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ICP serves as the native cryptocurrency for Internet Computer, a blockchain platform aiming to revolutionize internet applications by offering faster and more scalable smart contracts.
Computer programmer and entrepreneur Dominic Williams is the founder and chief scientist of the Dfinity Foundation, a major contributor to Internet Computer. The creators of Internet Computer wanted to use blockchain technology to decentralize the entire internet, making tech giants less powerful. The team claims to have invented new cryptography called “Chain Key” that ties the “subnet” that hold smaller pieces of the blockchain together in a secure way.
Dfinity, which was founded in 2014 introduced an “alpha version” of Internet Computer in December 2020 and launched its first real version of the platform the following May 2021. The TGE (Token Generation Event) announced by DFINITY has successfully concluded on May 11, 2021.
Internet Computer employs a hybrid proof-of-stake consensus, combining permissioned and permissionless structures. To create decentralized applications on the Internet Computer blockchain, developers run their programs on so-called "canisters," which each have a storage capacity of 4 gigabytes. The canisters are smart contracts with more storage capacity. ICP's smart contracts have the ability to store data, perform computations, and serve web pages directly on the blockchain. This approach eliminates the reliance on third-party cloud or private hosting services. In essence, Internet Computer functions as a decentralized, blockchain-based internet, providing users with increased control over their data.
