Internet Computer

What is an Internet Computer Program (ICP)?

ICP is the native token of the Internet computer network. This allows token holders to interact with services on the Internet computer network and participate in decentralized autonomous organization (DAO).

Internet Computer is a massive Web3 project. This strives to usher in a new era of Internet technology use of smart contracts and innovative technologies. The platform covers a wide range of blockchain-based technology solutions. All information about the ICP price can be seen above.

Who created the Internet computer?

The founder of DFINITY and, accordingly, the ICP token is Dominic Williams. He used to work on the technology side Ethereumbefore forming a team of scientific experts to begin developing an Internet computer.

The Internet Computer Project’s research began in 2014 and over the years has assembled a team of hundreds of cryptographers, developers, and machine learning experts. The total project consists of almost 100,000 citations, more than 1,500 publications and approximately 200 patents.

The project was initiated by the DFINITY Foundation, a non-profit technology development organization, in Switzerland, and launched in May 2021 as a scalable, general-purpose blockchain network. At the time of launch, the price of Internet Computer was about $700.

One of the mission statements of the Internet Computer crypto project is to create the uniqueness of the blockchain – a new type of digital ecosystem that uses decentralized technologies for its services. It is intended to become the next stage in computer evolution.

ICP price was more volatile during the first month after launch. However, it suddenly went into decline soon after, falling 14 times in June 2021. This was followed by a softer volatility trend.

The asset generally responded to market trends. A slight increase was observed in November 2021, when many major cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), performed well in the market. However, the cryptocurrency crash in June 2022 did not greatly impact the price of the internet computer.

What are the main characteristics of a computer connected to the Internet?

ICP is a utility token. The protocol does not contain a strict supply restriction. The token can be used to pay for services available on the Internet computer network. One of the standard features of the ICP token is transaction speed, as all payments are processed at Internet speed.

The token may be at stake in the network nervous system (NNNS). This gives users the right to participate in management, make new proposals and vote on protocol changes within the DAO. The Internet computer is completely community-driven and all protocol decisions are made using the ICP token for voting.

Users who stake NNS and participate in governance processes are entitled to voting rewards. The reward percentage varies depending on the token dissolution delay and is distributed in the form of ICP tokens. Node providers also receive ICP tokens as rewards for their contributions to the network.

ICP tokens can also be converted into cycles.. Cycles are a way to pay for container smart contracts that developers use in their operations. However, cycles are not a cryptocurrency and cannot be converted back to ICP tokens. They can be moved between different containers only to cover the cost of computing and other web services.