What is the Internet Computer Protocol?
The Internet Computer Protocol (ICP) is a revolutionary blockchain network designed to extend the functionality of the public internet. It provides a platform for smart contracts and decentralized applications (dapps) with web-speed performance, effectively creating a "world computer" that can host secure software with superpowers.
Key Concepts
Canisters
Canisters are the smart contracts of the Internet Computer. They are computational units that can hold both code and state, serve web content directly, and even make HTTP outcalls. Canisters enable developers to build and deploy scalable dapps with ease.
Cycles
Cycles are the fuel of the Internet Computer. They are used to pay for computation and storage resources consumed by canisters. ICP tokens can be converted into cycles, creating a sustainable economic model for the network.
Neurons: The Governance Backbone
Neurons are a crucial component of the Internet Computer's governance system. They represent staked ICP tokens and provide their owners with voting power in the Network Nervous System (NNS). Key features of neurons include:
- Voting rights on network proposals
- Earning voting rewards
- Configurable dissolve delays
- Ability to follow other neurons
ICP Tokenomics
The ICP token plays a central role in the Internet Computer ecosystem:
- Governance: Staking ICP in neurons for voting rights
- Utility: Converting ICP to cycles to power computation
- Value Accrual: As the network grows, demand for ICP increases
Network Architecture
The Internet Computer's architecture is designed for scalability, security, and performance:
- Subnets: Independent blockchain networks that work together
- Nodes: Physical machines running the Internet Computer Protocol
- Boundary Nodes: Entry points for user interactions
Decentralized Governance
The Network Nervous System (NNS) is the autonomous governance system of the Internet Computer. It manages crucial aspects of the network, including:
- Economics and tokenomics
- Protocol upgrades
- Node provider management
Technical Specifications