What is Cryptocurrency about? The sharp eyed among us may have noticed that there’s a brand new entrant in the CoinMarketCap rankings. New Cryptos are announced every other day, but acquiring such a huge market share in a matter of 2 days; that’s unheard of. ICP is going places! What is ICP?
What Is This New Cryptocurrency Called ICP?
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What is Internet computer about?
A new cryptocurrency called Internet Computer Price (ICP) made an earth shattering debut this week, becoming one of the largest digital coins after its value skyrocketed to $45 billion. The coin, developed by the Dfinity Foundation, a nonprofit in Zurich, Switzerland, is already becoming a competitor to other hot cryptocurrencies like Ethereum and Bitcoin.
Seemingly overnight, Internet Computer became the world’s eighth-biggest cryptocurrency. At the time of writing, a single coin is worth $338.92, and it’s got a market cap of $41.5bn.
Launched by Dfinity after more than five years of development, this platform is designed to deliver smart contracts that run at internet speeds.
It is intended to rival tech giants such as Amazon Web Services and Facebook, giving social media users a way of side-stepping corporations.
Although an altcoin suddenly gaining such a whopping valuation in a matter of days may seem suspicious, it is worth noting that the project has been supported by Andreessen Horowitz — a company that has previously invested in the likes of Pinterest, Slack, Facebook and Instagram.
The coin, developed by the Dfinity Foundation, a nonprofit in Zurich, Switzerland, is a competitor to other hot cryptocurrencies which have been around for years. Internet Computer debuted at a price of $731 on Monday then dropped to $146 within minutes before rebounding somewhat. Two days later, the coin was priced at about $280, down 60% from its big debut, but still with a total market capitalization of $34.6 billion.
For reference, Bitcoin is valued at $53,180, with a market capitalization of $988.9 billion, and Ethereum is priced at $4,095 and is valued at $470.7 billion.
“There has been a parabolic rise of Internet Computer,” said Linda Kreitzman, assistant dean at University of California at Berkley’s Haas School of Business who helps oversee the Berkeley Haas Blockchain Initiative. “But the broader ramification is that money is flowing into the crypto market and there’s a mass adoption of crypto.”
Internet Computer is just the latest cryptocurrency creating a huge buzz. Just a few days ago it was Dogecoin, boosted by Tesla CEO Elon Musk. And a few days after that it was Shiba Inu.
What’s happening?
What Are Dogecoin (DOGE), Shiba Inu (SHIB) & Internet Computer (ICP)?
They are cryptocurrencies. But, what is cryptocurrency about, really?
Cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that the company provides. Think of them as you would arcade tokens or casino chips. You’ll need to exchange real currency for the cryptocurrency to access the good or service.
Dogecoin, Shiba Inu and Internet Computer are cryptocurrencies.
Dogecoin (DOGE)
What Is Dogecoin?
Dogecoin (DOGE) is based on the popular “doge” Internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience, since it was based on a dog meme. Tesla CEO Elon Musk posted several tweets on social media that Dogecoin is his favorite coin.
How Do You Mine Dogecoin?
Dogecoin differs from Bitcoin’s proof-of-work protocol in several ways, one of which is by using Scrypt technology. The altcoin has also a block time of 1 minute, and the total supply is uncapped, which means that there is no limit to the number of Dogecoin that can be mined. You can mine Dogecoin either solo, or by joining a mining pool. A Doge miner can mine the digital currency on Windows, Mac or Linux, and with a GPU. As of 2014, you can also mine Litecoin in the same process of mining Dogecoin, as the processes were merged.
What Can Dogecoin Be Used For?
Dogecoin has been used primarily as a tipping system on Reddit and Twitter to reward the creation or sharing of quality content. You can get tipped Dogecoin by participating in a community that uses the digital currency, or you can get your Dogecoin from a Dogecoin faucet. It can be used for trading and making huge profits.
Shiba Inu (SHIB)
What Is SHIBA INU (SHIB)?
Once upon a time, there was a very special dog. That dog was a shiba inu, and this dog inspired millions of people around the world to invest money into tokens with the dog’s image on it.
According to the SHIBA INU website, SHIB is the “DOGECOIN KILLER” and will be listed on their own ShibaSwap, a decentralized exchange.
Who Are the Founders of SHIBA INU?
The SHIBA INU WoofPaper has three reasons why their team created SHIB:
- “We started from zero, with zero.”
- “The brilliant minds behind Shib had never collaborated before.”
- “We love Shiba Inu Dogs.”
What Makes SHIBA INU Unique?
The SHIBA INU website invites dog-inspired artists from all over the world to foster the “artistic Shiba movement” as they bring their SHIBA INU community into the NFT market.
SHIBA INU has also created a campaign using Amazon Smile in order to collect donations for rescue real, live Shiba Inu dogs with the Shiba Inu Rescue Association.
What’s the use of the Crypto SHIB today?
It’s going through the roof, literally. Check out the small screenshot from CoinMarketCap. You will see that it has increased by an astounding 2,32,650% in the last 90 days. Just to explain this figure… if you had invested $1 in Shiba Inu (SHIB) 3 months ago, it would have been $232,650 today. That’s a quarter of a million dollars. Now, do you understand why crypto enthusiasts are going crazy over this currency?
