Welcome to a journey through the groundbreaking landscape of Internet Computer (ICP), a decentralized network meticulously crafted to foster a rich environment for the seamless execution of various projects across the internet. The project stands as a testament to the limitless potential of novel technology. At its core lies the ICP token - a key to governance and other applications within the network. Join us as we delve into the questions of what is ICP crypto, look at its market behavior and explore the people and community behind the coin.

Key Takeaways

Internet Computer (ICP) aims to revolutionize the online world by establishing an infrastructure for diverse web services without traditional servers or cloud architectures.
Its versatility, economic framework, and accessibility make it suitable for various activities within the network.
The project operates on a unique framework with multiple autonomous data centers globally, fostering decentralization and ensuring robustness against centralized data storage risks.
It utilizes innovative consensus mechanisms and cryptographic protocols to secure the network and enable seamless operation of smart contracts and decentralized applications.

What is Internet Computer (ICP)?

For those wondering what is Internet Computer Coin - this relatively new asset is positioned to revolutionize the online world by establishing an infrastructure ideal for diverse web services. It empowers the development of applications, websites, and digital services without the need for conventional servers or cloud architectures.

By leveraging sophisticated protocols, the project empowers developers to integrate smart contracts (SC) and decentralized applications (dApps) that operate seamlessly and guarantee an unparalleled user experience. Designed for optimal efficiency, the network provides secure and scalable data processing and storage capabilities.

Key considerations regarding its native token, ICP, include:

Versatility: it has a lot more than one use - for instance, the asset acts as a governance token, as a computational and transactional fuel and enhances community engagement.
Economic framework: the economic model of ICP is crafted to align the incentives of stakeholders within the network. It rewards contributors for enhancing its security and performance while ensuring the platform's sustained viability.
Accessibility: tokens are easily obtainable and usable by both users and developers, enabling a wide range of activities on the network. This includes deploying dApps and engaging in governance activities - tokens are versatile across various operations.

Internet Computer (ICP) price, supply and Market cap

Price	$17.90
Market Cap	$8.27 billion
Circulating Supply	460.5 million
Trading volume	$218.27 million

How Does Internet Computer Work?

To have the ICP crypto explained, let’s dive deeper into its basics. It operates as a decentralized platform for diverse web services. The distinctive framework comprises multiple independent data centers in all parts of the planet. Such architecture fosters robust decentralization, effectively mitigates the risks inherent in centralized data storage systems.

Within this ecosystem, smart contracts (SC) are also called canisters. Each of them encompasses a set of WebAssembly (Wasm) bytecode alongside its dedicated storage of information. Crucially, every canister possesses its own distinct data storage, which undergoes modification solely upon code execution within the respective canister.

These canisters are housed within subnets, which are the foundational components of the ICP. Subnets function as independent blockchains operating on node machines and spread out across various data centers worldwide. In each subnet, every canister's code and data are stored on all nodes within that subnet, and the code is executed by each node.

Ensuring both storage and computation are replicated across nodes is essential for avoiding problems and ensuring canisters keep working, even if some nodes have issues.

PoW

This crypto strays from using PoW, which requires network nodes to provide evidence of computational work to achieve agreement and prevent potential malicious interventions. Instead, the network adopts a consensus protocol named Proof-of-Useful-Work (PoUW). This approach exceeds conventional methods employed by other fundamental networks, making it more efficient but complex at the same time.

PoS

The currency veers away from utilizing PoS either, mainly because it relies on stakers holding cryptocurrency locked within the network for transaction validation. Instead, it adopts a unique strategy centered around duplicating storage and computation, crucial for attaining fault tolerance. However, ICP proof of stake users still have the option to stake their tokens for rewards. This is done through the Network Nervous System (NNS) App or by depositing them onto a cryptocurrency staking platform.

Blockchain Internet Computer (ICP) operates on

ICP functions on a unique framework consisting of multiple autonomous data centers located across the globe. This arrangement successfully addresses the vulnerabilities linked with ICP centralized data storage. At the core of this structure is the aforementioned protocol, which acts as a conduit between traditional programming methods and blockchain-driven development.

Smart contracts demonstrate an impressive combination of versatility and scalability similar to conventional applications. Nevertheless, they harness the intrinsic trustlessness provided by blockchain technology. Noteworthy is the method by which ICP distributes smart contracts across numerous instances, known as subnets. Within these subnets, nodes cooperate to independently execute the consensus algorithm, thereby bolstering the network's resilience and dependability.

What Makes Internet Computer Unique?

It seeks to transform various digital realms, including internet services and potentially other traditional systems. Here are some notable features:

Interoperability: SCs on different subnets within ICP can communicate with each other by exchanging messages.
Threshold signatures: each subnet holds a specific public key, whereas its corresponding private key is dispersed among numerous nodes, bolstering security measures.
Garbage collection: to prevent scalability issues, ICP actively removes old blocks from the blockchain, ensuring storage usage remains controlled.
Smart contracts: a significant feature of ICP is its smart contracts' capacity to process and serve web assets like HTML, JavaScript, and CSS.
Network nervous system: the platform incorporates an innovative DAO called the NNS within its protocols, empowering the community with direct authority over network governance.
Interacting with other blockchains: latest developments in cryptography now allow smart contracts hosted on ICP to directly engage with other systems.

