The Internet Computer (IC) is a new, decentralized blockchain that promises to change how we think about blockchain technology. It's built on top of a network of subnets instead of being based on one master node and one point of failure.
The first component of the IC we should look at is the ICP Token - these cryptocurrency tokens are native utility tokens with a value determined on the open market. ICPs play a key role in both the governance and economics of the Internet Computer.
The second thing we will discuss on the IC is NFTs - Non-Fungible Tokens. NFTs are individualized digital assets that can be traded like Bitcoin but have different characteristics from one another—like a rare baseball card or a limited edition art print.
Last, but not least, Motoko coding native to the IC allows developers to create customized consensus algorithms for their applications or blockchains.
It's also a lot more accessible than you might think—you don't need to be a developer or engineer with years of experience, just someone who wants to learn how to use the IC blockchain.
What's the Internet Computer and Why is the Metaverse Buzzing Around It?
The Internet Computer (IC) is a blockchain that aims to be the next step in the evolution of the internet.
It was founded by Dominic Williams and developed by DFINITY, known for its work on Bitcoin and other cryptocurrencies. The idea behind the IC is to create a decentralized network that serves smart contracts at web speed. This will allow users to access a wide range of services through one platform, including video streaming and social media sites.
Some benefits of using the IC include:
- Lower costs. There are negligible fees for using this platform, so it's cheaper than other options.
- Faster speeds. Because no central entity controls access to information, it can load content much faster than traditional websites.
- More privacy. Because no third parties are involved in your IC activity, you have complete control over what information is shared publicly or privately.
Introducing the Tools of the Internet Computer
If you've been trying to get into the Internet Computer blockchain, you may have come across a few terms that look straight out of another language. NFTs, ICPs, and Motoko Coding might seem strange words to you—or maybe you're already familiar with these terms.
Either way, we're here to guide you through them so you can understand their meaning and how they work on the Internet Computer blockchain.
Any changes to the configuration or behavior of the Internet Computer are made by a governance DAO called Network Nervous System (NNS). NNS is composed of many different components, but the most important one to us is the Internet Dashboard (ID).
The Internet Computer Dashboard provides information and transparency about four major areas: decentralization, governance, and tokenomics—how a blockchain-based project's tokens are created and distributed to boost the platform's economy; transaction history or ledger.
Non-Fungible Tokens (NFTs) are the future of the Internet Computer blockchain. You can also use some tools to help manage your NFTs. Discussed below are two of them.
DGDG and NFTGeek are tools that help you understand how to use NFTs, whether you are a blockchain developer, user or investor.
DGDG has created a new app that allows users to purchase non-fungible tokens from multiple marketplaces at once, for only a small fee. All the markets DGDG works with are listed on its Twitter account.
NFTGeek is an app where users can purchase and sell non-fungible tokens (NFTs). The app also allows users to view the history of their token transactions, which is a crucial feature for NFT traders.
If you’re looking to get into the Internet Computer blockchain, you might be wondering what applications you can use.
Well, we’ve got you covered! Here are a couple of tools that are great for beginners and experts alike.
Usergeek is a product analytics platform for dapps running on the Internet Computer. This application allows dapp developers to understand how their users engage with their products, without compromising user anonymity.
Usergeek provides metrics such as daily, weekly, and monthly active users (DAU/WAU) new users retention rate (%) for any given application. This removes a potential pain point for projects striving to achieve decentralization.
Canistergeek is the tool for monitoring project canisters' cycle count and memory usage. It can also track real-time data about NFT listings, transactions, and other blockchain activity.
You can use many tools with the internet computer blockchain, and each one is important. Blockchain is a protocol that allows for data to be stored in an immutable way, which means that once it's added, it cannot be changed. It also provides transparency so that anyone can see all of the transactions on the blockchain at any time.
The tools allow you to use the internet computer blockchain in a variety of ways, including as a currency and to store data. It's important to note that you can use one or all three of these tools together, depending on your needs.
We'd love to hear from you if you're interested in learning more about this exciting new technology. Share your thoughts in the comments below!
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