Internet Computer Price (ICP)
What is Internet Computer about? Internet Computer is the world’s first blockchain that runs at web speed with unbounded capacity. It also represents the third major blockchain innovation, alongside Bitcoin and Ethereum — a blockchain computer that scales smart contract computation and data, runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers. By making this possible, the Internet Computer enables the complete reimagination of software — providing a revolutionary new way to build tokenized internet services, pan-industry platforms, decentralized financial systems, and even traditional enterprise systems and websites.
It’s named ICP for short, and is the abbreviated form for Internet Computer Price. It’s the newest addition to the world of cryptos, and one that is bound to generate a lot of interest in the coming days.
What is Internet Computer?
Internet Computer is a digital token that runs on its own proprietary protocol called Internet Computer Protocol, which is supposed to let anyone build software or publish content on the Internet without using services from big companies like Amazon, Google, or Facebook. The protocol, according to Dfinity founder Dominic Williams, provides a “hackproof platform,” reduces costs “dramatically,” and is interoperable. He also says that the protocol is intended to make the Internet “fun again,” by allowing people to build a “new open Internet” and give users a “better deal.”
The idea is similar to other blockchain cryptocurrencies that use smart contracts, or computer codes that serve as a kind of agreement between parties, to exchange currencies.
Where Did Internet Computer Cryptocurrency Come From?
Dfinity was founded in 2016 by Williams, a serial entrepreneur and Dfinity’s chief scientist. It has 188 employees in the U.S., U.K, Japan, and Germany, and three research centers in Palo Alto, Calif., San Francisco, and Zurich. The startup’s goal is to reinvent the Internet “as a computer that hosts secure software with superpowers,” or basically create a more open Internet that lets more people build on it and reverse “Big Tech’s monopolization.”
Dfinity is backed by investors including Andreessen Horowitz, Polychain Capital, Amino Capital, Aspect Ventures, and Eterna Capital.
Why is Internet Computer (ICP) So Popular?
Internet Computer boasts both a big team and big investors, a sort of seal of approval that makes it more attractive to cryptocurrency buyers. But beyond that, it’s just the new toy for a growing number of enthusiasts to play with and it has a “cool name,” Kreitzman said.
“The timing plus the name choice have created the perfect situation for an explosive debut,” she said. But Kreitzman said it’s still too early to fairly judge Internet Computer and its protocol. “I don’t think anyone can tell in just two or three days.”
The cryptocurrency ICP that shot to a more than $45 billion valuation since it began trading on Monday could be just the tip of the iceberg for a new type of blockchain that hopes to remake how people interact with the world wide web.
While the surge in the value attracted headlines, the Internet Computer project run by the Dfinity Foundation and its founder Dominic Williams has actually been in development for several years. The goal is twofold – to improve the slow pace of most blockchain technology and remove gatekeepers like Amazon Web Services as the centralized, for-profit entities that both blockchain and websites rely on. The token, dubbed Internet Computer Price, or ICP, allows holders to govern the network.
The Basic Building Blocks of the Computer & the Internet
A lot of us are newbies when it comes to crypto. And rightly so. Cryptos are extremely volatile and if one can earn a lot of money quickly, you can lose a huge amount equally fast too.
But now the cryptocurrency space is expanding and alongwith NFTs and other digital assets, these are fast becoming household names. There is a huge amount of profit to be made as compared to traditional assets such as stocks and bonds, or even real estate.
What is internet business about? What is internet marketing about? And what is internet and marketing about? So get to know what computers and the internet are, by visiting the resources given below.
You can visit the Computer History Museum for more information about the history of computing:
If you need to understand the very basics about the internet, then you could take a look at the Evolution of the Internet by clicking below:
Now, before we go any further, you need to decide whether this Cryptocurrency thing works for you or not. The fact is that it is producing millionaires every day. But people do lose a lot of money in Cryptos when they invest unwisely.
So if you wish to get started, you would need to join an exchange like CoinDCX that is basic, secure, and not too complicated. There are hundreds of exchanges where cryptos can be traded, but you need one that has all the necessary features, but not an overload of information.
There are many more exchanges like Binance, Wazir X, Coinbase, Kraken, Robinhood, eToro, crypto.com, and hundreds of others. But even I find it difficult to figure the bigger ones out. I use CoinDCX for its simplicity. It gets me what I want. And does not complicate the whole thing with features that even the most expert traders don’t need.
The process is simple enough. You sign up on an exchange (or trading platform), and add some money in your account. It will require you to provide some identification. And then you are done.
At first, add a few hundred dollars in your account and learn the ropes. Only when you are comfortable and confident should you increase your portfolio.
You can sign up for CoinDCX Cryptocurrency Exchange below:
If you, however, wish to join the largest exchange in the world, you can sign up on Binance Exchange:
Another popular and reliable exchange is Crypto.com:
Who Is The Founder of Internet Computer?
Dominic Williams is the Founder and Chief Scientist of DFINITY. He is a crypto theoretician, responsible for inventing Threshold Relay, Probabilistic Slot Consensus, and other novel crypto techniques, serial entrepreneur, and early member of the Bitcoin and Ethereum technical communities.
