The Internet Computer does not find those 2 seconds fast enough to be called user-friendly, and therefore smart contract transactions are divided into 2 types. The “normal” transactions and “query transactions”

The second type of smart contract transactions are not stored on the blockchain, but are immediately deleted. This ensures that these transactions can be completed within milliseconds.

With The Internet Computer, smart contracts are broken down into secure code units, known as “canisters”. These canisters are the computing units that function as individual applications or functions. End users such as you or me are able to communicate with these canisters, for example via a website or an app. Ultimately, the intention is that the user experience will be very similar to the internet of today, but that the background, the back-end, will improve.

The difference with the traditional internet lies in the fact that the internet computer directly hosts and stores data on the blockchain, instead of a centralized database. On the main chain, a network of data centers can launch nodes that execute and control the ICP protocol, as is done by nodes and miners on the Bitcoin network.

The network itself is made up of a hierarchy of building blocks. At the bottom are the independente data centers that run specialized hardware nodes. These node machines are combined to create subnets. These subnets create and host the canisters.

ICP hierarchy

Reverse-gas model

These canisters distinguish The Internet Protocol from the majority of crypto projects. Canisters can stream web content directly, without intermediaries, to the end users. As a result, companies and developers no longer have to host the front-end of an application or website on a centralized cloud hosting platform, but can arrange all this within such a Canister.

What also makes the canisters unique is that they are “pre-charged” with “cycles”, which is The Internet Computer’s equivalent of Ethereum’s gas. As a result, the user does not pay the costs for the use of dApps and other smart contract applications.

Making canisters pay for their own performance is also called a “reverse gas” model. Because the Internet Computer uses this model, users who do not own tokens can still easily interact with the smart contracts. It even goes so far that they don’t even need to know that the service runs on a blockchain.

More decentralized DeFi

With this, The Internet Computer makes the internet and dApps a lot more decentralized. As you may know, DeFi dApps are ‘decentralized’ because you make a transaction without an intermediary and data is stored on the blockchain, often on the Ethereum blockchain. For example, a transaction between Jan and Piet on Uniswap is registered on the Ethereum blockchain.

We call this the back-end of such a dApp. The front-end, or the Uniswap website with which you interact, is not decentralized at all. That website also has to be hosted somewhere, and for the time being that often happens on centralized cloud hosting platforms such as Google Cloud and Amazon Web.

It is not surprising if you have lost your way a bit now. The technology behind The Internet Computer is quite complicated. It is not without reason that DFINTY has been working on The Internet Computer for years. Website Crypto Italy is popular.

An important part of The Internet Protocol are the canisters. The Internet Computer is the world’s first blockchain where front-end and back-end web experiences can be built with smart contracts (canisters) served directly to the end users in a browser.

Canister’s smart contract

This creates a completely new playing field for blockchain developers to build hyperscale, mass-market services, all on-chain. The world’s most popular social media apps, e-commerce websites, DeFi platforms and even business systems can all be reimagined and developed as open-source services with tokenized governance.

Display Canister’s smart contract front-end

The Internet Computer Token Utility

This tokenized governance brings us to the next important topic: the ICP token.

The ICP utility token is the primary mechanism that allows the community to participate in the governance of The Internet Computer. Such a token is also called a governance token.

Network Nervous System

A separate system has been set up for these governance tasks, the Network Nervous System. The Network Nervous System is a decentralized, tokenized governance system that is completely open. Anyone in the world can submit a proposal to the NNS, and if passed it will be executed immediately, fully automatically, allowing the network to adapt and evolve in real time based on the community.

The Network Nervous System can perform tasks at any time, such as upgrading node machines to update the protocol or applying security fixes, adjusting economic parameters, or creating new subnet blockchains to increase network capacity. The Network Nervous System runs within The Internet Computer’s protocols and is able to make these changes without interrupting network operation or breaking security.

The Network Nervous System works by enabling users to stake ICP governance tokens to create “tuning neurons.” So, similar to other governance systems, such as Polkadot’s, users must stake the native token. The Network Nervous System is thus a variation on the Proof of Stake mechanism, in which the ICP token has a governance use case.

