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

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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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By: cryptotravelsmichael
0

Table of Contents

What Is Internet Computer? 

The Internet Computer Protocol (ICP) is a collection of protocols that enable independent data centers all over the globe to join collectively and deliver a decentralized alternative to today’s centralized internet cloud providers. 

The ICP token would be utilized for governance – wherein holders are able to vote on the changes carried out in the network – to incentivize good behavior among users in the network and to finance transaction fees.

ICP’s worldwide and dispersed network of data centers, formerly known as DFINITY, can operate all of the apps that are available via traditional Internet standards like DNS – being the domain name system used by web browsers and smartphones.

What Does Internet Computer Wish To Achieve? 

The Internet Computer Protocol (or ICP), like many other initiatives in the crypto sector, is much more than a type of electronic money. 

In actuality, the ICP token, which can be purchased and exchanged on exchanges such as Coinbase, is only a tiny portion of a much larger concept. 

The primary idea behind ICP is to establish a new type of decentralized internet and global computing infrastructure. Independent data centers from across the world collaborate to develop an alternative to the cloud services that currently operate almost all of the internet. 

The protocol will be installed on millions of computers worldwide, according to the ICP.

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.

- Crypto Travels Michael

Here's What We Discussed in Detail in This Interview

[00:01 – 01:56] Opening Segment

  • Welcome to another incredible episode
    • Back with our Fantom Ecosystem series
  • An intro to Internet Computer 
    • Blockchain protocol 
    • Led by DFINITY Foundation
      • non-profit organization
    • Turn internet computer into the first blockchain computer
    • Decentralize the internet using 

 

[01:57 – 04:26] Creating a Decentralized Internet on the Blockchain

  • The beginning phase of its development
    • Launched its core network in 2020
    • Crusade against internet monopoly 
  • Main features of the system 
    • Chain Key
      • Set of cryptographic protocols that allows to have a single public key
    • Allows IC to run at web speed
      • Even shorter times in the future 
    • Less expensive than other technologies
    • Unlimited capacity
  • The construction of the IC network 
    • The hierarchy of building blocks
    • Subnets – created by specialized hardware nodes
    • The network nervous system – NNS
  • The concept of Subnets
    • responsible for hosting software canisters 
    • Created by bringing together node machines from different data centers
  • The benefits of Internet Computer
    • Designed to allow people to build and deploy software on the open Internet
    • Fully decentralized
    • No need for developers for legacy

 

[04:27 – 06:58] Background of Internet Computer and its Native Token

  • Projects already on the Internet Computer blockchain
    • Origin, Fleek, District, Can-Can, Open Chat
  • Founding and history of IC
    • DFINITY founded by Dominic Williams in Palo Alto, CA
    • The mission of reinventing the internet 
  • Internet Computer’s native token
    • ICP
    • Allow user governance 
    • 9th largest in market cap 
    • Also used for transaction fees 
    • Current supply over 437M
    • Current price around $42 (at time of recording)

Learn more about decentralized data storage from my episode on Arweave

Killer Resources

HOW TO REACH TO CRYPTO TRAVELS MICHAEL

Final Thoughts

ICP can be seen as a means to turn crypto into processing power: the network will set a cost according to how much computing power a developer’s project requires. The website will run on the public internet as long as the cost is paid.

The New to Crypto Podcast is designed to guide you through the crypto landscape with pinpoint accuracy. New episodes are added daily. Be sure to subscribe to the podcast and listen to all of the episodes to help you in your cryptocurrency journey.

I’d love to hear from you! Email me at show@newtocrypto.io and let’s chat.

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