Internet computer is a layer 1 protocol, which aims to develop a decentralized public network to enable the large-scale operation of smart contracts. The project aims to become an Internet computer, provide the function of public Internet and allow the back-end software to be hosted on the network.

ICP is the native functional token of Internet computer, which is used for protocol governance and network transactions.

Project introduction

Dfinity is a decentralized network design project. The team has developed a set of computer network protocol Internet computer protocol (ICP). Through the ICP protocol, developers use point-to-point network computing resources to establish a virtual blockchain computer network. On this network, the existing software and smart contracts can be deployed, and the blockchain is traceable, tamper proof and distributed.

Dfinity team has been committed to the research on the underlying technology of blockchain since 2015, and is committed to developing a secure and powerful next-generation application level blockchain global computer based on blockchain. Dfinity is building a new decentralized public cloud computing service. This service needs to build a new blockchain mechanism similar to Ethereum, but it has stronger performance, larger capacity and better compatibility. Commercial applications running on this mechanism will not go down and do not need complex controls such as databases and systems. This will greatly reduce the cost of commercial applications (about 90% savings) and human maintenance costs.

Dfinity community brings people and organizations together to learn and collaborate products and help manage next-generation Internet software and services. Internet computers enable developers to monopolize the Internet and return the Internet to its free and open roots. We are committed to connecting people who believe in the same point of view through activities, content and discussions.

Our task is to build “Internet computer”, so as to reinvent the Internet into a computer carrying super functional security software. Internet computer is an unbreakable, fast, new technology stack that can be extended to billions of users around the world, and supports a new type of autonomous software, which is expected to reverse big tech’s monopoly on the Internet.

Dfinity was founded by Dominic Williams in 2016.

Dfinity foundation is a non-profit organization based in Zurich, Switzerland, which oversees research centers in Palo Alto, San Francisco and Zurich.

Project highlights

Dfinity has built a blockchain computing system with unlimited computing and capacity through technical objectives such as probabilistic slot protocol, threshold relay, uscid and blockchain nervous system, and provided a platform with different characteristics for applications by expanding and strengthening EVM ecosystem, Conceptually, it belongs to the category of “Ethereum competitor”.

project debriefing

Dominic Williams described dfinity’s Roadmap: the foundation was established in Switzerland in 2015, and the number of employees will increase from 75 to 150 by the end of 2019. At the end of 2019, the first public test network will be launched. The final launch of the main network may take place in the first half of 2020.

Obviously, when investment institutions like a16z pay attention to dfinity, the speculation of blockchain is coming to an end. The founder even said: “we are not just a blockchain.” Dfinity’s system will be more like a new internet protocol. Dominica has many years of experience in this field. He can gather the best talents and attract Internet giants. “We have the best team in the field,” he said confidently

ICP token

ICP is the native practical token of the network and plays three key roles in the network:

1. Promote network governance

ICP tokens can be locked to create neurons. By voting to participate in network governance, you can get additional ICP awards.

2. Produce cycles for calculation

ICP can be converted into “cycles”, that is, as the role of gas token, it provides power for calculation and is burned when in use. NNs will dynamically adjust the ratio of ICP to cycles. This choice is to ensure that network users can always create new cycles at a nearly stable actual cost, so that the cost of acquiring gas is stable and predictable.

3. Reward participants

The network will create a new ICP to reward people who undertake important work and enable the network to operate, including: providing “voting rewards” to neurons participating in voting; Provide “node rewards” to service providers running node machines.

Calculate voting Awards

The prediction shows that 90% of the total ICP may be locked into neurons. Regardless of the current locking degree, a fixed number of additional ICP awards shall be allocated, so that participants will receive greater rewards until the participation rate reaches 90%, and the market can convince those who do not participate at present to participate.

We estimate the required return as a percentage of the current supply and allow this percentage to decline over time to take into account the risk that the lock-in balance will decline as the network becomes more stable. The initial additional issuance may account for 10% of the total supply (calculated on an annual basis), which continues to decline over time until it decreases to 5% eight years later.

algorithm

From the current ICP supply and the number of days since creation, we can get the maximum number of ICP that can be cast and distributed. First, this is equal to 10% of the ICP supply divided by the number of days in a year. In eight years, this figure will drop to 5%. Please note that the supply of ICP may not decrease by half during this period of time.

The additional issuance rate in the first year is 10%

The additional issuance rate in the eighth year after genesis was 5%, which has remained unchanged since then

The additional issuance rate is a quadratic function of time