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Historical price data for Internet Computer.
  • internet-computer
  • Internet Computer
  • Price
  • Market Cap
    $3.85 B

What is Internet Computer?

The Internet computer protocol (ICP) is a blockchain protocol that intends to improve the efficiency, speed, and decentralization of computation and data storage. Its primary goal is to address the limitations of traditional Internet services, including monopolization of services, poor system security, and misuse of personal data.

The Internet computer ecosystem has its native cryptocurrency, known as ICP. Similar to Ether on Ethereum, ICP is used for rewarding network participants and paying transaction fees.

A Brief History of Internet Computer

The ICP blockchain was created by the DFINITY Foundation under the leadership of Dominic Williams in 2016. After a successful fundraising and development phase, the project was officially launched in May 2021. Since then, the ICP network has experienced steady growth, attracting developers and integrating with various existing systems.

ICP uses a decentralized network of independent nodes that store data and relay information to each other. The Internet computer ecosystem adopts the chain key cryptography technique to ensure security, scalability, and efficiency.

Chain key cryptography employs a single public key and a distributed set of private key fragments. The public key is accessible to anyone for verifying data or computations from an Internet computer. However, the private key is fragmented and kept by the data centers. This separation aims to guarantee security, as no single entity, including a data center, has complete access to the key to tamper with any information.

The Internet computer uses a verification mechanism called “threshold relay” for computations. This mechanism works by leveraging the chain key fragments to reach a consensus on the validity of computations. The nodes involved collaborate by using their key fragments in a specific order, which allows them to verify computations without revealing the entire key. This distributed approach strengthens the security, scalability, and efficiency of the ecosystem.

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