Learn About How Internet Computer is Creating a New Decentralized Internet on the Blockchain [Explained]

Unknown Speaker  0:00  

Welcome to the New To Crypto podcast designed to guide you through the crypto landscape with pinpoint accuracy created for the new and intermediate crypto investor. Join your host Crypto Travels Michael as he takes you through the different facets of getting started and succeeding in your crypto journey. New to crypto podcast brings you new episodes daily Monday through Friday with surprise bonus episodes sometimes on the weekend. Let me ask you, are you new to crypto don’t know where to start? Are you more experienced but have questions? Then you’re in the right place. This podcast is designed for you, coming at you from the training center in the lifestyle design studio. Here’s your host Crypto Travels Michael. 

Michael  0:51  

I’ll tell you crypto has been hot lately, It’s been sizzling. And I have a really interesting project to share with you today, and it’s all about Internet Computer. So what is Internet Computer? Well, Internet Computer protocol is a blockchain protocol that aims to reinvent the Internet as we know it. The project is led by the Definity Foundation, a nonprofit organization based in Zurich, Switzerland and Palo Alto, California. The idea of its developers is to turn Internet Computer into the world’s first blockchain computer that runs at the speed of the web and has unlimited capacity. One of the project’s main missions is to decentralize the Internet. The plan is to create a public network that provides a decentralized global computing cloud leverages blockchain smart contracts to allow users to install, create and run software or websites without the need to turn to services of large platforms, their traditional web 2.0 companies. 

So let’s break down the benefits and technology. In 2020 Internet Computer launched its core network, taking its first major step forward and its crusade to end the monopoly of the technology titans of the current web 2.0. The main feature of Internet Computer is chain key, a technology that consists of a set of cryptographic protocols that allows to have a single public key. The chain key technology allows Internet Computer to run at web speed; query calls are executed in milliseconds, while update calls take one to two seconds to complete. The team is currently working to shorten these times even further. In addition, its developers claimed that chain key is less expensive than other similar technologies. Internet Computer is the world’s first blockchain that runs at the speed of the web, with unlimited capacity. It has more than enough speed to process smart contracts data and create powerful software frameworks for developers. The Internet Computer network is constructed from a hierarchy of building blocks, at the bottom are independent data centers that host specialized hardware nodes, these node machines are combined to create subnets, subnets host cannister smart contracts, which are interoperable compute units that are uploaded by users. One of the elements that makes the Internet Computer protocol unique is something they call the network nervous system or NNS for short, and it’s responsible for controlling configuring and managing the network. 

To understand Internet Computer you must understand the concept of subnets. These are the fundamental building blocks of the overall network. A subnet is responsible for hosting a distinct subset of software canisters hosted by the Internet Computer network. A subnet is created by bringing together node machines drawn from different data centers. Internet Computer is designed to allow entrepreneurs, developers and enterprises to build and deploy software on the open internet. As a fully decentralized network, the Internet Computer plans to eliminate the need for developers to rely on legacy technologies and security platforms when creating applications. There’s already a number of deployed projects on Internet Computer blockchain. Some of those projects include origin, which is an authentication platform for luxury items, digital art and other forms of digital property. There’s something they have called fleek, which is a website building app offering a range of products dedicated to developing an open Internet. There’s one called district which is a social media network that enables users to own and control the content they upload. 

There’s one called CanCan we is an open source video sharing social media network similar to Tiktok, and it incentivizes viral videos with prizes. There’s also one called open chat, which is a decentralized chat app, and it’s basically designed to address privacy concerns, and it’s similar to WhatsApp. So who is the founder? Where did this project Internet Computer come from? Definity was founded by Dominic Williams in 2016 in Palo Alto, California, and as mentioned earlier, Definity is overseen by Definity Foundation, the nonprofit is of course headquartered in Zurich, Switzerland. So Definity stated mission is to reinvent the internet by creating an Internet Computer hosted entirely on the blockchain and capable of an array of applications collectively powered by the nodes on the network. 

They also have their own token. It’s called the ICP token Internet Computer token, and it is the utility token that allows users to participate and govern the Internet Computer blockchain network after its launch on May 7 2021, the coin debuted on several major exchanges, an ICP quickly rose and was ranked even as the ninth largest in market cap after being added on exchanges such as Coinbase, Binance, and Huobi. The ICP token has several major uses, it acts as a governance token, and it’s used to pay transaction fees on the network. The total current coin supply is just over 473 million ICP and the current price is just over $42 Depending on when you listen to this. So I hope this has been informative and eye opening for you as they’re changing the game with Internet Computer. It’s an awesome thing, what they’re doing. And if you definitely like this type of project, definitely go check out my previous episode on all about Arweave. So I’ll join you here tomorrow. And until then, make it a great day.

Unknown Speaker  7:01  

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