5 Facts About the Internet Computer (ICP) Blockchain

Five Facts about the Internet Computer (ICP) Blockchain

The Internet Computer is growing as 2023 takes shape. The ecosystem has grown nearly 50% so far in 2023 and in doing so is attracting attention from myriad users in the industry.

The Internet Computer has considerable upside and still feels largely unknown and misunderstood. Below, we quickly explore five facts about the Internet Computer (ICP) Blockchain. Let’s go!

1. Decentralized Infrastructure

• The Internet Computer was created as a decentralized infrastructure to host and support applications, websites, and other digital services.

2. High Performance

• The Internet Computer was built using a new consensus mechanism called "Dfinity Consensus." The “Dfinity Consensus” enables fast, secure, and scalable transactions that allow for the ICP system to process thousands of transactions per second, making it ideal for scaling Web3.

3. Innovative Architecture

• Together with the “Dfinity Consensus,” ICP is built for fast and efficient scaling that accommodates a large number of users and applications using technology like its novel Chain Key mechanism.

4. Open-Source

• The Internet Computer is open-source, which means that its code is publicly available. Open-Source code can be reviewed and contributed by the public.

5. New Development Platform

• The Internet Computer provides a new development platform for developers to build and host decentralized applications, websites, and other digital services. It offers a number of key benefits over traditional web hosting and cloud computing, including greater security, reliability, and scalability. Developers can use several programming languages -- including JavaScript, Python, and Rust -- to build on the Internet Computer, making it accessible to a wide range of developers and technical communities.

What is the Internet Computer:

Internet Computer (ICP) is a set of protocols that allow independent data centers around the world to band together and offer a decentralized alternative to the current centralized internet cloud providers. The Internet Computer is a World Computer blockchain that can host and run mass-market social networks, online games, video streaming services, or enterprise systems entirely on the blockchain itself — eliminating the need for centralized IT and cloud services. The native ICP token is used for governance (holders can vote on the future of the network), to reward network participants for good behavior, and is used to pay fees for making transactions.