History of ICP: The DFINITY Foundation

The organization responsible for the creation of the project in question is the DFINITY Foundation, headquartered in Zurich, Switzerland. In the next section, let’s look more into the formation of the coin.

Who created Internet Computer?

In 2016, Dominic Williams ICP vision was brought to life. Prior to this venture, he had experience as an engineering entrepreneur. He also operated a massively multiplayer online (MMO) computer game with millions of users.

Beginnings

The inception of the project began with the DFN token. The team aimed to explore technical solutions for building faster blockchains capable of processing a higher volume of transactions.

Expansion

In a significant milestone for the project's advancement, the DFINITY Foundation announced the introduction of ICP as the token in 2020. This represented an important milestone in advancing the platform's acceptance and usage.

Current Stage

Since its establishment in 2016, the development has been an ongoing journey. Through numerous updates and enhancements, the project has evolved into a groundbreaking network. After years of research, the DFINITY Foundation officially launched the project in May 2021.

The major stakeholders of Internet Computer

The major stakeholders of Internet Computer encompass the DFINITY Foundation, along with the developers and users actively engaged with the network.

How Is Internet Computer (ICP) Different To

This project distinguishes itself from others in the cryptocurrency space due to its unique features and approach. While it might be a good option for some, others might want to look into how it is different from alternative cryptocurrencies.

Internet Computer vs Ethereum (ETH)

While Ethereum grapples with challenges such as scalability issues, high gas fees, and sluggish transaction processing times. IC, in turn, presents an expansive environment where smart contracts and DApps can operate at the speed of the web without constraints. The framework comprises numerous autonomous data centers spread across the globe, ensuring a robust level of decentralization.

Moreover, IC introduces novel capabilities and functionalities that enhance the ecosystem significantly. Rooted in the design principles of the internet, it’s equipped with specialized "node computers" featuring standardized hardware. The computational power of these node computers is harnessed through the advanced protocol. This creates a seamless environment conducive to the execution of smart contracts that are both swift and efficient.

Internet Computer vs Bitcoin (BTC)

Bitcoin, hailed as the pioneering cryptocurrency, brought the concept of crypto into the limelight, heralding a transformative era for finance and commerce. Yet, today it is seen as embodying the simplest use — a straightforward peer-to-peer token exchange. In contrast, Internet Computer presents a comprehensive ecosystem empowering developers to craft a wide array of applications, exchanges, novel cryptocurrencies, and even communication platforms. Essentially, it is poised to disrupt numerous industries. However, it's worth noting that BTC remains the most dominant cryptocurrency with a widespread adoption.

Internet Computer vs Cardano (ADA)

Similar to Internet Computer, Cardano is proud of its advanced functionalities in contrast to the earlier first-generation Bitcoin and second-generation Ethereum. ADA primary objective is to address the scalability, interoperability, and sustainability concerns inherent in older networks. Despite making considerable progress in these domains, Internet Computer distinguishes itself through its innovative strategy of establishing a decentralized internet.

Advantages of Internet Computer

The project offers numerous benefits:

Limitless environment: it furnishes a boundless space for smart contracts and apps to operate swiftly, akin to the speed of the web.
Threshold signatures: within each ICP subnet, there exists a fixed public key. Yet, the corresponding private key isn't stored on any individual node and remains inaccessible across the network.
NNS: it incorporates an advanced DAO called the NNS within its protocols. This gives the community more power and control over the network.
Interacting with other blockchains: improved cryptographic methods have extended the functionalities of the Internet Computer. Consequently, smart contracts hosted on the platform can directly engage with other networks.

Disadvantages of Internet Computer

Potential disadvantage of Internet Computer include:

Conceptual nature: one potential disadvantage of Internet Computer is that its ambitious mission to provide a “limitless” environment for smart contracts and other apps to run at web speed is still largely conceptual.
Complexity: the complexity of its architecture and its novel approach to consensus could be a barrier to entry for some developers.
Adoption: as a relatively new platform, it may face challenges in terms of adoption and acceptance by the broader developer community.
Dependence on data centers: while the worldwide operations enhances its decentralization, it also means the platform relies on these data centers

How Is The Internet Computer coin Secured?

The security of Internet Computer hinges on an inventive approach focused on replicating both storage and computation, essential for ensuring fault tolerance. Operating within a unique architecture, the ICP comprises multiple autonomous data centers dispersed globally. In this setup, each canister on a subnet has its code and data copied to all nodes within that subnet, and each node runs the code

The replication process is powered by the fundamental ICP, which incorporates a consensus mechanism that ensures high throughput and low latency, alongside an efficient virtual machine designed specifically for WebAssembly execution. Additionally, the core ICP heavily utilizes chain-key cryptography, comprising advanced cryptographic protocols rooted in threshold cryptography. This enables the operation of ICP with exceptional scalability.

