Internet Computer
Crypto Overview
Overview and Intended Utility
The Internet Computer (ICP) is a blockchain platform developed by the DFINITY Foundation that aims to create a decentralized cloud computing network. Its primary purpose is to enable developers to build and deploy decentralized applications (dApps) directly on the blockchain, without relying on traditional cloud services or centralized servers.
Business Model and Current Usage
The platform operates through 'canisters' - smart contracts that can host both frontend and backend of web applications. ICP tokens serve multiple purposes: governance participation, network security through staking, and payment for computational resources.
Real World Adoption
As of 2024, the Internet Computer ecosystem has shown significant development activity with over 1,200 live applications running on the network. Notable projects include OpenChat (a decentralized messaging platform), DSCVR (a social media platform), and various DeFi applications. The network processes approximately 350 million transactions daily.
Token Distribution and Governance
Initial token distribution raised concerns due to high concentration among early investors and team members. However, the project has implemented transparent vesting schedules and governance mechanisms. The Internet Computer Association (ICA) helps manage network development and token holder interests.
Development Activity
The project maintains strong technical development with regular updates and improvements. The GitHub repository shows consistent activity with frequent commits and multiple active contributors. The DFINITY Foundation continues to expand the protocol's capabilities through technical innovations.
Revenue Model
The platform's revenue model is based on computation and storage costs paid in ICP tokens, without involving interest-based mechanisms. Users pay for actual resource usage, aligning with Islamic principles of fair exchange.
Crypto Impact
To assign a comfort level investing in Internet Computer from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Internet Computer.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
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