The Dfinity project was created primarily to develop “another Internet” and the Internet Computer project is a rather complex project that relies on different mechanisms as Dfinity aims to turn the Internet as we know it into a supercomputer. Users of this new Internet will be able to build their applications directly on it without having to use third-party clouds.
Dfinity has adopted the same operating mechanism as Ethereum. Many actions are performed by different programs through smart contracts. The only difference is that this new internet will cost less than Ethereum and will operate at a higher speed. Today, users of blockchain networks like Ethereum are very limited and restricted and most of them are connected to these networks because they work in decentralized finance.
The Internet Computer will be the ideal network to run a variety of applications such as social networks, websites, messaging, business information systems, etc. Dfinity’s Internet Computer protocol is also based on one of the world’s most powerful smart contract programming languages: Motoko. The project aims to host the next generation of autonomous software by becoming the world’s decentralized supercomputer.
The launch of Dfinity’s Internet Computer Protocol was accompanied by the announcement of its own cryptocurrency, ICP. The Internet Computer project was launched on May 10, 2021, and is already in the top 100 cryptocurrencies by market cap.
In the cryptocurrency rankings of CoinMarketCap.com, the Internet Computer cryptocurrency is already ranked 28th as of today, Tuesday, April 25, 2023. This success is mainly due to the fact that Internet Computer was launched on the Binance platform, one of the largest cryptocurrency exchanges in the world.
The team behind the Dfinity project?
Dfinity is a non-profit scientific organization based in Zurich, Switzerland. The organization was founded in 2015 by Dominic Williams, a British entrepreneur and graduate of King's College London. The Dfinity project is made up of the world's leading programming language experts, decentralized systems specialists, and leading cryptographers. The Dfinity Foundation has nearly 200 collective patents and 100,000 academic citations to its credit.
One of the company's top technology experts is cryptographer Jan Camenisch, who headed IBM's research division for 19 years.
Another key member of the team is engineer Andrea Rossberg, the former team leader of Google Chrome V8. The team also includes dozens of experts with expertise in various fields.
Digital currency$ICP
Internet Computer's blockchain technology runs on a sovereign network of dedicated devices, similar to the way the Internet runs on dedicated network routers.
Node devices are off-the-shelf devices operated by independent node vendors around the world using standalone data centers.
Nodes communicate with each other over the Internet using the Internet Computer Protocol, also known as ICP. Using ICP, nodes form the Internet Computer blockchain, which acts as a global public computer.
Can I mine or stake ICP?
ICP works like Ethereum did before because Ethereum has already switched to staking. So it is possible to say that ICP mining has become similar to Bitcoin by using mining pools. The project is basically inspired by the concept of a blockchain-based computer, so the project offers security guarantees similar to smart contracts. The only difference is that the secure mode relies on the computing power provided by independent data centers instead of cryptocurrency mining.