Featured image for “Is Internet Computer ICP a Web 3.0 Coin?”

Is Internet Computer ICP a Web 3.0 Coin?

March 17, 2022
3 minutes read

This article will cover shortly what Internet Computer Protocols (ICP) are, what an ICP token is, and what Web 3.0 (web3) is. And after that, we will discuss id ICP is a Web3.

What is ICP? Also known as Internet Computer Protocols

Internet Computer Protocols, also known as ICP, are a set of protocols that are allowing individualistic data centers, located all around the world, to join forces and offer a decentralized version of the present centralized internet cloud providers.

Short introduction - What does ICP do?

Just like many more tokens located in the cryptocurrency space, ICP is not just a digital coin. The token can be acquired on exchanges like Coinbase, Binance, but it is more than a speculative asset.

The general idea behind the ICPs is to create a new decentralized internet and a global computing system. In this new global computing system, unconventional data centers all over the world could get together to build an alternative cloud service that powers most of the internet we all know. Having its protocol running on millions of machines around the world is what ICPs is planning.

The developers of the Internet Computer Protocols stated that the network that resulted, has key advantages over the centralized alternatives cloud services, the key advantage present is the fact that the network operates by open standards and is avoiding conflicts of interest.

DFINITY, by its original name, is the global network of data centers of ICPs. That can run all the applications that are accessible through the traditional internet, such as DNS, which is the domain name system you use through web browsers and smartphones.

The ICP coin is the governance token, meaning that it allows holders to “lock” some of their ICP in the network for having a say in the future development of the protocol in exchange, The governance token is rewarded by the network to participating data centers and for tact. The token is also used to pay transaction fees on the network.

Now that we know what ICP and DFINITY are, let’s looks into whether ICP is a Web 3.0

What is Web 3.0?

Web3 is the third generation of technology of internet services websites and apps that will provide a data-driven and Semantic Web through a machine-based understanding of data. Web 3.0 is mainly aimed at building much more intelligent, decentralized, open and connected websites.
The properties of Web 3.0 may be manufactured with AI, semantic and omnipresent properties in mind.

Using artificial intelligence is to provide faster and more relevant data to users as a goal. Therefore, a website using artificial intelligence should be able to filter and provide only the data it thinks the user will find satisfying.

The main idea behind using the Semantic Web is to easily categorize and store intel in such ways that will help teach a system what certain data is. Practically, a website should be able to act like a human, to understand words used in search and enable it to create and share better content. Therefore, this system is also using artificial intelligence.

So, is ICP a Web 3.0?

DFINITY's main goal is to transform the internet as we know it. The main hype behind the project is their vision of a truly decentralized internet, which won’t be an easy task.

While ICP has some of the Web 3.0 properties, the answer is that it's not as simple.

Since ICP's main goal is internet decentralization, which is the core concept of Web 3.0, we can say that ICP is in the early stages of becoming a Web 3.0.

The road to Web 3.0 proved to be a tough one, not only for ICP but for many other crypto projects that joined the trend.

In the latest news, Dfinity successfully created a cross-chain bridge, called Terabethia which would allow two blockchains to communicate and exchange tokens between them.

With all these developments, the ICP team seems to attract new Web 3.0 enthusiasts as we speak.