Internet Computer (ICP) is a set of protocols that allow independent data centres around the world to band together and offer a decentralized alternative to the current centralized internet cloud providers. The ICP token is used for governance (holders can vote on the future of the network), to reward network participants for good behaviour, and is used to pay fees for making transactions.
What Is Internet Computer ($ICP)?
Internet Computer (ICP) is a cryptocurrency or digital token that allows users to create apps, websites and other web-based services. The cryptocurrency was created by the Dfinity Foundation, and it’s backed by well-regarded venture capital firms Andreesen Horowitz and Polychain Capital.
The premise of cryptocurrency is that it can be used as a way to re-create the web but in an even more decentralized form. Think of it as a decentralized computer network that could run a new or different version of apps on the web. For this reason, the project’s founder says it has the capacity to challenge internet titans such as Google, Facebook and Amazon Web Services.
What is the project trying to achieve?
ICP is designed to scale smart contract and data computation, run them at web speed, and process and store data safely and efficiently. It has created software frameworks to make it easier for developers to use as well. Internet Computer aims to revolutionize tokenized Internet services, the underpinning decentralized financial systems, and perhaps even traditional enterprise systems and websites.
They aim to create a “blockchain singularity” in which every system and service is rebuilt and reimagined using smart contracts and runs entirely from infinite public blockchain without the need for traditional IT.
What is the unique selling point?
Direct Integration with Bitcoin: The Internet Computer protocol will be extended to add smart contracts to Bitcoin. An application of Chain Key cryptography will give each canister their own Bitcoin public key, thus directly integrating with the Internet Computer blockchain with the Bitcoin network. In particular, smart contracts on the Internet Computer will be able to hold, send and receive their own Bitcoin.
Chain Key cryptography: is one of the fundamental breakthroughs enabling the Internet Computer to scale to millions of nodes. The most notable innovation of Chain Key cryptography is that the Internet Computer has a single public key, which enables any device to verify the authenticity of artifacts generated by the Internet Computer, even smartwatches and mobile phones.
Motoko Smart contract langue is a new programming language for smart contracts. It is designed to seamlessly support the programming model of the Internet Computer and makes it easier to take advantage of the unique features of the blockchain. 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.
Non-Interactive Distributed Key Generation (NIDKG): This non-interactive, publicly verifiable secret sharing scheme consists of a dealer constructing a Shamir secret sharing of field elements. Then, these dealers confidentially and verifiably distribute shares to multiple receivers. Shamir’s Secret Sharing was formulated by Adi Shamir and is one of the first secret sharing schemes in cryptography based on polynomial interpolation over finite fields.
Internet computer consensus: The Internet Computer blockchain runs on a network of nodes in independent data centers located around the world. In each of its subnet blockchains, the participating nodes must process the same messages in the same order to ensure that they achieve the same state. To this end, the Internet Computer relies on a novel consensus protocol, as described in this presentation.
Peer-to-peer: The Internet Computer blockchain is designed to be secure, reliable, and scalable. Scalability is provided through subnet blockchains that run Canister smart contracts on a selection of nodes. The peer-to-peer layer (“P2P”) enables reliable and secure communication between nodes participating in the same subnet. P2P collects and advertises messages from users, as well as from other nodes, so that they will eventually be replicated across all nodes in the same subnet blockchain.
The DFINITY Foundation’s contributions to the Internet Computer roadmap are subject to community discussion and voting.
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- Token Name: Internet Computer.
- Ticker: ICP
- Token Type: Utility
- Total Supply: 480,091,545 ICP.
- Circulating Supply: 223,884,533.15 ICP
- Market Cap: $3,913,310,968.
The distribution of the initial ICP supply is as follows:
- Early contributors: 9.50%
- Seed donations: 24.72%
- Strategic: 7.00%
- Presale: 4.96%
- Strategic partnerships: 3.79%
- Community airdrop: 0.80%
- Initial community and developer grants: 0.48%
- Node operators: 0.22%
- Internet Computer Association: 4.26%
- Team members: 18.00%
- Advisors and other third-party token holders: b
- DFINITY Foundation: 23.86%
When the DFINITY Foundation was formed, 9.5% of the total ICP supply was allocated to early contributors. The remaining 90.5% was granted to the foundation so it could be used to fund operations, incentivize participation, and distribute the token supply.
DFINITY first raised 3.9 million CHF (~$4.2 million at the time) via a crowd sale in February 2017 that the foundation labelled a Seed round. The sale distributed 24.72% of the total ICP supply. A year later (February 2018), DFINITY opted to raise a private strategic round, securing $20.5 million in a round led by a16z (the crypto asset investment arm of Andreessen Horowitz) and Polychain Capital.
A few months later, DFINITY airdropped $35 million worth of ICP (then called DFN) tokens to interested users – although the giveaway was only available to non-United States residents.
You can trade ICP on CEX or DEX like Binance, Coinbase
Price today: $17.57
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Token Use Case
ICP is the Internet Computer’s native utility token. It plays three key roles in the network:
- Facilitating Network Governance: ICP tokens can be locked to create neurons that participate in network governance by voting, through which they can earn economic rewards.
- Production of Cycles for Compute: ICP can be converted into “cycles,” which power computation in the role of fuel that is burned when it is used. The Network Nervous System (NNS) governance mechanism converts ICP to cycles at a variable rate. This rate is chosen to ensure users of the network can always create new cycles at an approximately constant cost in real terms, such that the cost of acquiring fuel is predictable.
- Participant Rewards: The network mints new ICP to reward and incentivize those contributing to the network and enabling it to function. These contributions include the provision of “voting rewards” to those participating in governance, the provision of “compute rewards” to those operating the node machines hosting the network, and other miscellaneous activities.
Market and Community
The Internet Computer blockchain only recently launched but developer and entrepreneurial activity is exploding, and so are the active users of their emerging dapps and services.
ICP has crossed the 606.6K Followers on Twitter
The Internet Computer is supported by a growing community of crypto enthusiasts, investors, and independent node providers, who operate the node machines that power the Internet Computer. Our team of world-class researchers and engineers propose, design, and develop extensions and improvements to the Internet Computer blockchain based on breakthrough inventions in crypto, distributed computing and decentralized governance.
Partners & Investors
DFINITY has raised a total of $121 million from investors such as:
- Andreessen Horowitz
- Polychain Capital
- SV Angel
- Aspect Ventures
- Electric Capital
- Scalar Capital
- Multicoin Capital
Many people have dedicated their lives to blockchain technology evolution, and Internet Computer showcases the intersection between academia and reality. From its native innovations and applications, such as Chain Key Technology, Non-Interactive Distributed Key Generation (NIDKG), Network Nervous System (NNS), ICP token, the project has showcased creativity worth noting. Internet Computer will drive a wave of innovation, growth, opportunity, and productive ways of doing things in a new and intriguing way.
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DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.