Internet Computer is a decentralized blockchain network that aims to provide an unlimited environment for smart contracts and decentralized applications to run at web speed. It was launched by the DFINITY Foundation to potentially solve scaling issues facing other blockchains like Ethereum.
By using Internet Computer, DFINITY claims developers can build tokenised social media platforms, entire DeFi ecosystems, and extended Ethereum dapps that all run on-chain at web speed and vastly lower costs.
Internet Computer utilizes several key technologies including Chain Key Technology, NIDKG, and the Network Nervous System (NNS) for governance. The ICP token facilitates network governance and converts to cycles to power computation.
DFINITY is led by top cryptographers and has raised over $250 million from investors including Andreessen Horowitz. ICP aims to drive innovation by allowing anyone to build software that runs on decentralised infrastructure rather than the cloud. It also claims to be much faster than other blockchains.
ICP publicly launched in May 2021 and is currently supported by 1300 nodes across 48 data centers globally. If Internet Computer can sustainably solve blockchain limitations at scale it could profoundly impact the industry.
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Dominic Williams, founder and chief scientist of Dfinity, provides an update on the Internet Computer blockchain 2 years after his last interview.
Key developments include:
The narrator sees the Internet Computer as a fundamental play to extend the decentralized public internet, contrasting with centralized server farms. It runs on sovereign hardware operated by independent node providers.
A key differentiator is everything runs end-to-end on the blockchain itself, not just tokens or small parts like other chains. This allows services like Open Chat to run completely on chain, under the control of the community.
Attracting developers has been more grassroots and technology-focused vs other chains spending heavily on ecosystem development. The Internet Computer has acquired developers at ~1/200th the cost per developer.
New capabilities launching include GDPR compliance tools for Europe, Utopia private internet computer subnets, and better AI model support. The vision is for all critical infrastructure to run tamperproof on chain.
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Internet Computer is a decentralized internet and blockchain. It aims to solve problems like censorship, lack of availability, and centralized control on today's internet by allowing anyone to set up nodes to host services and storage.
Users can create an internet identity tied to a crypto wallet which lets them seamlessly log into decentralized applications (dapps) without needing to create new accounts. Many dapps on the network are "gasless" meaning free for users.
The ICP token is used for governance, paying for network resources, and transaction fees. Coins used for fees are burned, creating a deflationary pressure. However, more tokens unlock over the next 1.5 years so supply is still inflating.
Currently, ICP is not profitable - revenue is tiny compared to its multi-billion dollar market cap. But the narrator sees potential if popular dapps launch and bring in many new users. Removing barriers like gas fees could attract the next generation of users.
Investing in ICP itself may not make sense yet, but exploring the dapp ecosystem could provide opportunities like airdrops. The narrator is optimistic about ICP's growth if it can drive adoption. But profitability relies on eventually monetizing through ads, premium features etc.
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The narrator believes the Internet Computer Protocol (ICP) has the potential to overtake Bitcoin and Ethereum in the future due to its advanced technology and ability to build a strong community.
ICP offers unmatched scalability as both a Bitcoin layer 2 and Ethereum layer 2 solution on the same infrastructure. It brings these communities together in a way no other blockchain has done before.
Applications like Tagger and Open Chat showcase ICP's ability to build fully on-chain social media platforms with strong tokenomics and business models that share profits with users.
ICP is attracting real-world institutions like Origin Protocol and Metalor due to its advanced cybersecurity infrastructure for asset tracking. The ecosystem is expanding rapidly with little traditional marketing.
The team behind ICP, Definity, has assembled the largest blockchain research group ever with over 200 engineers and cryptographers led by Dominic Williams.
Governance via the Network Nervous System Dow is highly advanced and active. Staking ICP provides yields over 15% APR with low inflation around 4%.
Here is a condensed summary of the main points from the video in HTML format:
The ICP crypto token aims to replace the current internet with a new blockchain-based protocol, according to the narrator Paul Barron. He says ICP wants to solve problems like hacking and ransomware attacks by using "canisters" - smart contracts that are tamper-proof.
ICP was created by non-profit Dfinity and has backing from top VC firm Andreessen Horowitz. The narrator thinks ICP has huge potential but may be too early, as adoption isn't widespread yet. Sentiment and "amplification" scores for ICP are declining.
The narrator compares ICP to Cardano and Polkadot, which have rising sentiment and engagement. He recommends holding ICP long-term rather than selling at a loss, as innovation could help it break out in 2022-2023.