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Internet Computer
About Internet Computer
Internet Computer (ICP) represents a significant advancement in the field of blockchain technology, aiming to decentralise the internet by enabling a scalable, secure, and efficient platform for running applications and services directly on the blockchain. It was developed by the DFINITY Foundation, under the leadership of Dominic Williams, to challenge the current internet infrastructure and offer an alternative that reduces reliance on centralised cloud services.
Internet Computer is a decentralised blockchain network designed to host software, data, and web applications directly on-chain. It eliminates the need for traditional IT infrastructure or cloud providers by enabling applications to run in a fully decentralised manner. The platform uses chain-key cryptography to enhance scalability and security and is governed by the Network Nervous System (NNS), a decentralised autonomous organisation (DAO).
Internet Computer supports use cases such as Web3 applications, decentralised social platforms, DeFi services, AI-driven systems, and enterprise-grade software. Its architecture allows full-stack decentralisation, with both frontend and backend operations handled on-chain.
The ICP token is the native cryptocurrency of the Internet Computer and has several utility functions:
- Governance: ICP holders can participate in the Network Nervous System (NNS), a decentralised governance system that allows users to propose and vote on upgrades, protocol changes, and network configurations.
- Conversion to Cycles: ICP is converted into "cycles," which are used to pay for running applications, storing data, and computing operations on the network. This reverse-gas model pre-pays for operational costs in a predictable way.
- Node Provider Rewards: ICP tokens are distributed to operators of the nodes that maintain the network’s infrastructure, incentivising their contribution to the ecosystem.
- Ecosystem Transactions: ICP is used to interact with dApps and smart contracts hosted on the Internet Computer.