in governance and b) providing voting rewards to those who operate the network’s node machines, and c) performing other miscellaneous tasks.
What Purpose Do Cycles Serve?
Cycles power computing as a fuel source. They also have a consistent value over time, unlike ICP, whose value will naturally fluctuate over time. Furthermore, Cycles will be linked to the SDR, a logical currency unit established by the International Monetary Fund, and 1 SDR equals one US dollar.