What is Internet Computer (ICP)?

Internet Computer (ICP) is a blockchain-based decentralized computing platform designed to replace traditional cloud infrastructure and enable fully on-chain Web3 applications. Launched in 2021 by the Dfinity Foundation, Internet Computer removes the need for centralized cloud services, allowing developers to build, deploy, and run applications directly on the blockchain.

Internet Computer's native token, ICP, is used for governance, computation, and transaction fees within the network.

How is Internet Computer useful?

Internet Computer provides a serverless, decentralized alternative to traditional cloud computing, eliminating reliance on centralized providers like AWS and Google Cloud. Internet Computer enables Web3 applications, DeFi platforms, and enterprise services to operate efficiently, securely, and at scale.

Developers benefit from high-speed smart contract execution, low-cost computation, and full-stack decentralization. The ICP token is used to power computational resources, stake for governance participation, and incentivize network security.

How does Internet Computer work?

Internet Computer operates through the Internet Computer Protocol (ICP), which utilizes chain key cryptography to enable fast and scalable blockchain operations. Unlike traditional blockchains, ICP supports canister smart contracts, which process data more efficiently at reduced costs.

The protocol runs on independent node operators, contributing computing power to support decentralized applications (DApps). The ICP token is converted into cycles, which act as computational fuel for executing smart contracts and transactions.

Internet Computer milestones

• Launch of Internet Computer: Introduced a decentralized cloud infrastructure for Web3 development.

• Smart Contract Capabilities: Enabled canister smart contracts to run complex, scalable applications.

• Integration with Traditional Internet Services: Bridged blockchain technology with web-based applications.

• Expansion of Developer Ecosystem: Attracted enterprises and developers building DApps and DeFi projects.

• Governance via Network Nervous System (NNS): Allowed ICP holders to participate in protocol upgrades and decision-making.

Internet Computer continues to redefine decentralized computing, providing a secure, efficient, and scalable blockchain network that aims to decentralize the internet and cloud services.

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