New to ICP?

All about the ICP blockchain and setting up your Internet Identity to log into the Rakeoff dApp.

Internet Computer

About the Internet Computer Protocol blockchain

The Internet Computer represents a shift in blockchain technology, hosting everything on-chain, including data, content, computations, and user experiences. This platform challenges IT systems by offering a fully decentralized framework for Web3 applications.

In summary, the Internet Computer enables hosting of both front-end and back-end components entirely on a single blockchain, eliminating the need for services like AWS.

Developed by the DFINITY foundation who are non-profit organisation based in Zurich, Switzerland. They have the biggest Research and Development team in blockchain with over 270 employees.

Why we use the Internet Computer for Rakeoff

After thorough research into various blockchains, we found that none matched the Internet Computer (IC) in terms of its advanced technology and cost-effectiveness for running applications. Here are some key reasons why we chose to use the IC:

• As mentioned above, everything can be hosted on-chain, your back-end and front-end dApp all in one.

• The Internet computer uses the Reverse Gas-Model, unlike other blockchains. This enables our users to interact within the application without having to setup a wallet, or hold tokens — A standard web browser is all they need.

• Its very cheap to host memory. For example, one GB of smart contract memory cost $5 annually. Now you can even hold 400GB within a single canister smart contract.

• Lastly, The Internet Identity is a new authentication method that provides us with a secure way of logging into applications hosted on the IC.

How to set up an Internet Identity

Internet Identity merges WebAuthn and FIDO standards with chain key cryptography to provide a secure, user-friendly authentication system for Web3 applications, enabling secure login through fingerprint and Face ID on personal devices or external hardware wallets.

Creating an Internet Identity

If you click "Create Internet Identity", you are asked to create a passkey. A passkey can be any device that has a TPM chip inside it, such as a laptop with a fingerprint sensor, a smartphone with face ID. After the Internet Identity is created, users can use it to securely and privately authenticate with ICP dapps, such as Rakeoff.

Internet Identity created

Once you added a passkey, you will be assigned an Internet Identity number. You should save it somewhere safe, where you can easily access it. While your browser remembers this number, it will forget it if its cache is cleared, in which case you will need to type it in manually.

Additionally, after you click 'I saved it, continue' you will be prompted with a recovery phrase. Its important to keep this somewhere safe, where no one can see it, incase your device gets stolen/lost.