Internet Computer: the Amazon-killer?
DFINITY was founded by Dominic Williams in October 2016 and registered as a non-profit foundation in Zug, Switzerland.
In 2017, the development of Internet Computer was crowdfunded by hundreds of blockchain enthusiasts and notable early Ethereum supporters.
In 2018, prominent venture capital firms such as Andreessen Horowitz, Polychain Capital, SV Angel, Wanxiang Blockchain, Fenbushi Capital, SNZ Holdings, Aspect Ventures, Electric Capital, Scalar Capital, and Multicoin Capital provided financial contributions for less than 10% of the network's governance tokens.
DFINITY raised $61 million from Andreesen Horowitz and Polychain Capital in a February 2018 funding round. A further $102 million funding round in August 2018 brought the project's total funding to $195 million.
In May 2018, DFINITY distributed around 35 million Swiss francs worth of DFINITY tokens in an airdrop. Due to regulatory concerns, none of the tokens were to be distributed to US residents.
The Internet Computer is a new way of hosting applications that are more secure, more censorship-resistant, and easier to use for developers. Many technical innovations bring about these benefits of security, decentralization, and ease of use.
The Internet Computer has been under development since 2016 and released its official main-net in May of 2021. There are now over 15,000 canisters (advanced smart contracts) running on the Internet Computer and nearly 2 million Internet Identities, an exponential rate of growth since Genesis in May. By the year-end, over 400 million blocks will likely have been produced.
ICP’s basic idea is to create a new kind of decentralized internet and global computing system — where independent data centres all over the world could join together to create an alternative to the cloud services (from companies like Amazon Web Services and Google Cloud) that power most of the current internet. ICP’s plan is to have the protocol running on millions of computers around the world.
ICP developers say the resulting network has some key advantages over the centralized alternatives. For one, it operates via open standards and avoids the conflicts of interest that can arise when a major cloud-computing provider hosts products that compete with its own services.
Originally called DFINITY, ICP’s global and distributed network of data centres can run all of the applications that are accessible via traditional Internet standards such as DNS (the domain name system you use via web browsers and smartphones).
The ICP token has several major uses: it acts as a governance token (allowing holders to “lock” some of their ICP into the network in exchange for having a say in the future development of the ICP protocol), is rewarded by the network to participating data centres for good behaviour, and is used to pay transaction fees on the network.
The sudden popularity of Internet Computer can be traced to at least three things:
Its immense potential: The cryptocurrency’s founder has made big claims about the potential of the cryptocurrency to displace, or at least nudge, internet behemoths from their lofty positions. These claims include the speed of the cryptocurrency, its ability to scale quickly, and its ability to drastically reduce computing costs.
Backed by big-name investors: Andreesen Horowitz is a big-name venture capital firm, while another key investor (Polychain Capital) specializes in venture capital for crypto. The backing of well-regarded investors brings others to the party.
Promotion: Some market analysts have already come out with price targets for the new crypto, and have projected huge price increases over the coming years. Understandably, that hasn’t dampened investors’ enthusiasm one bit.
Of course, part of the price rise in Internet Computer also has to do with the bullish climate for cryptocurrencies generally. It’s a great time to capture the public’s imagination with big stories and raise big money to continue a cryptocurrency project.
One of the biggest questions about any cryptocurrency is how it differs from any other crypto. Here are three ways that Internet Computer stands out from other players:
It allows anyone to create software on the internet. The technology allows anyone to use its blockchain technology to create apps and lets them run around the big tech companies.
It runs on a decentralized network, not the cloud. In contrast to many other blockchains that run on the cloud, Internet Computer runs on dedicated hardware set up by independent parties, according to Dominic Williams, founder of Dfinity.
It’s fast. While completing transactions using some cryptocurrencies may take 30 minutes or more, Dfinity boasts that its crypto operates at web speed.
Interested to purchase Internet Computer (ICP), here is the list of exchanges you can purchase the coins:
1. Binance Exchange- you can purchase on Binance using your mobile phone or desktop. You only need to follow the step as instructed. You can also receive a 25% discount on trading fees using Binance Coin (BNB) instead of cash. Use the link above for a bonus 10% discount.
2. Coin Base - this is one of the most popular platforms because it is easy to use on your phone or tablet and is available in most countries. On CoinBase you will also find many of the top 100 coins. CoinBase will send email confirmations for another layer of security if you are using a PC. CoinBase also can be used on your phone. When you join CoinBase you can get AUD 13.84 in free Bitcoin when you buy or sell AUD 138.41 or more, by using the above link.
3. Crypto.com MCO/CRO - this is a favourite for many reasons, as you can earn interest on a wide variety of coins, as well as apply for a crypto debit card. This operates similar to a pre-paid Visa card, where you top up before use, however, you can choose to top up with cash or crypto. For example, you can transfer Bitcoin (BTC) to the card and spend it like cash, or let it sit in the account and earn interest. Rates of interest on deposits vary from 2% up to 10% or more. New investors may receive up to $50 when using the above link to create a new account.
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