Introduction
Internet Computer was designed to build a new generation of "Internet Computers", "Decentralized Smart Cloud". It extends Internet capabilities through a new blockchain network and provides a public computing platform. On this platform, fast, scalable information systems (such as enterprise systems and Internet services) and DeFi services can be built directly without the need for intermediaries or traditional IT.
A celebrated project created in 2016, Internet Computer is another blockbuster project coming online after Polkadot and others. It supports an infinite capacity of intelligent distributed systems in cloud computing and third generation blockchains, and is highly compatible with existing Ethereum applications. It brings a series of cutting-edge cryptographic and distributed system innovations, including Threshold Relay, probabilistic slot protocol, USCID, etc. to be able to achieve the milestone, that is, 3-7 seconds for the final confirmation of public chains, which is 50-200 times faster than the current network based on PoW (Proof-of-Word) consensus mechanism. At the same time, the blockchain nervous system is introduced in the governance mechanism, and this algorithm is used to govern the network, to upgrade the network without forks, and to reverse hacker attacks.
The NNS (Network Nervous System) is the noteworthy part. It is Internet Computer’s ICP (Internet Computer Protocol) autonomous system, which is responsible for the management from economic model to system upgrade, and then to the absorption of independent data centers.
Anyone in the world can submit a proposal to NNS. If the proposal was adopted after voting, it will be implemented immediately. The whole process is fully automatic, enabling the network to adapt and develop in real time.
NNS can perform tasks at any time, such as upgrading the node machine to update the protocol, repairing the application safely, adjusting the economic parameters, or creating a new sub-network blockchain for expansion purposes. It operates within Internet Computer’s protocol and can carry out the above upgrades and modifications without stopping the blockchain operation or breaching its security.
The NNS (Network Nervous System) allows any user to use the ICP to create voting neurons. Similar to a savings account, neurons set an exit cycle in which the length of is configured using a "dissolve delay". The voting power of the neurons, and the voting rewards they can claim, are directly proportional to the number of ICP's staked in the neurons, the length of "dissolve delay", and the "age" of the neutrons.
Neurons can vote either manually or automatically, which is a follow model rather than delegate, and they can automatically follow other neurons in a form of liquid democracy.
Neuron holders are placed in a cryptoeconomic game, where they are incentivized to vote for "pass or reject" proposals. Holders, by configuring neurons, follow governance, economic, and security experts, automatically vote in an ideal way, thereby increasing the value of ICP in the long run.
Currently, the Internet Computer ecosystem includes: Infrastructure, Fleek; Web3.0 Social Network Store, Canistore; Decentralized cryptographic communication software OpenChat, decentralized social media district, capsule. social, and CanCan; Nearly 20 projects which include a decentralized version of Reddit, dscvr.one, and Fleek., a well-known DApp quick hosting service. DeFi eco-projects such as Enso Finance, Tacen, and SailFish.
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