Previously, he was President and CTO of String Labs, an incubator for venture-backed crypto projects, early pioneer of DeFi at Mirror Labs, and Founder and CEO of Fight My Monster, a MMO game for children that scaled to millions of users. He also founded several startups such as System7, Airdocs and Smartdrivez. Graduated King’s College London 1st in Class in Computer Science.
Listen To Dominic Williams, the Founder of ICP, Explain The Concept
Ethereum Blockchain
The Ethereum blockchain has become the world’s most used, but it is considered slow due to how its software is stored on thousands of separate, but linked, computers all around the world that have to agree on the state of the network. That means Ethereum processes about 30 transactions per second. And while Ethereum is decentralized, the computers running its network rely on cloud-based computing services from tech giants like Amazon and Google.
“The problem Dfinity is addressing extends beyond just blockchain technology,” Mira Christanto and Wilson Withiam, analysts at Messari, wrote in a research note this week. “It’s addressing the issues plaguing traditional internet, such as relatively low data security and an oligopoly consisting of big tech companies.”
What’s The Similarity Between Ethereum & Internet Computer Price (ICP)?
Both Ethereum and the Internet Computer are base level protocols, meaning they are the backbone that applications run on. They are both based on nodes, the computers that run the software that creates the linked global network.
On Ethereum, smart contracts are created by developers to execute code for anything from creating a new cryptocurrency to operating a decentralized exchange or minting the newest non-fungible token. Ethereum users must use Ether, the cryptocurrency, to pay for transactions. It’s open source, meaning any developer who wants to work with it has access. Ether reached its all-time high of $4,379 on May 12 and has gained an astounding 445% this year.
Unlike Ethereum, which looks to provide the technology stack for decentralized applications (DApps) primarily concerned with moving and using digital assets (like ETH and ERC-20 tokens), the Internet Computer is tasked with replacing the traditional internet by allocating special identities to data centers and using transferring the ICP’s governance over to the end-users.
On one side, Ethereum uses smart contracts to automatically enforce agreements and actions. The Internet Computer, on the other hand, uses canisters; which are very similar to smart contracts, but are built to be ultra-scalable.
Beyond this, the two platforms differ considerably in their speed and efficiency. While Ethereum currently suffers from relatively high transaction fees and slow transaction confirmation times (largely due to congestion), the Internet Computer’s massive throughput ensures it is able to achieve absolute transaction finality in 5-10 seconds, with practically unlimited scalability thanks to the innovation of threshold relays.
With that in mind, these performance advantages are seen when comparing the Internet Computer to the current state of Ethereum. With the gradual roll-out of Ethereum 2.0, these differences could change considerably.
Internet Computer is taking the Ethereum approach but applying it to the internet in general. It wants to allow developers to launch their software directly to its network that it claims can’t be controlled or manipulated by corporations like Google, Twitter, Facebook or Amazon.
Like Ethereum, this platform would allow developers to run computing applications on decentralized infrastructure,” Christanto and Withiam wrote. “Unlike Ethereum, the IC intends to offer companies the efficiency to run these applications at scale and the flexibility to build them to fit a particular user base’s specific needs, e.g. privacy.
Olaf Carlson-Wee, the founder of cryptocurrency investment firm Polychain Capital, first bought ICP tokens about three years ago, he said in an interview. The cryptography breakthroughs Williams and the Dfinity team made are what first caught his attention.
Dfinity
“Dfinity is at the centre of the most important technology launched since Ethereum,” Olaf said. “People like me in the crypto world recognize the magnitude of the technology breakthroughs Dfinity represents.”
The network is only four days old, however, so it doesn’t have a broad developer community behind it comparable to Ethereum or many applications that run on its system. The data centers that host Dfinity nodes will be open to anyone who has the technical skill and hardware necessary to meet the Internet Computer’s standards, Carlson-Wee said.
Even with the changes Ethereum is going through to improve its speed and performance, it won’t be able to compete with what the Internet Computer will enable, he said. “Dfinity will enable novel types of apps that aren’t possible to build on any other blockchain”.
The bottom line is that blockchain technology is innovating right in front of us. If all that is being said is true, it may just be a matter of a few months before everything starts to shift to this new tech. Just imagine where the prices of the token may go then. Do you want to be left out?
Roveen
According to Messari, Dfinity is trying to tackle issues related to the traditional internet — enabling developers to build and host software without having to rely on big-tech monopolies that have a vice-like grip on user data… pointing to the high-profile clashes that Zynga has had with Facebook, and Fornite has had with Apple.
Messari’s report, written by Mira Christanto and Wilson Withiam, added:
“Dfinity is one of the most tenured and well-funded smart contract platforms in crypto. Yet it is also one of the least understood. Most of Dfinity’s obscurity is due to its technical complexity and abstract vision. The launch of their token and finally open sourcing their code will create more interest and understanding in the project.”
Mira & Wilson
ICP Price Live Data
The live Internet Computer price today is $314 INR with a 24-hour trading volume of ₹62,602,777,447 INR. Internet Computer is up 9.81% in the last 24 hours. The current CoinMarketCap ranking is #8, with a live market cap of ₹3,022,903,895,260 INR. It has a circulating supply of 123,747,068 ICP coins.
What Exactly is Internet Computer (ICP)?
