What is Internet Computer
The Internet Computer is a bold project that builds on the current version of the Internet. With Internet Computer the Software/Applications that you access would be actioned, as well as stored using blockchain technology, on a decentralized network.
eg When using a Video App, rather than going to the server at the Video company’s base the software would run on the Internet Computer, using the processing power of its decentralized network and the decentralized storage.
Internet Computer Explained
The Problem Internet Computer solves.
Currently, software and applications that are accessed using the internet (and the massive data storage they require) are largely controlled by a small number of organizations using centralized servers.
Applications – GMail, Twitter, AirBnB, Uber, Facebook, Instagram, EBay Reddit, Indeed etc
Storage – Alphabet (Google), Amazon, Microsoft, etc.
This makes these systems vulnerable to censorship/privacy/security issues and creates potential points of failure with regard to data breaches and system malfunctions.
The Internet Computer Solution
Rather than software applications, and all the computing power and data they require, being stored and operated by a few mega companies they would be stored and operated from the Internet Computer’s global network.
As part of taking back control from the mega-corporations, the Internet Computer has widespread intentions. Not only for decentralized data storage but also the ability to create and operate applications directly on their network.
They already have a new network protocol (ICP), a new programming language (Motoko) and SDK’s (software developer kits) and have a main network (Mercury Genesis) on which they can operate.
The data centers that run the Dfinity network will be compensated in tokens for running the code on their servers, however, they won’t have access to any of the data, making it impossible for them to collect and sell data to third parties like advertisers.
Here is a list of App’s that have been built directly on their blockchain:
Competition for Internet Computer
Apart from the mega-companies that utilize the more conventional server infrastructure mentioned, there are a number of Crypto / Blockchain companies:
- SuiCoin – Decentralized data storage
- FileCoin – Decentralized data storage
- Arweave – Permanent data storage
- Storj – privacy focussed decentralized data storage project.
Internet Computer Tokenomics:
- 24.72% Seed Investors: those who invested in Feb-2017 for a total of CHF3.9 million (Swiss Francs)
- 23.9% Dfinity Foundation: The Dfinity Foundation manages the capital raised from the token sales. It also oversees its Foundation Endowment of ICP tokens. These tokens are those held by or already spent by the Foundation to fund R&D, operations, acquire technology, finance community-building programs, and partner incentives.
- 18.0% Team Members: There are ~200 team members
- 9.5% Early Contributors: these are the 50 people who helped in the team before the Foundation was set up
- 7.0% Strategic Investors: from the $20.54 million raised from Polychain Capital, Andreessen Horowitz, CoinFund, Multicoin Capital, and Greycroft Partners
- 4.96% Private Presale Investors: from the $97 million raised from a16z, Polychain, SV Angel, Aspect Ventures, Electric Capital, ZeroEx, Scalar Capital, and Multicoin Capital
The ICP token has three main uses:
*The token can be converted to Cycles that are burned to power computation which creates deflationary pressure on the ICP token.
*It can also be staked as part of governing the blockchain, generating voting rewards for stakers.
Governance and voting power is heavily weighted towards staking for a full 8 years and is designed to incentivize early adoption. Initially at genesis, 10% of the total supply of ICP is distributed in voting rewards on an annualized basis. Over the course of eight years, this number falls to 5%.
*The ICP token can also be used in order to participate in token swaps of DAO’s.On launch, the ICP token price rose to approximately $700 before the token crashed, raising concerns that pre-launch token holders had been free to sell their tokens without a cliff or vesting period at Genesis.
Aviation and Aerospace Working Group
China-Italy Chamber of Commerce
CEO and Co-Founder
Head of Distributed Ledger Technology
Vice President and Head of Growth
Investors / Partners
- SV Angel,
- Aspect Ventures,
- Electric Capital,
- Scalar Capital,
- Multicoin Capital
References / FAQ’s
What does Internet Computer do?
The Internet Computer attempts to offer a fundamental alternative so that developers can build, host, and serve applications in a more decentralized way, allowing websites to be deployed directly onto the public internet.