Coin Vs. Coin: ICP/OGY
ICP’s documentation describes the Internet Computer (or ‘World Computer’) as an open blockchain that is the “evolution of smart contracts.” The Internet Computer allows developers to build decentralized applications (dApps) that run on Chain Key cryptography, a system that is optimal for scalability, security, and load-balancing. ICP (Internet Computer Protocol) and OGY (ORIGYN) are the two main cryptocurrencies in the Internet Computer general-blockchain space.
What is ICP?
The Internet Computer Protocol (ICP) is a cryptocurrency that has been gaining traction recently. It's designed to provide a decentralized computing platform for developers. This open-source protocol aims to bring the trustless benefits of blockchain technology to internet applications and services by enabling them to run on its network nodes located around the world.
ICP’s distributed ledger system makes it easier than ever for developers to build their own dApps and deploy them across the ICP global network without having to rely on centralized infrastructure or trust any third-party servers.
Not only does this allow users to take advantage of existing technologies like smart contracts, but it also brings about improved security, scalability, and privacy for internet services and applications. The internet computer protocol also offers developers the ability to monetize their work without relying on traditional payment methods.
What is OGY?
ORIGYN (OGY) is a cryptocurrency launched by the ORIGYN Foundation, an international organization that seeks to create a more sustainable economic system. The OGY token is designed to be used as a global currency, enabling users to make payments quickly, securely, and with low transaction fees. It is also used as fuel for various dApps built on the blockchain.
OGY leverages blockchain technology and smart contracts to eliminate delays associated with traditional payment methods and other digital currencies. It’s speed and efficiency makes OGY stand out as an easier service for people in different countries to engage in commerce.
Additionally, OGY facilitates fast and cost-effective agreements between parties through its secure platform – eliminating the need for expensive legal services.
Similarities
ICP and OGY both store on-chain data with global distribution capabilities.
Both projects work as an alternative to cloud computing by authenticating a digital asset along with its associated physical asset.
ICP and OGY each remove conflicts of interest that are common in cloud computing by not housing competing products under the same roof.
These blockchains open up dApp development opportunities like no other blockchain because of their size and scalability which supports large web3 projects that would not be possible on other blockchains.
Differences
The ORIGYN Foundation tokenizes valuable physical art and artifacts. The OGY token can incorporate biometric data to prove ownership.
ORIGYN has its own NFT marketplace, Impossible Times, which offers NFT trades that are backed by authenticated assets. They can also be minted using machine learning.
ICP uses canisters – similar to a block of data on a blockchain – which houses not only the data of a smart contract but also a separate software that powers the data execution.
The ICP token is a governance token; the OGY token is an authentication token.
ICP compensates its node operators whereas OGY does not.
Internet Computer cryptocurrencies
Unlike conventional blockchains that represent a digital asset stored off-chain in a centralized server, the Internet Computer operates as a decentralized cloud network. Similar to cloud computing software, ICP and OGY provide accessibility from nearly anywhere but without the centralization of off-chain servers.
OGY is certainly more suited for the NFT marketplace and ICP is better suited for dApp development. However, both of these cryptocurrencies have raised the bar in blockchain technology development. They have set a new standard for building web3 completely separate from almost any form of centralization.
