After an eventful listing where the token exceeded $ 2,800, bringing the project’s market cap to $ 340 billion, the Internet Computer (ICP) project continues to remain in the top 10. What is the objective of this project ? Who is behind this flash of light? What are its limits ? We explain to you!
Internet Computer, what is it?
Fruit of the start-up Dfinity, Internet Computer was made public during the event Genesis, Monday May 10, 2021. With this project, Dfinity wishes to decentralize the Internet and its applications by offering a globalized service. The idea is that everyone can develop their services by “bypassing” the current Cloud Services companies. The Internet Computer blockchain boasts of being the third blockchain innovation, after Bitcoin and Ethereum. Its operation is not totally different from the Ethereum blockchain: smart contracts are issued and allow actions to be carried out. The difference lies in the performance of the network; Internet Computer intends to offer an “at web speed” blockchain and a new way of designing tokenized internet services, decentralized finance platforms but also websites and tools for traditional businesses.
You are probably wondering, “What place for their ICP token?” “. The token serves as a native asset for Internet Computer. PKI Staker allows its holder to participate in the blockchain nervous system and secure the network. ICP tokens can be locked to create neurons and participate in network governance by voting, in exchange for staking rewards. ICP tokens also make it possible to produce cycles of computing power, playing the role of fuel in the blockchain. More detailed technical explanations are available on their site. Technical innovations are as numerous as the resulting challenges, but the resources mobilized by Dfinity have the potential to meet the challenge.
The Internet Computer team, designed to last
The founder and Chief Scientist of the project is Dominic williams. A member of the Bitcoin and Ethereum technical communities for many years, he is notably known for having invented the Threshold Relay and a new form of probabilistic consensus. The Internet Computer project is the result of an incubation by the Foundation Dfinity, a not-for-profit scientific research organization based in Zurich. The teams of Dfinity are made up of the best cryptographers on the planet and programming experts, whom you can find here.
Behind the key players in Dfinity, also hide the technical supports. Indeed, at the time of Genesis on May 10, 2021, Internet Computer was supported by 48 independent data centers located in North America, Europe and Asia, operating 1300 nodes. Internet Computer intends to grow rapidly to accommodate the new generations of decentralized applications (Dapps) to such an extent that the forecasts announce 123 data centers hosting 4,300 nodes by the end of 2021. This rapid expansion is justified by the needs of ‘Internet Computer. Indeed, the ambition of the start-up is to extend the public internet network so that it also becomes a global computing platform. The current internet network establishes connections between all humans on Earth, but the systems and services used operate thanks to private infrastructures (Google, Facebook, Amazon,…). One of the innovations behind Internet Computer is the Chain Key Technology : a set of cryptographic protocols that organize the nodes and therefore the Internet Computer network. This revolution allows the blockchain to have only one public key. Thus, any device can verify the authenticity of artifacts emitted by Internet Computer, which is not possible on traditional blockchains. The Chain Key Technology also regulates the network by replacing faulty nodes with new ones and creating subnets to make it infinitely expandable. Finally, the R&D team of Dfinity has developed a non-interactive key sharing protocol, ideal for an asynchronous environment having to manage several independent events (chat, email, trade, etc.). From this perspective, many projects have placed their trust in the network and attracted investors. This non-exhaustive list identifies the promising projects developed on the Internet Computer blockchain:
- Enso Finance – a DEX which raised $ 5M
- Tacen – a high performance non-custodial exchange that raised $ 2.5M
- Sailfish – a gateway to financial services
- Distrikt – the LinkedIn decentralized
- OpenChat – a decentralized version of a chat application
- Cancan – a version of TikTok designed to prove the flexibility of Internet Computer
- Capsule – a decentralized anti-censorship social network platform that raised $ 1.5M
- Fleek – a platform facilitating the implementation of sites and applications
- Origyn – a platform to trace the origin of luxury products
The limits of the project
The promise made by Internet Computer is beautiful: to revolutionize the Internet. Between technological innovations and aggressive marketing, it is complicated to form an opinion on the project. Tackling GAFAM today seems impossible but the team founded by Dfinity brings together the key skills to carry out this project. Even if since its launch on May 10, the price of the ICP token has continued to fall, Internet Computer continues to remain in the top 10 of the largest crypto marketcap. It is good to think that this “overvaluation” advocated by the most pessimists will allow Dfinity to release more resources to continue developing his project.
However, one question remains unanswered: isn’t Dfinity taking on too big a chunk? The blockchain ecosystem is full of ever more promising projects, but few survive. Beyond a change in the current financial system, Internet Computer wants to revolutionize a network that billions of users have adopted. The possibility of cohabitation of the two networks remains to be studied, but as indicated Benjamin Franklin “If you buy what is superfluous, you will soon sell what is needed”.
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The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.