On May 7, 2021, with wide eager eyes, thousands of people around the world were excited about the launch of a new blockchain — the Internet Computer Protocol.
It’s been over two years since the days of the humble beginnings of the Internet Computer Protocol.
What have they achieved so far?
Where are they now?
And how does all of this affect you, and all of us whether new or old-time users of the blockchain?
To find the answers to these and many other questions, it is our pleasure to announce the launch of a new articles series focusing on the Internet Computer blockchain.
In other to encourage diversity and to reach more audiences with our content, we are also happy to let you know that this article series has been made available in two widely spoken languages — English and West African Pidgin– a language spoken by over 120 million across Africa.
In this first article in our series, we will introduce the Internet Computer (IC) highlighting its key features and benefits.
It’s time for a brief read, please follow along as we dive in.
What is the Internet Computer?
The Internet Computer (IC) is a secure blockchain-based network of computers that allows anyone to host programs and data directly on the Internet employing programmable smart contracts without the need for traditional servers or hosting providers.
Truth be told, you may still struggle to understand this complex blockchain. Well, to help us understand this better, let’s imagine the internet computer as a group of computers or nodes distributed around the world in a decentralized manner, whereby anyone around the world is allowed access to the storage and computing resources of these connected computers. In other words, we may describe the Internet Computer as Amazon Web Services (AWS) for blockchain applications.
It is also worth noting that although this blockchain is often called using the expression “The Internet Computer” or “The Internet Computer Blockchain”, it is powered by a 4-layer protocol called the Internet Computer Protocol (ICP), which employs the use of a utility token called the ICP token.
We will discuss the ICP token in subsequent articles in our series. Before then let’s now consider an overview of some key features of the Internet Computer.
Features of the Internet Computer
Unlike traditional blockchains that focus on cryptocurrencies, the Internet Computer aims to become a new layer of the Internet, providing a seamless and scalable environment for a wide range of applications, from simple web services to complex decentralized applications (dApps).
Some Key Features of the Internet Computer
- Internet identity
- Decentralization
- Canister smart contracts
- Subnet architecture
- On-chain governance
Internet identity
Internet identity is a unique authentication system that allows users to access applications on the Internet Computer blockchain without the need for passwords or usernames. For example, users can authenticate themselves by simply using their fingerprints on their mobile devices without the need to set a password to access a dApp (decentralized application) on the internet computer.
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Decentralization
Another feature of the Internet Computer is that it runs on a decentralized network; a distributed network of computer nodes. This is quite interesting because it reduces the risks associated with centralization found in traditional financial organizations today such as banks. In our subsequent article in the series, we will be going deeper into the decentralized architecture of the Internet Computer.
Canister smart contracts
On the Internet Computer, applications are built using smart contracts called “Canisters.”
Why are they called canisters?
Because they contain individual units of computation and state that run on the network and communicate with each other.
Subnet architecture
Another interesting feature of the Internet Computer is that it divides the network into multiple subnets, each managed by a group of nodes. This architecture promotes scalability and allows the platform to grow efficiently as more applications are added.
On-chain governance
The Internet Computer employs the use of a governance system that enables token holders to vote on proposals for protocol upgrades and changes. Because of this feature, according to information on their websites, at least 145 upgrades have been automatically executed via on-chain governance on the Internet Computer Protocol. This ensures community-driven decision-making and allows the network to adapt and evolve.
Conclusion
In summary, as we have learned so far, the Internet Computer has some tremendous improvements from what is obtained today in traditional blockchains, from its introduction of Internet identity, canister smart contracts, and on-chain governance capabilities, all of these and many others, makes it a promising project with significant potential for the future of the internet and decentralized applications.
The article series continues. In our next article in the series, we will consider some of the advantages and disadvantages of developing an application. Until then, thanks for reading. Feel free to leave your comments in the comments section.
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Disclaimer: The information presented in this piece is merely for educational purposes only, it contains the viewpoint of the author and does not constitute investment advice. Readers are kindly advised to do their research on the subject and are free to disagree with the viewpoints shared by the author here. Thank you.
