Launched in May 2021 by a not-for-profit organization named "The DFINITY Foundation," Internet Computer (ICP) is a decentralized blockchain network created with the mission to transform the public Internet into a world-class computing platform.
ICP aims to push the Internet's boundaries by enabling the large-scale creation of smart contracts and decentralized applications (DApps). This will enable hosting a wide range of web services, including social media networks, DeFi, Web3.0 DApps, metaverses, NFTs, and more, in a completely decentralized environment. As a result, it converts the Internet into a decentralized global computer.
The people who use these services on the Internet Computer don't need any tokens, nor is it required for anyone wanting to verify the blockchain's transactions to download its state to their computer. At the heart of the Internet Computer's workings is the Chain Key Technology, a set of cryptographic protocols that power the platform.
It's because of this tech, that Internet Computer can add new nodes, implement scaling, remove defective nodes, form and restore subnets, and continuously update themselves. Internet Computer can process 250,000 queries per second, has a transaction finality of 1 second, and storage cost below $0.46 per GB per month.
