What is Internet Computer (ICP)? Everything you need to know about ICP

Internet Computer (ICP) is a decentralized blockchain network, designed to run web applications and online services more efficiently and securely than traditional networks.

In this article, let’s learn about Internet Computer (ICP) with AZcoin and what you need to know about this platform.

What is Internet Computer (ICP)?

Internet Computer (ICP) is an ambitious blockchain project developed by DFINITY Foundation. This project aims to build a global decentralized computing platform, allowing the execution of decentralized applications (DApps) directly on the web platform without going through central services time

Internet Computer exchange information

Internet Computer project team

Dominic Williams and Gian Bochsler are the two main characters in the ICP project. Dominic used to run a large MMO game and Gian is an experienced businessman who co-founded a cryptocurrency exchange in Europe. 

ICP’s development team includes more than 270 members with diverse professional backgrounds and rich experience in the field of cryptocurrency and technology.

Investors

DFINITY Foundation has raised huge amounts of capital from reputable investors. In early 2018, they successfully raised $61 million in capital, and at the end of 2018, they continued to raise an additional $102 million from investment funds such as a16z and Polychain. 

Other investment funds include SV Angel, Aspect Ventures, Village Global, Multicoin Capital, Scalar Capital and Amino Capital, KR1. The total investment that DFINITY Foundation received from its inception in 2015 to the end of 2018 was $195 million.

Official partner of Internet Computer

To ensure the development and support of its platform, Dfinity Foundation has collaborated with many major partners in the technology industry. Official partners of Internet Computer include Microsoft Azure, Siemens, Telekom Innovation Laboratories and many other technology companies.

Development of Internet Computer Protocol (ICP)

The development of Internet Computer Protocol (ICP) has gone through many stages since Dfinity began development in late 2016:

• Copper: Dfinity developed the first version of ICP, called the DFINITY Canister SDK (V0.3.0), along with introducing a new programming language specifically for development on this platform, using WebAssembly.
• Bronze: ICP launched LinkedUp, the first social networking platform developed on ICP, along with several other demo applications during this phase.
• Tungsten: This phase allowed developers to participate in building decentralized applications on ICP, and the ecosystem of infrastructure for developers was rapidly expanded.
• Sodium: ICP introduced the NNS algorithm governance system, serving the platform governance process, including validation and licensing for validators, as well as rewarding validators and delegators.
• Mercury: ICP’s mainnet was officially launched at the end of 2020, after several delays. The project announced the public mainnet launch on May 7, 2021.

The project started in October 2016, with the aim of creating a new global decentralized computing and internet system. ICP is designed to run on millions of computers worldwide, providing an alternative solution to current cloud storage services.

How does ICP work?

ICP functions as a colossal computer system, interconnected through a blockchain network. This enables decentralized operation of online applications and services, eliminating the need for intermediaries.

When a user wants to utilize an online application or service on the Internet Computer, they can send requests to the system, and computers in the network will collectively process these requests. This enhances efficiency and minimizes the risk of system failures.

Each time a transaction is executed on the Internet Computer, a small fee is charged to users and distributed to developers and network management participants. This sustains the system’s operation and generates profits for those contributing to its maintenance and development.

Highlights of Internet Computer Protocol (ICP)

ICP stands out with its distinctive features:

• Four-layered structure: Utilizes smart contracts (“canisters”) for data deployment and storage across layers.
• Network Nervous System (NNS): Empowers data access control for developers and users.
• Swift transaction speed: Executes transactions in 3-5 seconds, outperforming Ethereum.
• DFINITY Ecosystem: Supports funds and scholarships for cybersecurity and network development.

Basic information about ICP

Technical information

• Token name: Internet Computer
• Ticker: ICP
• Blockchain: Dfinity blockchain
• Token standard: Updating
• Token type: Utility, Governance
• Smart contract: 0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce
• Market capitalization: 5.669.173.943 US$
• Circulation supply: 464.283.899
• 24-hour trading volume (May 24, 2024): 123.532.743 US$

ICP Token Allocation

With a total maximum supply of 518.904.875 IPC tokens distributed as follows:

• Team & Partners ICP: 53%
• Seed Round Investors: 24%
• Early Contributors: 10% 
• Strategic Investors: 7%
• Pre-sale Fundraising Donors: 5%
• Community Airdrop: 1% 

Which exchange to buy ICP on?

The best crypto exchanges in the world where you can buy ICP include Gate.io, Binance, Huobi Global, Coinbase Pro, OKX, Coinlist and Kucoin.

Wallet to store ICP safe

To safely store ICP, you can use popular cryptocurrency wallets like Ledger Nano S or Trezor. If you want to store ICP online, you can use an online wallet like Metamask or MyEtherWallet.

What is the future of the Internet Computer project? Should I invest in ICP tokens or not?

The future of the Internet Computer project appears promising, despite uncertainties. With a market capitalization exceeding $100 billion upon listing on major exchanges like Eretheum, Binance and Litecoin, it experienced significant price volatility, dropping by over 100 to 200 times from it’s all-time high. 

Despite this, the project has raised nearly $101 million in funding and outlined a 20-year ambitious roadmap. While some dApps are operational, the project’s fragmented ecosystem is still a challenge. Therefore, investing in Internet Computer tokens requires careful consideration of its potential and challenges.

Conclusion

Hopefully through this article, you have had an overview of Internet Computer (ICP) and have more useful information to make reasonable investment decisions. If you need any more information or need help from us, don’t hesitate to contact Azcoin.