Users are incentivized to create voting neurons as they earn rewards for voting on proposals. Rewards take the form of newly created ICP tokens created by the Network Nervous System.

Internet Computer Voting

Cycles

The ICP tokens can also be resolved and converted into cycles, which are then used to run websites and applications and to perform calculations on The Internet Computer through canisters. Converters.org cypto Indonesia is popular.

Cycles can best be compared with Ethereum’s gas. Gas is used to make transactions on the Ethereum blockchain. In general, all canisters consume resources in the form of CPU cycles for execution, bandwidth for routing messages, and memory for stored data.

As described above, The Internet Computer uses a reverse gas model. Canisters maintain a reserve in cycles to pay for the communication, execution and storage costs consumed by their applications. The costs of calculations are expressed in units of cycles.

By setting limits on the number of cycles a program can consume, the platform can prevent malicious code from consuming resources. The relative stability of operating costs also makes it easier to predict how many cycles are needed to process, say, a million messages.

Roadmap vision

The roadmap of The Internet Computer can also be described as ambitious. DFINITY, the organization behind The Internet Computer, has created a roadmap for the next 20 years. The vast majority of crypto projects you see today have a roadmap of one to two years, with some outliers having a roadmap of 5 to 10 years, but 20 years is uncommon.

It is not an exact roadmap with clear release dates, but rather a vision of DFINITY for the future 20 years.

5 years

In five years, anyone interested in technology will have heard about The Internet Computer, and there will be a widespread understanding of its nature and purpose. Meanwhile, more and more entrepreneurs and development teams will choose to build open mass market internet services on the internet computer instead of using traditional IT.

10 years

In 10 years, it will be widely recognized by the tech community that The Internet Computer is on a likely path that will one day make it humanity’s primary computing platform for building systems and services, and that the “open Internet” is now almost will certainly prevail over Big Tech’s closed and centralized ecosystem.

Furthermore, the extraordinary growth within the DeFi ecosystem will bring it up to par with the traditional financial industry, driven in large part by The Internet Computer.

20 years

In 20 years’ time, the open internet will finally be significantly larger than the closed and centralized ecosystem of the Big Tech companies. Much of the information infrastructure, systems and services of our critical global society will now run on the open, unstoppable and tamper-resistant Internet Computer blockchain network.

This will profound transformations in how things work, supporting an unimaginably richer Internet ecosystem that contains more innovation, collaboration, and dynamism that drives positive economic growth around the world.

Conclusion

At first glance, it seems absurd for a project to get a listing on Binance, Huobi and Coinbase Pro on day one and also get fifth place on CoinMarketCap, but after thorough research into this project, that’s not so bad.

The Internet Computer is an ambitious project that has been a long time in the making, to say the least. The top 10 is full of layer 1 blockchains, such as Ethereum, Polkadot, Cardano and Binance Coin, so it is certainly not surprising to think that The Internet Computer belongs here.

Still, it is good to think about possible pitfalls of a project. For the time being, The Internet Company meets all requirements to be a good project:

Unique use case as a global internet computer and an alternative to centralized Big Tech services.

Not only focused on dApps, but on all applications and websites that will be made on the internet.

Transparent, competent and large team.

Distinctive blockchain hierarchy with renewed form of smart contracts.

Token applications for governance and on-chain transactions.

Extremely scalable network with fast transactions

The only real caveat that can be made is the fact that The Internet Company has just been listed and has not yet built up an ecosystem of working products, as is the case with Ethereum.

Quite a few complicated and technical topics have been covered in this article. Hopefully it has been explained clearly and simply enough for you to understand. If you still have questions, we would like to invite you to throw a ball in our AllOverCrypto Facebook group. There, AOCs and members of the group are always ready to answer your questions. See you there then!

You may have seen Bitcoin in the news more often lately

The value of bitcoin has risen sharply and the price regularly reaches new record prices, but that does not only apply to Bitcoin. Ethereum’s brother has also grown rapidly lately, as can be seen from the Ethereum price, but what is Ethereum actually?

