Internet Computer icp

The Internet Computer (IC) is a computing infrastructure that enables developers, organisations and entrepreneurs to build and deploy secure, autonomous and tamper-proof software programs. Built by the DFINITY Foundation (Foundation, Team), IC is aimed at extending the functionality of the internet.

IC is formed by the Internet Computer Protocol (ICP) and run by independent data centres that lend computing capacity to allow apps to run at web speed. The Team’s goal is to become a leading platform for people to build and host software systems, replacing the traditional internet we know today. ICP reaches consensus and every piece of software is executed by many machines globally, instead of just one.

First launched as ‘Dfinity’, IC was founded in 2016 by Dominic Williams, who currently works on the protocol as chief scientist. Dfinity has ~100,000 academic citations and ~200 patents.

IC vs Ethereum

There are distinct differences between the IC and Ethereum’s ‘world computer’. In essence, Ethereum aims to be a permissionless, open-access network for users to interact and build on. However, it’s still tethered to traditional internet infrastructure and geared towards siloed projects and smart contracts. Contrarily, IC aims to tackle issues with the internet itself and reproduce the legacy tech stack in a more decentralised mode. Whilst Ethereum pioneered the creation of smart contracts, IC wants to be the 3rd major blockchain innovation. 

The Team has identified problems with how user data and services are controlled by select tech giants such as Google, Microsoft and Amazon, who limit access to third-party developers or access to the underlying internet infrastructure.

IC’s native token is $ICP, which has a total supply of ~469M and in May 2018, $35M worth of $ICP was airdropped to early supporters, receiving an IOU version of ICP.  There’s a second native token on the ICP called ‘cycles’.

Powering the IC protocol, $ICP is used for:

• Network transactions: ICP can be converted into cycles, which run apps on the network via canisters.
• Governance: The IC is governed by the Network Nervous System (NNS). $ICP holders can submit proposals to the NNS suggesting changes to the IC network. ICP holders do this by staking or locking up their ICP via the NNS to create neurons and vote on proposals. 
• Rewards: ICP is used to reward holders with voting rewards. ICP is also given for compute rewards, or for those operating nodes who host the network.

At network launch, $ICP breakdown was as follows: early contributors (9.5%); seed fundraiser contributors (24.72%); strategic fundraiser contributors (6.85%); pre-sale fundraise contributors (4.75%); community airdrop (1.25%); and foundation endowment, team and partnership tokens (52.93%).

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