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The Internet Computer is the world’s first blockchain that runs at web speed with unbounded capacity. It also represents the third major blockchain innovation, alongside Bitcoin and Ethereum — a blockchain computer that scales smart contract computation and data, runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers. By making this possible, the Internet Computer enables the complete reimagination of software — providing a revolutionary new way to build tokenized internet services, pan-industry platforms, decentralized financial systems, and even traditional enterprise systems and websites.
The project was founded in October 2016 by Dominic Williams, and attracted notable interest from the crypto community. DFINITY raised a total of $121 million from contributors such as Andreessen Horowitz, Polychain Capital, SV Angel, Aspect Ventures, Electric Capital, ZeroEx, Scalar Capital, and Multicoin Capital, and several notable early Ethereum supporters. In 2018, over 50,000 registered participants received ICP utility tokens in an airdrop.
On December 18, 2020, DFINITY launched the alpha mainnet of the Internet Computer. In a final step towards decentralization, on May 10, 2021, DFINITY launched the Internet Computer into the public domain. This major milestone means that the internet now functions as a decentralized global computer — marked by the release of all of the Internet Computer’s source code into the public domain, as well as ICP utility token allowing tens of thousands of community members to govern the Internet Computer network.
The Internet Computer is an open-source crowd computing platform built by the DFINITY Foundation that is designed to address some of the major challenges faced today with the traditional internet of today — such as poor system security, monopolization of internet services and misuse of personal user data.
It is set out to build a modern internet capable of hosting practically any scale of application — ranging from simple smart contracts and DeFi applications to pan-industry platforms and enterprise systems. The system is theoretically capable of hosting “all of humanity’s software logic and data in smart contracts.”
The project was founded and first announced in 2015, and conducted several funding rounds throughout 2018 — raising a total of $195 million. The growth and development of the Internet Computer is currently being overseen by the DFINITY Foundation, a non-profit based in Zurich, with offices in Palo Alto, San Francisco, Tokyo and remote teams globally.
Beyond this, the platform is currently being further established by an extensive community of developers, who are able to use DFINITY’s developer resources to build and launch their own software on the internet computer.
How Does the Internet Computer Work?
The Internet Computer is built on a novel decentralized protocol known as Internet Computer Protocol (ICP), which combines the collective computing power of a large number of computer nodes to produce a single unified computer platform capable of supporting applications of any scale and complexity.
With the Internet Computer, smart contracts are segregated into secure code units, known as “canisters,” which are the computational units that function as individual applications or functions. End users are able to interact with these canisters through an entry point — and their user experience will be much like the internet of today.
Unlike the traditional internet, the Internet Computer will directly host and serve applications and data on-chain, rather than relying on centralized infrastructure. At its base layer, a network of data centers can launch nodes running the ICP protocol. These nodes can then be arranged into subnetworks that are used to host software canisters that users can interact with as part of their web experience.
As of March 2021, the platform launched its semi-public mainnet and data centers and developers are currently being onboarded. The ICP token isn’t yet trading on exchanges, but several ICP futures products (known as IOUs) are trading various exchange platforms — including MXC.
A 20-year roadmap for the project was recently revealed by the DFINITY Foundation, below we have included a summary of its goals.
- Within five years: schools will teach about the Internet Computer and Motoko (its programming language). Some open internet services will have achieved substantial success and there will be widespread understanding of what the ICP is.
- Within 10 years: The internet computer will be on a path to overtake big tech’s closed proprietary internet ecosystem; funds will continue to be redirected to the ICP from legacy internet companies; and DeFi will be on par with traditional financial technology.
- Within 20 years: The ICP will be bigger than the closed internet of today. Most of society’s crucial infrastructure will be hosted on it and individuals the world over will benefit from massively improved privacy and personal freedoms.
What Makes the Internet Computer Unique?
Unlike on competing platforms, the end user does not pay for the computational outputs of smart contracts (or canisters) on the Internet Computer. These canisters are pre-charged with “cycles” and instead pay for their own computations through something of a “reverse-gas” model.
This has several benefits. For one, users don’t have to own any cryptocurrencies to interact with the ICP — eliminating a significant barrier to entry. Users also don’t even need to know that the service they are interacting with is based on decentralized technologies, making the process a seamless experience to what they are accustomed to today.
Instead, data centers receive remuneration for their services in the form of ICP tokens. Some of these tokens are used to charge canisters with cycles. As the computational resource of the Internet Computer, cycles are gradually depleted with the use of each canister, and must be regularly replenished. The cost of each cycle will be set by the network’s governance system, and should tend towards a stable value over time.
This governance system, known as the Network Nervous System (NNS) was first revealed by the DFINITY Foundation in September 2020. The NNS is responsible for “controlling, configuring, and managing” the network. To participate in network governance, users will need to lock up ICP tokens for a given period of time. This process creates “Neurons” which entitle the user to voting on governance proposals to help shape the network and earn governance rewards
The Internet Computer is powered by a four-layered consensus mechanism based around proof-of-stake (POS). It consists of an identity layer, a random beacon layer, a blockchain layer and a notary layer. Together, these layers enable provable security and resistance to known attack vectors (like Sybil and 51% attacks) while maintaining decentralization and ensuring the network can scale to support millions of participants.