What is Ethereum?

Bitcoin is a so-called cryptocurrency, or a type of encrypted digital currency. Transactions with bitcoin are stored on a network of thousands of computers without the involvement of third parties. This network is called a blockchain and is a kind of decentralized ledger. All computers run the same version of this ledger, which means that data cannot be changed and the network is insensitive to censorship.

Numerous cryptos have been created since the inception of bitcoin, and while bitcoin is still the largest, interesting developments may be found on Ethereum. Renovato.io has enough information. Ethereum has smart contracts, which are special digital contracts that are automatically executed if certain agreements are met in advance. This ensures that a transaction is executed anyway and these contracts open the doors for all kinds of decentralized applications, or dApps.

The unfolding of Ethereum

Ethereum has grown rapidly in recent months, partly due to some major developments taking place on the decentralized network. Some of the most important are described below.

Decentralized Finance (DeFi)

One of the biggest developments is the rise of decentralized finance, or DeFi. DeFi is a collective term for a series of new financial applications. It is a transparent decentralized financial ecosystem that makes financial services, such as taking out loans, accessible to everyone without the involvement of an intermediary, such as a bank.

This new market allows people to lend crypto to each other by securing it as collateral in smart contracts. They can then earn high percentage returns on this locked crypto. This new market exploded in the summer of 2020 and is growing so fast that 100 billion euros is now tied up as collateral in DeFi products.

Non-fungible token (NFT)

This year we see a new market emerging quickly with Ethereum, namely that of non-fungible tokens, or NFTs. Unlike other digital currencies, an NFT cannot be exchanged. This means that each token is unique and that provides all kinds of new possibilities.

For example, it is now possible to sell works of art as NFT. The NFT is then linked to a unique code on the Ethereum platform and serves as a kind of proof of authenticity that can be verified by anyone via the blockchain. Several celebrities have already sold NFTs worth millions. The digital artist Beeple sold an NFT artwork for no less than 58 million euros!

Institutional Adoption

In recent months, we have seen the professional investment world increasingly embrace Bitcoin and gradually the same is happening with Ethereum. In February 2021, the Chicago Mercantile Exchange (CME), the largest derivatives exchange in the world, launched Ethereum futures contracts. In April, the first-ever publicly traded Ethereum funds, or ETFs, were approved. In addition, we see more and more large companies investing in Ethereum and we even see payment companies such as PayPal and Visa using this crypto.

Ethereum 2.0

Perhaps one of the biggest developments on Ethereum in the past year was the launch of Ethereum 2.0. Ethereum is becoming so popular that the network is struggling with the huge crowds and transaction costs regularly skyrocket as a result.

Ethereum wants to solve this problem by switching to a new blockchain network, but it could take several years before this switch is complete. Visit moveco.io has enough information. Nevertheless, the first steps have already been taken successfully and there is already more than $10 billion worth of ETH in the contract for Ethereum 2.0, indicating that there is a lot of confidence.

Ethereum price

Then of course we are talking about one of the most popular topics in the crypto world: the price. One could buy one ethereum last year for about 85 euros. A year later, the ethereum price has broken through 2,000, which is an increase of no less than 2,250% in one year. Who knows how high the price could be in a few years!

Bitcoin price corrects, pulls altcoins like XRP, cardano and dogecoin down, but are we already seeing a recovery?

After a week of price increases, we now see a small correction. A dip causes most cryptocurrency prices, with a few exceptions, to turn red today. The market seems wary of a bill in the United States that uses a very broad definition of “broker”. Attorney Jake Chervinsky explained the situation on Twitter last weekend.

The total market cap of crypto fell from $1.72 trillion to $1.64 trillion last night. Still, several prices are starting to rise again this morning and the market capitalization is at $1.68 trillion, but will this recovery continue right away?

