Internet Computer is a layer one protocol designed to develop a decentralized public network that enables smart contracts to run at scale. The project aims to be an internet computer, provide the functionality of the public internet, and allows backend software to be hosted on the network.
ICP is a native functional token of Internet Computer, used for protocol governance and online transactions.

Project Introduction

Dfinity is a decentralized network design project. The team developed a set of computer network protocols Internet Computer Protocol (ICP). Through the ICP protocol, developers use point-to-point network computing resources to build a virtual blockchain computer network. On this network, existing software and smart contracts can be deployed, and have the characteristics of blockchain traceability, tamper-free and distributed.

DFINITY team has been committed to researching the underlying technology of blockchain since 2015 and is committed to developing a blockchain-based, secure and powerful next-generation application-level blockchain global computer. DFINITY is building a brand new decentralized public cloud computing service. This service requires the creation of a new blockchain mechanism similar to Ethereum, but with stronger performance, greater capacity and better compatibility. Commercial applications running on this mechanism will not go down and do not require complex controls such as databases, systems, etc. This will greatly reduce the cost of commercial applications (about 90% savings) and labor maintenance costs.

DFINITY community brings people and organizations together to learn and collaborate on products that help manage the next generation of Internet software and services. Internet computers allow developers to monopolize the Internet and return the Internet to its free and open roots. We are committed to connecting those who believe in the same view through events, content and discussions.

Our mission is to build "Internet computers" and thus reinvent the Internet as a computer that carries super-functional security software. Internet computers are an unbreakable, fast, new technology stack that can be expanded to billions of users around the world and support a new type of autonomous software that promises to reverse Big Tech's monopoly on the Internet.
DFINITY was founded in 2016 by Dominic Williams.

DFINITY Foundation is a nonprofit organization based in Zurich, Switzerland, overseeing research centers in Palo Alto, San Francisco and Zurich.

Project Highlights

Dfinity has built an unlimited computing and infinite expansion of blockchain computing system through technical goals such as Probablistic Slot Protocol, Threshold Relay, Uscid (exclusive state replication ID), Blockchain Nervous System, etc., and provides applications with different characteristics by expanding and strengthening the EVM ecosystem, which conceptually belongs to the category of "Ethereum competitors".

Project progress

Dominic Williams describes DFINITY's roadmap: The foundation was founded in Switzerland in 2015 and by the end of 2019, the number of employees will increase from the current 75 to 150. And by the end of 2019, the first public testing network will be launched. The final launch of the main network may take place in the first half of 2020.

It is obvious that when investment institutions like A16Z focus on DFINITY, the hype of blockchain is coming to an end. The founder even said: "We are not just blockchain." DFINITY's system will be more like a new Internet protocol. Dominic has many years of experience in the field, and he can gather the best talents and attract Internet giants. He said confidently: "We have the best team in the field."

ICP Tokens

ICP is a practical token native to the network and plays three key roles in the network:

1. Promote network governance
ICP tokens can be locked to create neurons, and by voting to participate in network governance, you can get ICP additional issuance rewards.

2. Production of cycles for calculation
ICP can be converted to "cycles", which is the role of gas token to power calculations and is burned when used. NNS will dynamically adjust the proportion of ICP redemption cycles, so that the choice is to ensure that users of the network can always create new cycles at nearly stable actual costs, so that the cost of obtaining gas is stable and predictable.

3. Reward participants
The network will forge new ICPs to reward those who undertake important tasks, allowing the network to operate, including: providing "voting rewards" to neurons participating in the voting; and providing "node rewards" to service providers running node machines.

Calculate voting rewards

Predictions show that 90% of the total ICP may be locked into neurons. Regardless of the current lockdown level, a fixed number of additional ICP rewards must be allocated so that participants will receive greater rewards until the participation rate reaches 90%, and the market can convince those who are not currently involved to participate.

We estimate the required returns as a percentage of the current supply and allow this percentage to decline over time to take into account the risk of a decrease in lockdown balance as the network becomes more stable. The initial issuance may be 10% of the total supply (according to year) and this proportion has continued to decline over time until it drops to 5% after 8 years.

Algorithm

We derive from the current ICP supply and the number of days since creation the maximum number of ICPs that can be cast and distributed. First, this equals 10% of the ICP supply divided by the number of days in the year. In eight years, this number will drop to 5%. Please note that voting rewards may not be reduced in half in practice as the supply of ICP may grow or decrease over this period of time.

The issuance rate in the first year is 10%
The additional issuance rate in the eighth year after Genesis was 5%, and it has remained unchanged since then
The issuance rate is a quadratic function of time

Related links:

https://www.528btc.com/bk/2019102757762.html
https://www.chainnews.com/articles/544356646053.htm