The Internet Computer project is being worked on by one of the most extensive teams in the crypto space, or to directly quote DFINITY, it is being built by the “industry’s most distinguished team of distributed computing engineers, cryptographers and operational experts.” Its development is led by DFINITY founder and chief scientist Dominic Williams — an experienced entrepreneur and crypto theoretician who pioneered DFINITY’s threshold relay and PSC chain technology.
What is the DFINITY Foundation?
The Internet Computer was incubated and launched by the DFINITY Foundation, a not-for profit scientific research organization based in Zurich, Switzerland, comprised of the world’s top cryptographers and distributed systems and programming language experts, with nearly 100,000 academic citations and 200 patents collectively.
Notable technologists at DFINITY include:
- Jan Camenisch, Ph.D. (VP of Research) – world-renowned cryptographer & privacy researcher, led IBM’s Cryptography / Research department for 19 years
- Andreas Rossberg, Ph.D. (Principal Engineer and Researcher) – the co-creator of WebAssembly and former team lead for the Google Chrome V8 engine
- Ben Lynn, Ph.D. (Sr Staff Engineer and Researcher) – world-renowned cryptographer and Google Engineer, the “L” in BLS cryptography, the key signature system being used in Ethereum 2.0
- Jens Groth, Ph.D. (Principal Researcher) – world-renowned cryptographer, known for pioneering non-interactive zero-knowledge proofs
- Timo Hanke, Ph.D. (Principal Researcher) – creator of AsicBoost, one of the few proven algorithmic optimizations for Bitcoin mining
- Paul Liu, Ph.D. (Staff Engineer) – architected Intel’s Haskell compiler and received his Ph.D. under Paul Hudak, a key designer of Haskell
- Johan Georg Granström, Ph.D. (Director of Engineering) – former Sr Staff Software Engineer at Google responsible for scaling YouTube system infrastructure After public launch on May 10, 2021, the DFINITY Foundation will now be one of many organizations committed to improving and maintaining the Internet Computer network.
What Makes the Internet Computer Unique?
The purpose of the Internet Computer is to extend the public internet, so it can also be the world’s compute platform. Today, the internet is a network that connects everybody and everything, but systems and services currently run from private infrastructure.
The scientific breakthrough behind the Internet Computer is Chain Key Technology, which encompasses dozens of advanced technology such as novel Consensus, Non-Interactive Distributed Key Generation (NI-DKG), Network Nervous System (NNS), Internet Identity, etc. Chain Key Technology consists of a set of cryptographic protocols that orchestrate the nodes that make up the Internet Computer. It is one of the fundamental breakthroughs behind the Internet Computer, enabling it to have a single public key. This is a huge advantage because it allows any device, including smart watches and mobile phones, to verify the authenticity of artifacts from the Internet Computer.
In contrast, this is not possible for traditional blockchains. The single public key is just the tip of the iceberg: Chain Key Technology is the engine that drives the Internet Computer and makes its operation possible. It allows for adding new nodes to form new subnets to scale the network infinitely; replacing faulty or crashed nodes with new ones without ever stopping; reviving subnets even if too many nodes within have failed; and upgrading the Internet Computer Protocol seamlessly, allowing the network to fix bugs and add new features.
The DFINITY R&D team has invented a new noninteractive key resharing protocol. Each of the old signers only needs to broadcast a single message to the new signers. To ensure that this is done securely, many concepts from advanced cryptography are utilized, including encryption with forward secrecy and noninteractive zero-knowledge proofs. Because it is noninteractive, the way the key resharing protocol operates is ideal for an asynchronous environment, and the benefits include key preservation. Throughout the lifetime of a subnet, it is known by a single public key, and the other parties on the Internet Computer do not have to keep track of changing public keys.
Who Runs the Nodes in the Internet Computer Network?
At Genesis on May 10, 2021, the Internet Computer is supported by 48 independent data centers — located across North America, Europe, and Asia — running 1,300 nodes. The network will continue to grow exponentially to support the next generation of mega dapps, with 123 data centers running 4,300 nodes scheduled by the end of the year, and eventually thousands of data centers running millions of nodes to support the decade-long building out of the Open Internet.
Importantly, anyone can become a node provider, interested parties apply for a Data Center ID (DCID) to the Network Nervous System (NNS), procure specialized machine nodes, install the ICP protocol, and connects to the Internet Computer network.
How Fast is the Internet Computer Network?
The scientific breakthrough called Chain Key Technology allows the Internet Computer to run at web speed — where query calls execute in milliseconds, and update calls take 1-2 seconds to finalize. More importantly, at Genesis, the Internet Computer will have a block rate of 2.5 blocks per second (bps), then quickly to an industry leading bps of 10.3 bps, and ~1,000 bps by end of the year.
In the case of an open version of Reddit running on the Internet Computer, when a user browses the forum, customized views of the hosted content would be formulated and served into their web browser by the execution of query calls, which run in milliseconds on a nearby node, providing a fantastic user experience. But when a user wishes to occasionally make a post, or provide a tip of tokens to the author of a post, this would involve update calls, which would take 1–2 seconds.
What Does the ICP Token Do?
ICP are native utility tokens that play three key roles in the network:
- Facilitating Network Governance: ICP tokens can be locked to create neurons that participate in network governance by voting, through which they can earn economic rewards.
