How Does Internet Computer Can Make Ethereum More Resistant To Regulation?
The cryptocurrency industry is an ever-growing one that is lucrative and seems to grow every single day. With many investors looking for the next big token to put their money in, many creators are getting to work. And there has been a recent innovation in the world of cryptocurrency. The long-awaited internet computer by Dfinity is finally live.
Although the company had reported that the launch of its mainnet would take place in the first quarter of 2019, there was a delay. And as such, every big investor has been waiting for this massive launch. Dfinity finally launched the internet computer's mainnet on the 7th of May and there has been an ongoing buzzing. Why this buzz? Because there has been a lot of speculation about Dfinity being compared to Ethereum.
If you are familiar with the different types of blockchain, then you know that Ethereum is one of the best platforms for decentralized apps. However, Dfinity is claiming to be better, especially since its Internet computer can improve the decentralization of Ethereum's blockchain. Before we take a look at just exactly how possible that is, let's delve into the platform first.
What is Dfinity?
Dfinity is primarily a stack of internet protocols that facilitates multiple decentralized apps. It also acts as the building blocks or network of the internet such as IP/TCP. Although the features of Dfinity are quite complex, the company offers you unlimited capacity, a stronger level of decentralization, and processes running at web speed. With more decentralization, it makes it easy for you to join the network, build or use an application with zero interference.
Ethereum, one of the world's most secure networks for multiple DeFi solutions and transactions, also offers a good level of security. However, Dfinity is much better because of its flexibility. While Ethereum powers only apps that are centered on just finance, Dfinity hosts multiple types of web apps. To prove this claim, Dfinity launched a decentralized version of LinkedIn called LinkedUp. The company also followed decentralized versions of WhatsApp and TikTok in 2020.
With these experimental launches, Dfinity is undoubtedly a force to be reckoned with in the crypto world. The Internet Computer, which is the company's recent launch has got many crypto enthusiasts and investors buzzing. Let's have a look at why this is the case.
What is the Internet Computer?
The Internet Computer is the first blockchain technology to run at web speed and provide unlimited capacity in a secure process. This network broadens the functionality of the public internet from a system that binds billions of users via TCP/IP protocols to a public compute space that empowers multiple entrepreneurs, developers, and investors.
This structure makes it easier for you to build pan-industry platforms, secure websites, and DeFi solutions without the need for firewalls and cloud computing services.
The following are the unique features of the Internet Computer;
The Internet computer is the first network to run at web speed. Hence, it can serve user experiences directly to mobile phones and web browsers by extending the functionality of the global internet. It is also enabling systems to be directly built onto the internet, especially with unlimited capacity. This makes the network profitable to multiple freelancers. For instance, developers can build websites by easily installing their code on the public internet and dispense with server computers.
The ICP Utility Token
The ICP utility token is the primary agent that allows the public internet community to access and contribute to the administration of the Internet Computer network. These tokens allow you to do one of the following;
Store and lock them inside the NNS to create neurons, which you can use to vote on proposals.
Convert your tokens to cycles necessary to power software computation by software canisters.
Higher Level Of Decentralization
One of the major features of the Internet Computer is that it offers you a higher level of decentralization for multiple transactions. The Internet Computer is built by a decentralized protocol known as ICP that is mathematically secure via combining the computing power of thousands of individual data centers globally. This computing power is gathered into a seamless public computer environment that runs at web speed.
The Internet Computer also completes the Blockchain Trinity which also comprises Bitcoin and Ethereum. These three decentralized networks work and complement each other as Bitcoin offers cryptocurrency, Ethereum for smart contracts, and Internet Computer offers a blockchain computer.
Although the Blockchain Trinity is beneficial to all of the crypto components within it, the pair that is more valuable to users is the Internet Computer and Ethereum.
Here's How The Internet Computer Makes Ethereum More Secure
If you've paid attention to this far, you already know that the Blockchain Trinity comprises Bitcoin, Ethereum, and Internet Computer. While Ethereum makes it easy for you to create smart contracts, Internet Computer offers a high level of security by acting as a blockchain computer. The Internet Computer can offer more security to Ethereum apps because it allows developers to create their front-end websites.
This is an important benefit of the Internet computer because usually smart contracts can only be censored at the interface level. However, with The Internet Computer, you can host the front end and essentially the applications that are built on top of the Ethereum-based smart contracts. This makes them more secure compared to interfaces hosted by other providers such as Amazon and Microsoft.
With cloud providers, users will not be interacting with a blockchain but with a website that's interacting with a blockchain. For instance, you will be interacting with Microsoft before the blockchain if you try to access an interface hosted by Microsoft. However, by running a front end on the decentralized framework of The Internet Computer, the front ends of Ethereum-based projects become difficult to regulate or hack.
Dfinity's Internet of Computer utilizes a proof of stake protocol which makes the network extra secure. This network framework offers an extra layer of security to Ethereum-based apps via front ends created by developers. This feature paired with unlimited capacity and web speed makes this network even more beneficial to developers compared to Efhereum.
BitForex is an exchange service platform that can be classified as one of the Top 20 cryptocurrency exchange services. It is focused on providing millions of users with a digital currency trading and investment tool that is not only safe but also professional and convenient. BitForex has a high customer-oriented culture and state-of-the-art financial technology.
BitForex is programmed in a way that it can quickly adapt to the changes of the Crypto market while introducing new features like margin trading, enhanced trading charts, derivatives, and a host of others. The headquarter of BitForex is located in Hong Kong, while there are branch offices in countries like the United States, South Korea, and Singapore.