What is Internet Computer?
Internet Computer allows global data centers to join a decentralized network of cloud services. It is the only blockchain in the world which can operate at web speed. It supports smart contracts , provides various tokenized internet services, pan-industry platforms, decentralized financial systems, and aims to provide an alternative that addresses the problems of centralized cloud storage services, such as server failure and data loss due to centralized attacks. ICP is the governance and utility token of the Internet Computer network. ICP holders have voting rights in decisions regarding the project’s future developments. The project was initially launched as DFINITY. With the release of Internet Computer’s source code into the public domain, the project aimed to revolutionize internet services by making them decentralized, with the power of governance vested in thousands of token holders.
Why buy ICP?
ICP is the 31st largest cryptocurrency by market capitalization. Chain Key Technology, which powers the Internet Computer network, encompasses novel Consensus, Non-Interactive Distributed Key Generation (NI-DKG), Network Nervous System (NNS), Internet Identity, etc. This innovation is behind the distinguishing feature of the network - having a single public key. This allows the smart contracts on the platform to be verifiable by all sorts of devices - including smartphones and smart watches. Chain Key Technology will also aid in infinite scaling and instantaneous repair of failing nodes on the network, seamless bug fixing and platform updates. A non-interactive key re-sharing protocol has also been developed for key preservation , in which each of the old signers needs to broadcast one single message to the other signers, operating in an asynchronous environment.
Disclaimer : This article is intended for informational purposes only. While we try our best to verify the contents of our articles, DeFy cannot guarantee that this article, or any information we sourced from third parties which has been included in this article, are free of error. This article should not be substituted for investment/ financial advice. Any actions taken based on information contained in this article are at your own risk. DeFy does not claim to endorse views presented in this article as our own.