Blockchain technology is just one part of the Internet Computer from the DFINITY Foundation. Instead of using commercial cloud and web service providers, its technology stack runs on independent data centers called nodes.
Internet Computer heralds a new era in computing. The Internet Computer has been called a blockchain singularity because of its importance to decentralized computing. The Internet Computer token price reflects the market sentiments about how to evaluate, build, and think about blockchain technology.
These five reasons make the Internet Computer unique:
- Internet Computers are of, by, and for the people.
In today’s world, the Internet is a jumble of proprietary networks and services. Some companies like Amazon, Google, Meta, and Microsoft dominate the Web. There are too many consequences if Google or Meta fails. Perhaps Big Tech is stalling innovation unintentionally. Big Tech decides whether to build or host software on its tech stack. Because they don’t have direct control, innovation can’t stray beyond the narrow specifications of privately owned APIs.
Internet Computer is a public blockchain network that uses smart contracts to extend the utility of the World Wide Web. It’s also independent of commercial cloud services, so Big Tech does not influence it.
By advocating for Internet Computers and coordinating ecosystem participants without worrying about corporate revenue, the Internet Computer Association will help revive much-needed innovation that has stagnated during the Big Tech era. Those will drive the Internet Computer, not Big Tech’s bottom line.
- Digital identities are protected from cyber thieves, advertisers, and other malicious agents.
An Internet Identity connects your online activity with your physical tech gear, like a smartphone or laptop, eliminating the need for passwords (and hacking risks). The blockchain authenticates you anonymously and makes sure:
- It’s your data;
- It protects your data; and
- It’s even more secure than two-step verification.
You can restore your Internet Identity quickly if any physical devices get compromised. You don’t have to keep track of dozens of login credentials for disparate Web services!
There won’t be any centralized server hacks or annoying pop-ups, either. No one can access your account if you don’t volunteer it or grant access to a registered physical device.
- The Internet Computer reimagines smart contracts.
Internet computers work with canisters, and they’re more than smart contracts. These interoperable compute units don’t depend on languages or platforms.
Canisters no longer need database servers, web servers, DNS services, or firewalls! Because of their updated functionality, they will only need these traditional features. Soon, you can do everything on the Web on your Internet Computer if train or plane delays are automatically communicated to your calendar and ride-sharing arrangements.
The near-zero cost of NFT (non-fungible token) transactions on the Internet makes tracking and verifying intellectual property ownership easier and tamper-proof. A copyrighted image can’t be stolen and reposted. The NFT for a picture is only linked to the Internet Identity that owns or uses it.
- Internet Computers are environmentally friendly
According to Fortune Magazine, every Bitcoin transaction uses 1,173 kilowatt hours of electricity, which equals $176. Bitcoin mining emissions increased by 40 million tons from 2018 to 2020, equivalent to the carbon footprint of 8.9 million cars, like a whole nation, including Greece.
Statista says this electricity usage is the equivalent of 100,000 Visa transactions. The cost of NFT exchanges on Ethereum is so high that some artists call them “pyramid schemes of ecological nightmares.”
Cryptographic mining operations on the Ethereum blockchain produce the same carbon footprint as an average European resident’s emissions for a month. Blockchains like Ethereum and Bitcoin may only be sustainable long-term if new infrastructure and more efficient transaction processes are implemented.
The Internet Computer network doesn’t use a proof-of-stake or proof-of-work consensus mechanism, which would require a lot of digital mining operations. Instead, Internet Computer subnets communicate using chain key technology.
It takes about a second to do a smart contract transaction, which costs around 0.0001 ICP, or about 0.6 USD. It uses the same amount of electricity to send and receive ICPs, NFTs, and other data. Further, Internet Computer’s NNS can adjust transaction costs when ICP prices increase.
Conclusion
A key benefit of the Internet Computer is its ability to scale to unbounded capacity, reimagine Web services creatively, offer a more open and streamlined technology stack than proprietary application programming interfaces, and be adaptable, cost-effective, and eco-friendly. If you believe the Internet is the future, then Internet Computers should matter to you.