The Intenet Computer blockchain is a paradigm shift in the way blockchains work. In this blog post, we will go over how it complements and how it differs from the traditional blockchain models like Bitcoin, Ethereum, and alt-Layer 1s.
Does The Internet Computer answer the Blockchain Trilemma? The blockchain trilemma is a concept highlighted by Vitalik Buterin in his paper on Ethereum. The concept is that blockchain systems can only have 2 out of 3 traits, namely scalability, decentralization, and security. Bitcoin was the first to introduce cryptocurrency as a store of value. Ethereum came for developers to build decentralized applications. "Eth-Killers" and Layer-2s focus on scalability. Internet Computer however marks the third major innovation in blockchain technology.
"DFINITY’s Internet Computer is a public blockchain network designed to replace the traditional IT stack and disintermediate commercial cloud services companies. The Internet Computer extends the functionality of the public internet from a network that connects billions of people (via TCP/IP protocols) to a public compute platform that empowers millions of developers and entrepreneurs (via ICP protocol). This provides an innovative new way to build mass-market open internet services, pan-industry platforms, secure enterprise systems and websites, and DeFi, all without the need for legacy IT such as centralized cloud computing services, databases, and firewalls." - CoinIntroduction
The Internet Computer is an alternative to traditional client-server based software systems built on top of centralized data centers that have been historically controlled by big corporations. , the foundation promoting the Internet Computer protocol, hopes it will become the main way that people build and host software systems and internet services in the future. It's formed by a secure protocol run by independent data centers that lend computing capacity to create this giant public virtual computer. This is especially important because even now, at Dfinity's very early stages of its life, we're seeing a massive influx of demand for their services. This element contrasts very strongly with traditional technology infrastructure which is composed of databases, middleware servers, and web servers. This Layer-1 blockchain will provide services normally associated with the internet and other data-intensive systems like search, ad tech, and social media in a way that won't lead to another Cambridge Analytica scandal or another crisis that harms people while enriching a few unscrupulous leaders of large corporations.
The Internet Computer brings four major advantages
- The Internet Computer empowers users to build on the internet rather than being locked into some proprietary platform like Amazon Web Services (AWS). There is a vast array of options when it comes to choosing an application or service supporting cryptocurrencies. This creates a wonderful competition between services, which helps keep the costs down and gives users more options overall.
- The Internet Computer is tamper-proof and you can build secure tamper-proof systems on top of the protocol. Other protocols are either insecure or they lock you into their platform, or they lack features, or they cost too much, etc. Most IT departments spend a majority of their time maintaining old systems, rather than building new ones. Users can build all-new distributed applications that are designed for security, scalability, and cost-efficiency.
- The Internet Computer simplifies the process of building systems and maintenance- enabling developers and organizations to be more nimble and spend their time focusing on user experiences, being faster to market, being more creative, etc.
- The Internet Computer addresses a problem plaguing the open web today — monopolization of core functionality: proprietary API, or what is called platform risk. We have seen the behemoths like Facebook, Uber, and Amazon buy their way into building monolithic empires. More importantly, we have seen those systems extend to choke points that present risks to consumers, workers, and even brands. The Internet Computer changes this with its autonomous software that will guarantee the use of its API to other services forever.
DFINITY’s Internet Computer could provide solutions to critical problems facing the technology industry, including security and scalability issues and the monopolization of internet services. DFINITY is one of many projects competing to solve these issues in the race to provide the infrastructure for the next generation of the internet.