- Production of Cycles for Compute: ICP provides a source store of value that can be converted into cycles; which power computation in the role of fuel that is burned when it is used. The NNS converts ICP to cycles at a variable rate, so chosen to ensure users of the network can always create new cycles at approximately constant cost in real terms, such that the cost of acquiring fuel is predictable.
- Rewarding Participants: The network mints new ICP to reward and incentivize those playing important roles that enable the network to function, including: a) the provision of voting rewards to those participating in governance, b) the provision of voting rewards; to those operating the node machines hosting the network, and c) other miscellaneous activities.
What Do Cycles Do?
Cycles power computation in the role of fuel. They also have a constant value over the long-term, which contrasts with ICP, whose value will naturally vary over time. Moreover, Cycles will be pegged to the SDR, which is a logical currency unit defined by the International Monetary Fund, and 1 SDR worth of ICP can be converted into exactly one trillion Cycles to power computation.
What Do Neurons Do?
A neuron locks a balance of ICP utility tokens and enables its owner to participate in network governance, through which they can earn voting rewards.
Who Are the Natural Buyers for ICP Tokens?
- Token Holders who want to participate in network governance and earn voting rewards
- Developers who need to convert ICP tokens into Cycles to pay for computation
ICP Token Supply and Tokenomics?
There will be 469,213,710 ICP tokens at Genesis. Circulating supply depends on the dynamics of the market. However, it is approximated to be 26% at Genesis. Genesis Initial State Token Allocations
- Early contributors: 9.50%
- Seed donations: 24.72%
- Strategic: 7.00%
- Presale: 4.96%
- Strategic partnerships: 3.79%
- Community airdrop: 0.80%
- Initial community and developer grants: 0.48%
- Node operators: 0.22%
- Internet Computer Association: 4.26%
- Team members: 18.00%
- Advisors and other third-party token holders: 2.40%
- DFINITY Foundation: 23.86%
How Does the Internet Computer Network Nervous System Work for Voting?
The NNS works by receiving proposals and deciding to adopt or reject them based on voting activity by neurons; that network participants have created. Neurons are also used by participants to submit new proposals. After submission, proposals are either adopted or rejected, which can happen almost immediately or after some delay, depending on how the totality of neurons vote.
What Are The Prominent Projects In The Internet Ecosystem?
Internet Computer launched with several high profile entrepreneurs and applications being built on it. These include:
DeFi
- Enso Finance – Decentralized exchange that has raised $5mn
- Tacen – A high-performance non-custodial exchange that has raised $2.5mn
- SailFish – A gateway to open financial services
Social
- Distrikt – A decentralized, professional social media network. It is the Open LinkedIn application shown off by DFINITY in Davos at WEF 2020 that is now being taken to market
- OpenChat – An open version of your standard chat app that is not owned by a large tech corporation
- CanCan – An open version of TikTok that shows the scalability and power of the Internet Computer
- Capsule – A decentralized social media platform which is safe from censorship that has raised $1.5mn
Infrastructure
- Fleek – Allows easy building of open web sites and applications. 14,000 websites already running Pan-Industry Platforms
- Origyn – A pan-industry platform for tracking the provenance of luxury goods, starting with luxury watches
ICP Price Statistics (May, 2021)
| Internet Computer Price | ₹24,389.22 |
|---|---|
| Price Change24h | ₹1,666.907.34% |
| 24h Low / 24h High | ₹19,930.07 /₹25,336.77 |
| Trading Volume24h | ₹62,602,777,446.8630.84% |
| Volume / Market Cap | 0.02071 |
| Market Dominance | 1.83% |
| Market Rank | #8 |
| Market Cap | ₹3,022,903,895,260.499.81% |
|---|---|
| Fully Diluted Market Cap | ₹11,461,992,406,411.979.81% |
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Are Cryptos Too Volatile For You?
We get that a lot!
Cryptos are not for everyone. After all, we all have differing appetites for risk. And here the risks are enormous, without a doubt. But then, so are the rewards. We love Cryptocurrencies, but that doesn’t mean that you love ’em too!
My #1 recommendation to those who wish to make money online, has always been a program that helps you set up a full-time business online through the Affiliate Marketing route.
It’s called Wealthy Affiliate.
What Is Wealthy Affiliate?
Long ago, I took action by investing in and starting with a training course called Wealthy Affiliate. It is the ULTIMATE foundation course for learning affiliate marketing and getting your online business set up. It takes work, but if you work, so does the system. Completely GENUINE and easily the best training you can get online. And did I forget to mention, it is FREE to join, and not even a Credit Card is required.
I always talk about getting into a system that teaches you as well as helps you get set-up with a workable system that can earn you money. Well, that is exactly what Wealthy Affiliate is. It helps you to learn and put into practice what they teach side-by-side. By the time you finish the training course, you also have a website fully-ready to make you money. Now that’s what I call a proper “money-making program”.
Wealthy Affiliate is not really a resource or a tool. It is a platform that trains you to become an affiliate marketer and also helps you side-by-side to set up a full-fledged business, while they take care of all the resources and tools that you need along the way. Find out what is Wealthy Affiliate about, and give it a go for FREE. It is, in fact, the best way to make money online.
