ICy: A Decentralized Lending Protocol on the Internet Computer

[1] Internet Computer

Developed by DFINITY Foundation, the Internet Computer extends the functionality of the public Internet so that it can host backend software, transforming it into a global compute platform. Using the Internet Computer, developers can create websites, enterprise IT systems and internet services by installing their code directly on the public Internet and dispense with server computers and commercial cloud services.

Website, Medium

[2] Decentralized Finance

Decentralized Finance (DeFi) is an open and global financial system built for the internet age — an alternative to a system that’s opaque, tightly controlled, and held together by decades-old infrastructure and processes. It gives you control and visibility over your money. It gives you exposure to global markets and alternatives to your local currency or banking options. DeFi products open up financial services to anyone with an internet connection and they’re largely owned and maintained by their users. So far tens of billions of dollars worth of crypto has flowed through DeFi applications and it’s growing every day.

Website

[3] Reverse Gas Modal

Internet Computer uses a “reverse gas model”. Canisters pay for computation and ongoing persistence of memory using their own gas (called “cycles”).

Website

[4] Ethereum

Ethereum is a decentralized, open-source blockchain with smart contract functionality. Ether (ETH or Ξ) is the native cryptocurrency of the platform. After Bitcoin, it is the largest cryptocurrency by market capitalization. Ethereum is the most actively used blockchain.

Website, Wikipedia

[5] Aave

Aave is an open source and non-custodial liquidity protocol for earning interest on deposits and borrowing assets. It shifts from a decentralized P2P strategy to a pool-based strategy.

Website, Whitepaper

[6] Gas Fee

Gas fees are payments made by users to compensate for the computing energy required to process and validate transactions on the Ethereum blockchain.

Investopedia

[7] Chain Key Technology

Chain Key Technology is a 48 byte public chain key rendering old blocks unnecessary which enables the Internet Computer to operate at web-speed.

Website

[8] Network Nervous System (NNS)

The NNS is the autonomous software that governs the Internet Computer and manages everything from economics to network structure. The NNS is hosted within the network itself, and is part of the system of protocols that securely weaves together the compute capacity of node machines to create the Internet Computer blockchain network, allowing the network to be autonomous and adaptive. The NNS acts as an autonomous “master” blockchain with a public key to validate all ICP transactions.

Website

[9] Motoko

Motoko is a programming language that is designed to seamlessly support the programming model of the Internet Computer, making it easier to efficiently build applications and take advantage of some of the more unique features of the platform. Motoko is strongly typed, actor-based, and has built-in support for orthogonal persistence and asynchronous message passing. Productivity and safety features include automatic memory management, generics, type inference, pattern matching, and both arbitrary- and fixed-precision arithmetic. Messaging transparently employs the Internet Computer’s Candid interface definition language and wire format for typed, high-level, and cross-language interoperability.

Website

[10] Type System

In programming languages, a type system is a logical system comprising a set of rules that assigns a property called a type to the various constructs of a computer program, such as variables, expressions, functions or modules. These types formalize and enforce the otherwise implicit categories the programmer uses for algebraic data types, data structures, or other components (e.g. “string”, “array of float”, “function returning boolean”).

Wikipedia

Source: https://medium.com/sciecon-ama/icy-a-decentralized-lending-protocol-on-the-internet-computer-3b4eefb20313?source=rss——-8—————–cryptocurrency