With the ever-increasing popularity of cryptocurrency and more people turning into the cryptocurrency space, Internet Computer Protocol is more than being a form of digital asset or money. Internet Computer Protocol can be purchased as well as traded through a cryptocurrency exchange, including Bitcoin Champion Auto-bot and Coinbase.
For those who don’t know, the primary idea of ICP is to create a unique form of a global computing system as well as decentralized internet where the independent data centers around the globe have the capacity of joining together for creating the substitute to cloud services. Having said that, it is important for powering the majority of present internet dynamics.
The plan of Internet Computer Protocol is to access the protocol running over millions of computer systems around the globe. The developers also say that the concluding network has various advantages over the centralized platforms. To begin with, it is designed to operate through open standards while avoiding interest-related conflicts.
For the most part, interest-related conflicts show up when the majority of cloud computing hosts the products that are competing with the services. When it comes down to the distributed and global network of ICP, they have the data centers for running the accessible applications through conventional internet standards, including DNS (the network is known as DFINITY, by the way).
The Internet Computer Protocol token is known for its variety of uses – it works as a governance token that allows the token holders to lock the ICP into the network and have a say in the ICP protocol development. This token is provided by the network for taking part in the data centers for positive behavior, and it is utilized by paying transaction charges on the network.
What Is ICP?
ICP is defined as a set of protocols that allow the independent data centers from around the globe to connect together and deliver a decentralized substitute to the centralized internet providers. The token is utilizable for governance, primarily for rewarding the network participants for positive behavior, and it’s utilized to pay fees for conducting the transactions.
How Does It Work?
The present internet paradigm is fully centralized. In addition, the majority of applications on the internet are proprietary, hosted on a few data centers, and are closed-source. Having said that, if the critical data center tends to fail, there will be huge web aspects shutting down with it. In addition to this, there are corporate and centralized web service providers to deplatform or censor the applications.
The ICP tends to offer a critical substitute that helps developers build, serve, and host the application in a decentralized manner, which allows the website to be implemented directly on the public-oriented internet. Moreover, the ICP can incentivize transparent and open-source software development.
According to the expert, ICP is all about having no fixed address and moving between different servers that are owned by the independent data centers, unlike having a dedicated server on Google Cloud. In addition to this, ICP is a great way of transforming cryptocurrency into processing power. For this purpose, the network is likely to set a few depending on the computer power as required by the project of the development.
Once the fee is fully paid, the website will operate on the public internet. Moreover, various types of applications can be developed and operated on ICP, ranging from social media platforms such as TikTok and LinkedIn to similar apps that are new and aren’t conceived properly. The ICP developers have also published the open-source code.
Is It Vulnerable To Risks?
When it comes down to taking part in ICP will require high-tech and robust hardware as compared to conventional blockchain projects, which adversely impacts the decentralization ethics by limiting the count of potential participants. When the hardware prerequisites become too extensive, only capitalized and large-scale players would have the capacity of setting up the data centers.
Moreover, it is important to consider who will host the abusive content. This is because the internet-running corporations have a certain level of moderation, but they also have the capacity to de-platform a user at any time. Furthermore, in an ideal form, ICP can create different solutions that empower decentralized governance to moderate such questions.
The Bottom Line
ICP is developed by DFINITY Foundation and has been around since 2016, and it launched ICP in 2021. To summarize, ICP has hit the market with a whirlwind, and it’s likely to yield gains. However, it’s only a short-term investment, so what’s your take on it?