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Crypto Report
Could you please comment on Internet Computer (ICP)? After reading the "profile" on Coinmarketcap.com, it seems like it's the "be-all, end-all" of alt coins.
Q: Hi, Could you please comment on Internet Computer (ICP)? After reading the "profile" on Coinmarketcap.com, it seems like it's the "be-all, end-all" of alt coins. Thanks for your great service!

A: Open vs Closed Internet

Back in the late 1990s into the 2000s, several for-profit tech companies such as AOL, Compuserv, and Microsoft attempted to centralize the internet. Microsoft envisioned a closed system called the "Information Superhighway".

In the end, open protocols won, allowing internet services to be built on open protocols that were controlled by the internet community. This ensured entrepreneurs and organizations could grow their internet services without fear of being overtaken by big tech.

Nevertheless, big tech persisted over the years and today, has reached the point where centralized platforms such as Facebook and Twitter can censor or ban individuals if they violate a company's own interpretation of the first amendment.

Enter DFINITY Foundation. It is a not-for-profit organization based in Zurich, Switzerland, aiming to build the “Internet Computer” to decentralize the internet by way of extending serverless cloud functionality. Centralized companies such as Facebook, LinkedIn, WhatsApp, Salesforce, and eBay would be forced to shift and adapt or fade away. Forward thinking companies such as Amazon and Binance are already putting in decentralized protocols so they can facilitate a smoother transition.
First published: 9 Jun 2021
Last updated: 9 Jun 2021