1/30 Accelerate into a new era of the internet with $ICP @dfinity:
2/30 What is the Internet Computer?
The Internet Computer (ICP) is revolutionizing the way we think about blockchain design.
It's the first "World Computer" blockchain providing a new foundation for the public internet.
3/30 The Internet Computer is powered by the Internet Computer Protocol (ICP).
The core part of the ICP is a 4-layer protocol that runs on the nodes of each subnet. These subnets operate concurrently, allowing the IC to scale.
4/30 The 4 layers of the core IC protocol are: P2P, Consensus, Message Routing, and Execution.
The lower 2 layers handle the selection & ordering of incoming messages, while the upper 2 layers execute the messages in a deterministic manner to realize a replicated state machine.
5/30 This system ensures that every node in the subnet transitions from the same starting state to the same ending state in every round, executing the same messages in the same order.
6/30 Let's go through the fundamentals: consensus and smart contracts.
The Internet Computer uses a consensus protocol that balances efficiency, robustness, and low latency. A node proposes a block and it's validated & supported by at least 2/3 of the other nodes in the network.
7/30 The IC consensus protocol provides cryptographically guaranteed finality and works under minimal assumptions about message delivery.
It's designed to be comprehensible and maintainable, making it a versatile tool for building secure dApps.
8/30 IC is built on usage of their smart contracts that are called canister smart contracts. And their functionalities are unique - check out the screenshot below.
Think of the use-cases. The deeper you go, the more interesting it gets.
9/30 I'm really excited about what $ICP will do with $BTC in the future via their Canister smart contracts and Chain-Key tokens.
That's my subjective opinion — I like when L1s are doing unpopular stuff that take so much time, but might pay off heavily in the future.
10/30 With ICP, users can become both owners and operators of web3 services, mediating the wishes of their online communities through community DAOs.
Web3 services built on ICP can also be tokenized, offering new economic opportunities.
And that's where the fun begins.
11/30 ICP also supports a new blockchain authentication system, Internet Identity, allowing users to sign in with their devices as a cryptographic password.
I recommend trying it on your own. Do it - and tell me in the comments what you think of it.
12/30 The network is governed by the Network Nervous System DAO.
13/30 The NNS handles a variety of tasks, including the funding of exciting Web3 projects being built on the #InternetComputer through its tokenomic model.
14/30 The Service Nervous System (SNS), on the other hand, is a built-in solution for creating DAOs within the $ICP ecosystem.
The SNS enables community control over dapps by tokenizing & decentralizing ownership.
15/30 There is SO MUCH more to the tech side of $ICP, but let's move on to other topics or this thread would be ≈50 tweets long.
If you want to read more about the tech, I recommend checking out this page for a deep dive into each sub-topic:
internetcomputer.org/how-it-works
16/30 Let's jump to Team, Tokenomics and Investors.
The native token is called $ICP.
The $ICP token has three main utilities: powering computation, generating voting rewards through staking, and playing a critical role in the network's governance.
17/30 The tokenomics from ICP launch can be seen below.
18/30 The total supply of $ICP is 494.7M, the circulating supply today stands at 285.1M -> ≈58%.
19/30 But there are many inflationary & deflationary mechanisms. I am not going to mention it in this thread, but I recommend this Messari report from 2021 that does a good job at describing $ICP ⬇️
messari.io/report/an-intr…
20/30 The Internet Computer was developed by the talented team at DFINITY Foundation, consisting of top cryptographers, computer science researchers, and engineers.
Founded in 2016 by Dominic Williams (@dominic_w), supported by top investors, and launched in 2021.
21/30 So who are these top investors?
DFINITY has raised over $160M and among the investors you can find names such as:
- a16z
- Polychain Capital
- Multicoin Capital
22/30 Let's wrap it up with their ecosystem & some important metrics.
In terms of their MC, $ICP is ranked by CMC at the #39 position with MC at $1.7B.
23/30 In terms of their DeFi ecosystem that is being tracked by 🦙, it seems there is only one project - Sonic (DEX) - with current TVL ≈$329K.
24/30 But that's not entirely true. According to ICP website, there are 9 DeFi projects.
And in total, the whole ecosystem consists of 75 projects.
25/30 And if you log in to NNS, you can see TVL being a bit different -> $1.56B.
But 🦙 data > protocol's own data.
26/30 The other metrics are - objectively speaking - IMPRESSIVE.
That's why it ranked on James' list so high. For those who have never dived in $ICP metrics, I recommend checking out this screenshot:
27/30 Or even better - DYOR ⬇️
dashboard.internetcomputer.org
28/30 ICP is the most complex project out of all the L1s I tracked so far, so I did not manage to cover it all. If I did, no one would read it until the end :)
For more info the Messari report that I already mentioned:
messari.io/report/an-intr…
29/30 I hope you've found this thread helpful!
Follow me @CharlieXDeFi for more.
Like/Retweet the first tweet below if you can 🙏
30/30 I will look later tonight or tomorrow at the last project from this L1 series - $DAG.
If you are in a mood for more L1 knowledge, check out my previous thread on $LOOP ⬇️
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