It seems like people are talking about a new Ethereum killer every day. From Cardano to Solana, there is an endless line of competing blockchains set to take on the smart contract king. So if you were wondering whether Internet Computer is the next to add to the list, here's a spoiler: The Internet Computer has no intention of eliminating other blockchains. It just wants to make them faster, cheaper, and greener.
Here are some of the ways the Internet Computer ecosystem will enhance blockchains like Ethereum and even Bitcoin.
Blockchain Integration with Bitcoin and Ethereum
It is clear that Bitcoin and Ethereum are the most successful blockchains to date. However, they both have inherent problems with no clear solution. That's not to take away from the accomplishments of these blockchains. Again, the Internet Computer isn't trying to kill or flip these other chains, and the goal is to integrate so as to provide some of the necessary fixes.
That's why DFINITY and ICP stakers signed off on a proposal to bring smart contracts to Bitcoin. ICP canisters can do something that the Bitcoin blockchain can't. For example, there are no smart contracts on Bitcoin, and transactions are expensive and take minutes or even hours. Plus, mining Bitcoin is rough on the environment. How does the Internet Computer solve these complicated problems for both Bitcoin and Ethereum?
Transactions on the Internet Computer only cost .0001 ICP. That's currently a mere fraction of a cent. Additionally, these transactions happen in seconds. Do you see how integration with BTC and ETH is mutually beneficial? The Internet Computer gains the benefit of adding many users who were familiar with those primary blockchains. Those users get the use of gas-free transactions that occur in seconds. Best of all, the Internet Computer makes it all happen in a far more sustainable manner.
People Parties: Keeping Bots in Their Place
If you use discord, you know that bots have their place. In fact, they can even help to verify if someone is a human using captchas and the like. However, the Internet Computer is working on an even better way to tell real humans apart from bots - People Parties!
Many social media platforms are already springing up on the Internet Computer, like DSCVR and Distrikt, to name just a couple of the early communities. What if there was a better way to know if the person you were following is an actual human? And what if your permissions on a social media platform were dependant on proving your humanness?
Virtual People Parties would accomplish this by allowing users to validate one another, rather than having a bot decide if someone is a human or a fellow bot. Here's the short version of how these parties may work when implemented.
- You enter a party with a small group of users, depositing a small amount of ICP to enter.
- Users in the party validate that the others are humans using means that do not give away personal data.
- The party accomplishes validation not by having users appear on camera but by responding to other users' verbal commands, such as moving the camera in a certain way or pointing it at a particular object.
- During the process, location validation is also possible.
- At the conclusion of the process, the users receive the ICP deposit and are given full permissions as validated humans.
What does this have to do with Ethereum? Verifying humans on social media is one thing, and think about how these benefits would apply to verifying someone is a human on the blockchain in general. This is powerful scam protection.
Canisters Holding ICP: The One True DeFi
Every blockchain is striving to offer decentralized finance, and the Internet Computer can make it happen. There are already many dApps running on the Internet Computer, and the successful vote to allow canisters to hold ICP expands what is possible in the ecosystem. Gas fees render many dApps virtually unusable for the average Ethereum holder, and Gasless transactions on the Internet Computer solve this seemingly unfixable issue.
The fact of the matter is that most blockchains are too slow or too expensive to reach the goals of DeFi and Web3.0. The Internet Computer can make it a reality, and it's already starting. Saying 2022 is going to be a big year is an understatement! From token swaps to immersive metaverse worlds, the Internet Computer is pioneering the way to a blockchain where you can send an email, enjoy social networking, buy and sell NFTs, and do anything you want online without having to let Google, Amazon, Meta Platforms, or any other corporation dictate your experience.
Canisters for On-Chain Storage
Being able to use canisters for on-chain storage is one of the many ways the Internet Computer ecosystem is creating the environment for true decentralization and Web3.0. Internet Computer canisters can each hold up to 4 GB of data, and it costs next to nothing. What would it cost to store just 1 GB of data on the Ethereum blockchain for an entire year? It would be an astonishing $240,000,000! There is no way to store enough data on the Ethereum blockchain for true Web3.0. That same 1 GB of data stored on the Internet Computer would cost just $5 per year.
Internet Computer: The Ethereum Savior
This isn't about killing, replacing, or flipping Ethereum; it's about providing the utility that the Ethereum chain simply can't in its current state. The Internet Computer is picking up where Bitcoin and Ethereum leave off to provide users with a true Web3.0 experience.
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