Sign Up For Wealthy Affiliate
Wealthy Affiliate is totally FREE. Not even a credit card is required. They give you time to understand the Premium level of the program fully for 7 days, without spending anything. In addition, you get a website free along with hosting, security, SSL, and other benefits. Even after the 7 days free Premium trial is over, you can continue with the free website. Please go to the Wealthy Affiliate login here.
If you wish to upgrade to Premium later, you can do that as it obviously gives better tools & functionality within the platform. Or you can continue to learn and build your website, without paying anything at all.
Check out my Reviews or Signup for Wealthy Affiliate by clicking below:
Sign Up For Other Affiliate Marketing Programs
There are thousands of Affiliate Marketing Programs,Training Courses, Tools & Resources that you can choose from. My selected list of recommended programs is however not too long. It is given below in the order in which I rate the programs:
| Program | Type | Owner | Rating |
|---|---|---|---|
| Wealthy Affiliate | Affiliate Marketing & Website Development | Kyle & Carson | 9.9/10 |
| Authority Hacker (TASS) | Affiliate Marketing | Gael Breton | 9.5/10 |
| Income School 24 | Niche Websites | Jim & Ricky | 9.3/10 |
| Designrr | Ebook Software | Paul Bannister | 9.0/10 |
| Sqribble | EBook Software | Adeel Chowdhry | 9.0/10 |
| Speechelo | Text To Speech Software | Stoica Mihai | 9.0/10 |
| Jaaxy | Keyword Research Tool | Kyle & Carson | 8.8/10 |
| RA Wealth Partners | Financial Marketing | Tyler Gallagher | 8.7/10 |
| 2020 Super Bundle | Affiliate Marketing | Brendan Mace | 8.6/10 |
| Partnership To Success | Affiliate Marketing | John Thornhill | 8.4/10 |
| Rich Dad Summit | Online Seminars | Robert Kiyosaki | 8.2/10 |
| 12 Minute Affiliate System | Affiliate Marketing | Devon Brown | 8.1/10 |
| Legendary Marketer | Affiliate Marketing | David Sharpe | 8.0/10 |
| $1K A Day Fast Track | Affiliate Marketing | Merlin Holmes | 7.8/10 |
| Perpetual Income 365 | Affiliate Marketing | Shawn Josiah | 7.6/10 |
| Click Wealth System | Email Marketing | Matthew Tang | 7.5/10 |
| Salehoo | Dropshipping | Simon Slade & Mark Ling | 7.4/10 |
| Live Marketing HQ | Affiliate Marketing | Justin Atlan | 7.2/10 |
| Commission Hero | Affiliate Marketing | Robby Blanchard | 7.1/10 |
| Wolves Academy | Affiliate Marketing | Eric Ellis | 7.0/10 |
| Videly | Affiliate Marketing | Stoica & Vlad | 6.9/10 |
| Video Creatox | YouTube Marketing | Marc Christiansen | 6.6/10 |
| Elite Traffic Pro 2.0 | Email Lists | Igor Kheifets | 6.3/10 |
| Super Affiliate System | Affiliate Marketing | John Crestani | 6.0/10 |
| Magic Submitter | Affiliate Marketing | Alexander Krulik | 5.6/10 |
| CashBlurbs | Traffic Leads | Bryan Winters | 5.3/10 |
| Empire Free Traffic System | Traffic Leads | Fergal Downes | 5.2/10 |
| Udemy Courses | Online Courses | Gagan Biyani | 5.0/10 |
| Diddly Pay Pro | Free Traffic Generator | Bryan Winters | 4.7/10 |
| Recession Profit Secrets | Affiliate Marketing | Richard Pierce | 4.5/10 |
| Clickbank University | Online Courses | Eileen Barber | 3.5/10 |
| PayingSocialMediaJobs.com | Social Media Managing | Annie Jones | 3.0/10 |
| Millionaire Society | Turnkey Internet Businesses | Mack Michaels | 2.7/10 |
| PaidOnlineWritingJobs.com | Freelance Writing Jobs | Not Known | 2.4/10 |
| Swift | Free Traffic Generator | Venkata Ramana | 2.0/10 |
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FAQs
What is Internet about?
INTERNET stands for Interconnected Network that is a network system that connects millions of web servers. The full meaning of the INTERNET can also be explained by the bunch of websites of different organizations, schools, institutions and more. With the help of the INTERNET, the world is connected.
The most common types of internet connections include:
– DSL (digital subscriber line)
– cable broadband.
– fibre optic broadband.
– wireless or Wi-Fi broadband.
– satellite and mobile broadband.
– dedicated leased line.
What is Internet Explorer about?
Similarly Google Chrome and Firefox are also web browsers.
What is cryptocurrency about?
What are cryptocurrencies about? Cryptocurrencies are a form of payment that can be exchanged online for goods and services. Cryptocurrencies work using a technology called a blockchain. Blockchain is a decentralized technology spread across many computers that manage and record transactions. Part of the appeal of this technology is its security.
How many cryptocurrencies are there? What are they worth?
Name the Top 10 Cryptocurrencies?
These are the 10 largest trading cryptocurrencies by market capitalization as tracked by CoinMarketCap, a cryptocurrency data and analytics provider.
