The Internet Computer Protocol (ICP) is decentralized blockchain technology, it is secure and transparent which provides an alternative to centralized internet cloud providers.
ICP maintains an independent data center that aims to bring efficient data, speed, and decentralization to computation and data storage. Internet Computer protocol uses ICP as its native cryptocurrency which is used to pay transaction fees, rewards, incentives, and other transactions. Users can build their DApps on ICP, which allows developers to write their smart contracts in different popular languages like Rust, TypeScript, or Python. The smart contract is regarded as canisters which are hosted on an ICP blockchain network called subnet.
ICP was developed by DFINITY Foundation, it structure combines advanced cryptography, novel consensus mechanisms and muddler subnet architecture to build a world computer that put stroke on traditional cloud infrastructure.
- Architectural Innovation Canister Smart contract The Core concept of ICP computational units are canister smart contracts, which are compiled and bundled in WebAssembly (WASM) code.
- It has the ability to hold gigabytes of memory for a low fee.
- Canister pays for their own computation via ICP native token which also implements a reverse gas model where users don’t have to cover cost.
- Dapp can be fully hosted on the ICP blockchain without relying on central cloud service.
- Canisters are built to be evolving which can be upgraded
Subnet Architecture
ICP improved its scalability through subnets which makes it an independent blockchain running parallel asynchronous communication via cross-subnet (XNET) messaging.
- Subnet operates as a replicated machine with Byzantine Fault Tolerance (BFT)
- It is capable of handling complex DApps such as on-chain AI models and hosting hundreds of gigabytes of data.
- It generates new subnets to avoid bottlenecks that occur in monolithic blockchains Chain-Key Cryptography ICPs adopt cryptography innovation to ensure seamless subnet management such that
- This cryptography innovation allows multiple message signing without exposing individual node keys.
- Nodes can decide to leave or join subnets without obstructing other nodes' operation.
Features
Reverse Gas Model
ICP offers pre-fund canisters that allow developers to build DApp that users can interact with without paying a gas fee. This eliminates gas fees allows users to get onboard on the blockchain, and encourages mass adoption.
EVM Compatible via Bitfinity
ICP is a layer 2 EVM blockchain solution that is built on the Ethereum blockchain while leveraging ICPs’s Scalability.
In conclusion, ICP blockchain has been redefining the internet stack while offering a scalable, secure, and developer/user-friendly platform to get more users onboard. we have different Real cases such as DEFi, NFTs & Gaming, Decentralised AI, Domain, and others.
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