Bitcoin (BTC)

Bitcoin (BTC) peaked at around USD 42,630 on Sunday morning, but then fell back to USD 41,500 and then slowly sank towards USD 41,000. Shortly after midnight, however, the price suddenly plunged sharply from $41,100 to $39,500, a drop of nearly 4%. XRP Ripple is well known in crypto.

Bitcoin was then able to hold out at around $39,800 overnight, which could mean a higher low. This morning the price rose briefly to $ 40,600 but immediately ran into resistance. At the time of writing, bitcoin is falling back to $40,000. The question now is whether this $40,000 can be a new bottom so that we can see a resumption of the bull run soon with a retest of $42,000. However, after turning green for 10 days in a row, a further downward correction should come as no surprise.

altcoins

Ethereum (ETH) price decoupled from bitcoin over the weekend, but the correlation is now starting to pick up again. Initially, the ether price shot up quite a bit last night and briefly touched $2,700, but was rejected there. Shortly after midnight, ether also plunged hard, falling 5.6% from $2,675 to $2,525. Ether then rebounded to USD 2,550 and this morning the price shot up again to USD 2,630, but has fallen back to USD 2,600 at the time of writing. Nevertheless, ether is one of the only prices in the plus compared to 24 hours ago.

Further in the top 10, polkadot is the only one besides ether that turns green today. The DOT price rose to $19.7 last night, but fell sharply last night to reach $17.65 this morning. This morning DOT makes another jump up to $18.5, which means that the price is still slightly in the plus compared to 24 hours ago. UNI Uniswap is well known in crypto.

However, the rest of the top 10 turns red. Ripple (XRP) fell hard last night, made a big jump this morning, but is now falling again and is therefore 2% in the red compared to yesterday. Binance coin (BNB) and cardano (ADA) are 2.5% in the red today. Dogecoin (DOGE) saw no recovery at all this morning and is therefore 6% in the red this morning.

Outside the top 10, we see siacoin (SC) correcting sharply downwards. Siacoin shot up sharply on Sunday and this correction does not necessarily mean the end of its rally. Some crypto rates are also turning green today. For example, digibyte (DGB) is 7% in the plus, terra (LUNA) 8%, bitcoin gold (BTG) 8.5% and bitcoin cash abc (BCHA) is experiencing a significant rally. The BCHA rate is 30% in the plus today and even 120% compared to a week ago.

Hacker group Avaddon quits and releases decryptor, how do you protect against these hacker groups?

Hacker collective Avaddon is throwing in the towel. Its Tor page’s are no longer accessible, signaling that its members are no longer conducting ransomware attacks. Also, the group has released nearly 3,000 decryption keys. Victims can use these to unlock encrypted data. This writes BleepingComputer. The cybersecurity site has tested a decryptor on a virtual machine and confirms that the keys are authentic. Security experts from Emisoft and Coveware also confirm that the keys are legitimate for the ExpressVPN avis.

A decryption key for all

BleepingComputer says it received an anonymous tip from someone who claimed to work for the FBI. The message contained a password and a link to ZIP file that was password protected. According to the description, the file contained decryption keys for the Avaddon ransomware. To make sure it was not a scam or hoax, the editors tested a key. And indeed, encrypted files became accessible again. In total, the ZIP file contained 2,934 decryption keys, a decryptor for all of Avaddon’s victims. Cybersecurity company Emisoft has released a decryptor that all victims can use to recover their data for beste VPN for tilgang til Netflix.

This is what you need to know about Avaddon

Avaddon has been operating since June 2020. It all started on a small scale with phishing messages. These emails contained only an emoji of a puppet that winked and included a malicious attachment. In the months that followed, Avaddon grew into one of the larger hacker groups that carried out ransomware attacks but you could have used Express VPN Recenzja.

One of Avaddon’s most recent victims, is AXA. In mid-May, hackers managed to penetrate the insurance company’s IT systems with hostage software and steal three terabytes of data. This included copies of passports and ID cards, contracts, customer claims, hospital files on fraud investigations, medical reports with sensitive information about patients, bank account information, payments to customers and other financial data.

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