1. Bitcoin – $1.2 trillion
2. Ethereum – $263.4 billion
3. Binance Coin – $87 billion
4. XRP – $81.8 billion
5. Tether – $45.4 billion
6. Cardano – $44.7 billion
7. Polkadot – $39.3 billion
8. Uniswap – $18.8 billion
9. Litecoin – $18.1 billion
10. Stellar – $14.9 billion
But in the last two days, a new cryptocurrency called INTERNET COMPUTER has taken 8th place in the list above.
Why are cryptocurrencies so popular?
Cryptocurrencies appeal to their supporters for a variety of reasons. Here are some of the most popular:
Supporters see cryptocurrencies such as Bitcoin as the currency of the future and are racing to buy them now, presumably before they become more valuable
Some supporters like the fact that crypto currency removes central banks from managing the money supply, since over time these banks tend to reduce the value of money via inflation
Other supporters like the technology behind crypto currencies, the blockchain, because it’s a decentralized processing and recording system and can be more secure than traditional payment systems
Some speculators like crypto currencies because they’re going up in value and have no interest in the currencies’ long-term acceptance as a way to move money
Are cryptocurrencies a good investment?
Contrast that to a well-managed business, which increases its value over time by growing the profitability and cash flow of the operation. Yes, there are various openings for those who wish to set up a traditional style business that will pay for years to come. Affiliate Marketing is one of the best options there.
What is internet marketing about?
There are seven types of internet marketing:
Social media marketing.
Influencer marketing.
Affiliate marketing.
Email marketing.
Content marketing.
Search engine optimization (SEO)
Paid advertising (PPC, SEM, etc.)
What is internet and marketing about?
Here are some common Internet marketing objectives:
Objective #1: Increase revenue.
Objective #2: Build a brand.
Objective #4: Increase qualified traffic.
Objective #5: Manage online reputation.
Objective #6: Become an influencer in your field.
Why do cryptocurrency prices fluctuate?
The acceptance of Bitcoin by users is one aspect that can affect its price. The popularity of a currency will raise prices, while a low demand for the currency will lower the value. The increased demand and reduced supply drive up the price of bitcoin.
Institutional adoption has been identified as the number one reason why the price of Bitcoin and other cryptocurrencies rise.
How does cryptocurrency mining work?
Cryptocurrency mining is the process of creating new currency by solving a computational puzzle. For example, Bitcoin mining is necessary to maintain the ledger of transactions upon which bitcoin is based. Miners have become very sophisticated over the last several years using complex machinery to speed up mining operations.
By mining, you can earn cryptocurrency without having to put down money for it. Bitcoin miners receive Bitcoin as a reward for completing “blocks” of verified transactions which are added to the blockchain.
Miners who verify a transaction are rewarded in Bitcoin, meaning they can earn Bitcoin and make money from it without actually purchasing it. Miners are all constantly racing against each other to verify each transaction and earn the Bitcoin reward.
Mining cryptocurrency can be extremely profitable, but only if you stay in a place that has free electricity, as huge amounts of power are consumed while mining.
What is internet business about?
How do you start your online business? Here is a 10 step overview:
– Determine your niche and business idea.
– Conduct product research.
– Learn about online business laws.
– Conduct market research.
– Define your target audience.
– Source products to sell online.
– Evaluate product viability.
– Define your brand and image.
– Launch your online store.
– Grow your business.
What are viruses about?
What does a computer virus do? Some computer viruses are programmed to harm your computer by damaging programs, deleting files, or reformatting the hard drive. Others simply replicate themselves or flood a network with traffic, making it impossible to perform any internet activity.
Which is a good Cryptocurrency trading course?
Name the 10 best cryptocurrencies to buy.
A cryptocurrency list of the Top 10 crypto currencies by Market cap is attached as a pic. You can consider this a list of the best cryptocurrencies to own. These are also the most popular cryptocurrencies around, and literally, everyone who buys crypto has some if not all of these cryptocurrencies.
What is the computer geeks about?
How to become a Computer Geek?
1. Get Your Own Computer
2. Get To Know About the Computer Hardware
3. Learn About Software
4. Learn The Specs (Technical Specifications) Of Your Computer
5. Learn To Use Your Computer’s Command Line, But Use It When You Need To
6. Learn To Type Faster And Also Without Looking At The Keyboard
7. Ask If Don’t Know
8. Learn At Least One Programming Language
9. Start Learning Basic Computer Repair Procedures
10. Learn How To Install Operating Systems, Applications And Drivers For Various Hardware Types
11. Learn To Install Peripheral Devices
12. Learn To Recognise Malware (Computer Viruses, Spyware And The Other Nasty Stuff)
13. Learn To Identify Computer Problems
14. Try Using An Open Source Operating System
15. Use Shortcuts
16. Get To Know The Internet and The Web, and How They Work Together
17. Remember To Learn One Thing At A Time
18. Get To Know A Certain Type Of Math
19. Get a Mentor or Do a Course in Computing
20. Understand Computer Ethics
21. Expand Your Knowledge
What is internet domain about?
Domain names serve to identify Internet resources, such as computers, networks, and services, with a text-based label that is easier to memorize than the numerical addresses used in the Internet protocols. A domain name may represent entire collections of such resources or individual instances.
Can you make money on cryptocurrency?
