Internet Computer: Everything to Know

Overview

The Internet Computer is a cryptocurrency project that aims to create a decentralized and scalable internet platform for hosting applications and services. Internet Computer is a blockchain-based protocol developed by the DFINITY Foundation. It aims to extend the functionality of the internet by providing a decentralized platform for hosting smart contracts and decentralized applications (dapps).

Unlike traditional blockchains that focus on specific use cases, Internet Computer seeks to replace portions of the traditional internet stack, including cloud services and web hosting. By doing so, it aims to create a more open, secure and efficient internet infrastructure.

A Brief History

The development of Internet Computer began in 2016, when the DFINITY Foundation was founded by Dominic Williams. The project attracted significant attention and support from investors, raising over $121 million in funding. After several years of research and development, the Internet Computer mainnet was launched in May 2021.

Internet Computer: Everything to Know

At the core, Internet Computer combines blockchain technology with a decentralized network of computers to create a new paradigm for hosting and executing software. The network consists of a series of independent data centers, referred to as "nodes," that collectively form the Internet Computer blockchain. These nodes work together to process transactions, execute smart contracts and store data in a decentralized manner.

One of the key innovations of Internet Computer is the ability to run smart contracts and dapps with the same performance and user experience as traditional web applications. This is achieved through the use of a new programming language called "Motoko," which is specifically designed for building applications on the Internet Computer blockchain. Motoko enables developers to write code that can be executed directly on the blockchain, eliminating the need for additional layers of abstraction.

Another important feature of Internet Computer is the ability to scale horizontally. Traditional blockchains often face scalability limitations, leading to congestion and high transaction fees. In contrast, Internet Computer scales by adding more nodes to the network, allowing it to handle a larger number of transactions and support a growing user base. This scalability is achieved through a unique consensus algorithm called "Threshold Relay," which enables the network to achieve consensus efficiently and securely.

In addition to scalability, Internet Computer offers enhanced security and censorship resistance. By utilizing blockchain technology, the platform ensures that data and transactions are stored immutably and transparently. This makes it extremely difficult for malicious actors to tamper with the system or censor specific applications. Moreover, Internet Computer's architecture is designed to withstand various types of attacks, providing a robust and secure environment for developers and users.

Getting Started

To get started with the Internet Computer, developers can write applications using familiar programming languages such as Motoko or Solidity. Motoko is a new programming language specifically designed for building smart contracts and dapps on the Internet Computer. Solidity, on the other hand, is a widely-used programming language for developing smart contracts on Ethereum and is also supported on the Internet Computer through the use of a compatibility layer.

Developers can deploy applications on the Internet Computer by converting code into WebAssembly (Wasm), a low-level programming language that can be executed efficiently by the Internet Computer's virtual machine. Once deployed, the application becomes part of the Internet Computer's decentralized network and can be accessed by users from anywhere in the world.

Unique Aspects

One of the unique aspects of the Internet Computer is the ability to scale horizontally. Traditional blockchain platforms face scalability issues when the number of users and transactions increases. The Internet Computer addresses this problem by allowing multiple nodes to work together to process and validate transactions in parallel. This distributed approach enables the network to handle a large number of transactions and users simultaneously, without sacrificing speed or security.

Another notable aspect of the Internet Computer is its "canister" architecture. Canisters are the building blocks of applications on the Internet Computer. They are self-contained units that encapsulate the code, data and state of an application. Canisters can communicate with each other and interact with the outside world through a secure messaging protocol. This modular architecture makes it easier to develop, deploy and upgrade applications on the Internet Computer, as developers can focus on building and testing individual canisters without worrying about the entire application.

The Internet Computer also introduces a novel economic model called "Internet Computer Tokens" (ICP). ICP tokens are used for governance, security and utility purposes within the network. They are used to reward node operators for computational resources, participate in network governance decisions and pay for services and resources on the Internet Computer. The introduction of ICP tokens aligns the incentives of participants in the network and helps ensure the security and stability of the Internet Computer ecosystem.