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The Internet Computer Protocol (ICP) is more than just a cryptocurrency, just like many other projects in the cryptocurrency sector. The ICP coin that is available for purchase and trade on platforms like Coinbase is actually a subset of a much larger concept.

As an alternative to the cloud services provided by companies like Amazon Web Services and Google Cloud, the core concept behind ICP is to establish a new global computing system and decentralized internet. This would involve autonomous data centers located all over the globe coming together to form a single network. The goal of ICP’s protocol is to be installed on millions of computers globally.

The creators of ICP claim that, compared to centralized solutions, the resultant network offers several significant benefits. One advantage is that it uses open standards for operation, which keeps big cloud providers from having to deal with potential conflicts of interest when they host competing products.

With its worldwide and dispersed network of data centers, ICP (formerly DFINITY) is able to run any application that can be accessed by conventional Internet protocols, such as DNS (the domain name system that you use on your phone or computer).

The ICP token serves multiple purposes: first, as a payment for network transactions; second, as a reward for participating data centers for good behavior; and third, as a governance token, enabling holders to “lock” a portion of their ICP into the network in return for a voice in the protocol’s future development.

What is ICP Token?

In May 2018, DFINITY announced its plan to distribute 35 million Swiss francs worth of DFINITY tokens in airdrop to promote “cloud 3.0” to community members and help them become early users.DFINITY launched alpha main network on December 18, 2018.Internet computers are currently supported by 48 independent data centers in North America, Europe and Asia, with a total of 1300 nodes. It is estimated that the network will grow exponentially to support the next generation of large-scale DAPP.

In genesis, there are up to 469213710 ICP tokens, and the supply of circulation depends on the dynamics of the market. At the time of creation, it is estimated that 23.86% of the tokens were held by DFINITY foundation, 18% by Internet computer team members, 24.72% by seed donors, 9.5% by early contributors, and the rest were distributed to investors at other levels and strategic partners.

How Does ICP Work?

Nowadays, the Internet is very centralized. Many of the most widely used web apps are proprietary, closed-source, and hosted by a small number of data centers controlled by large technology companies. Furthermore, large portions of the web can go down simultaneously with the failure of a single crucial data center. The power to restrict or deplatform programs by centralized, corporate web-services providers is another big worry, especially for privacy activists.

Websites can be launched straight onto the public internet thanks to the Internet Computer, which aims to provide a basic option for developers by facilitating a more decentralized approach to application development, hosting, and serving. Open source and transparent software development would be encouraged by the Internet Computer.

If the Internet Computer were described in the MIT Technology Review’s profile, it would “move between servers owned by independent data centers around the world” rather than “run on a dedicated server in Google Cloud,” as an example.

Imagine ICP as a means of exchanging cryptocurrency for computational power; the network will set a price according to the amount of processing power needed by a developer’s project. The website will be able to access the public internet once the cost is paid.

From social networks like LinkedIn and TikTok to software like all the apps you know and love to whole new apps that haven’t even been thought of yet, the Internet makes it possible to build and run any form of program. The CanCan project, which the ICP team calls a “decentralized TikTok,” has its source code made publicly available as a proof of concept.

What Dangers could the Internet Computer Face?

By restricting the number of possible participants, the Internet Computer’s decentralization ethos may be threatened by the requirement for more powerful hardware than other blockchain initiatives. Only big, well-funded companies would be able to construct up data centers and take part if the hardware requirements were too high.

Furthermore, who is responsible for hosting offensive content in a fully decentralized network? Today’s Internet companies use some type of moderation, but they also have the power to remove users from the platform at any time. Ideally, solutions that enable decentralized governance to regulate these challenging issues can be developed by Internet Computer (and other crypto protocols).

There are several protocols trying to reimagine the Internet besides Internet Computer. Other possible rivals are MIT’s Solid (developed by web pioneer Tim Berners-Lee) and IPFS/Filecoin.

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