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Update overview-of-icp.mdx
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jessiemongeon1 authored Nov 11, 2024
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import { MarkdownChipRow } from "/src/components/Chip/MarkdownChipRow";
import { GlossaryTooltip } from "/src/components/Tooltip/GlossaryTooltip";

# Overview of ICP
# Network overview

<MarkdownChipRow labels={["Beginner", "Getting started" ]} />

The Internet Computer Protocol (ICP) is a blockchain based on [threshold cryptography](https://en.wikipedia.org/wiki/Threshold_cryptosystem), [state machine replication](https://en.wikipedia.org/wiki/State_machine_replication), and [a novel consensus algorithm](https://eprint.iacr.org/2021/632.pdf).
**The Internet Computer (ICP) is the first "World Computer" network. It enables you to build web applications and internet services using a 100% decentralized platform without Big Tech and traditional IT. While traditional blockchains struggle to store a single phone photo onchain, ICP already hosts social networks, multiple ledgers, AI and much more, fully onchain.**

It was carefully designed to give smart contracts near native performance and scalability while maintaining the security of decentralized execution.
In addition to classical DeFi smart contracts, such as ledgers and exchanges, ICP can run compute- and storage-heavy applications such as [image classification](https://github.com/dfinity/examples/tree/master/rust/image-classification) fully onchain.
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