Buying Internet Computer (ICP)

After exploring this asset, one might want to become an owner of the cryptocurrency. To do so, head to SimpleSwap and follow these instructions:

For example, you want to swap BTC for ICP. Select the currency you want to exchange (e.g. BTC) in the first drop-down list. Then enter the amount you want to swap.
Select ICP in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
Click the Exchange button.
Enter the Recipient's Address. ICP will be sent. Be careful and make sure you use the correct address.
Create the exchange.
You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to ICP exchange.

How to Stake Internet Computer (ICP)

Staking ICP involves a straightforward process comprising several key steps. Firstly, you'll need to obtain ICP tokens from a cryptocurrency exchange platform like SimpleSwap or Binance. Once you've acquired your ICP tokens, you'll proceed to create an account within the NNS App.

After setting up your account, you'll verify your persona via Internet Identity and transfer your ICP tokens to your NNS Wallet. Then, you can begin the staking process by selecting your preferred staking options. Upon completing these steps, your ICP tokens are successfully staked, and your participation in the staking network is now active.

How to Mine Internet Computer (ICP)

Mining involves solving complex mathematical puzzles using advanced hardware. The first computer to successfully solve the puzzle is rewarded with the next block of Internet Computer, and the process repeats. Cryptocurrency mining is recognized for its labor-intensive nature, high costs, and sporadic profitability. However, setting up your own mining platform is not the only option for engaging in mining activities. Cloud mining offers an alternative approach, allowing individuals to mine ICP without the need for physical mining equipment. Here are the methods for mining ICP:

GPU mining: widely regarded as one of the most popular and cost-effective methods for mining cryptocurrencies, including Internet Computer (ICP). It is known for its efficiency and relatively low costs.
Cloud Mining: with cloud mining services, where digital mining farms—specialized data centers dedicated to mining—lease or sell machines to cryptocurrency miners, providing an alternative to traditional mining setups.

Internet Computer Roadmap

The DFINITY Foundation has established a comprehensive strategy for advancing and broadening the platform. This roadmap provides visibility into the advancement of various projects within the IC ecosystem.

In the immediate future, the DFINITY Foundation is focusing its research and development endeavors across different areas to improve the effectiveness, swiftness, and accessibility of the Internet Computer. These efforts entail initiatives geared towards attaining demonstrable decentralization, enhancing efficiency, scalability, and overall functionality of the Internet Computer protocol.

Peering ahead, there exists a long-term vision spanning 20 years for the Internet Computer. Over the next five years, the aim is to elevate the prominence of the Internet Computer within the tech community, with developers and entrepreneurs progressively choosing the IC as their preferred platform over conventional centralized IT providers. Additionally, educational institutions are anticipated to incorporate Motoko, the native programming language of the IC, into their educational programs.

By the time a decade has passed, the goal is to establish the Internet Computer as the predominant computing platform for the open internet, acting as the cornerstone for creating diverse services and systems. Ultimately, in two decades, the open internet hosted by the Internet Computer is envisioned to exceed the traditional proprietary ecosystem established by current Big Tech companies. Vital aspects of society's information infrastructure, services, and systems are expected to run on the IC blockchain network.

It's crucial to acknowledge that this roadmap may undergo alterations as the DFINITY Foundation persists in innovating and adjusting to the dynamic landscape of blockchain technology.

Future of Internet Computer

The future outlook for the project appears promising, mainly based on the expectation that it will have a significant impact on shaping the evolution of the internet. The key points of the roadmap articulate a vision where the asset is the primary ecosystem for constructing services within the open internet.

In the near term, the resources will be channeled into various development areas to enhance the efficiency, speed, and user-friendliness of the Internet Computer blockchain. Over the next decade, the foundation foresees a transition where developers and entrepreneurs increasingly prefer Internet Computer over traditional centralized IT providers.

Looking further ahead, the aspiration is for the open internet facilitated by Internet Computer to surpass the traditional proprietary ecosystem established by contemporary Big Tech entities. This involves society's critical information infrastructure, services, and systems operating within the IC network.

However, it's crucial to acknowledge that these developments are ongoing, and the specific trajectory may evolve as technology and regulations advance. The future trajectory of Internet Computer will likely be shaped by its ability to deliver on its promises, its adoption among developers and users, and a combination of other factors.

The Bottom Line

Having covered the basics of the Internet Computer currency and what is DFINITY, it becomes evident that this is a unique project that aims to change the way humanity sees the internet. With its ambitious mission and approach, it’s possible that the project will have an impact on many sectors or traditional enterprise systems. However, as with many other currencies it is important to recognize that success will depend on its ability to deliver on its promises and overcome potential challenges.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibilityFAQ

Here are a few of the most commonly asked questions about the coin.

Who is the owner of ICP coin?

The owner of ICP (Internet Computer Protocol) coin is the Internet Computer Association, a Swiss non-profit organization founded by the DFINITY Foundation.

What does Internet Computer coin do?

ICP crypto services include various purposes within the ecosystem, including facilitating transactions, participating in network governance, and incentivizing node operators and developers.

Is ICP really decentralized?

Yes, to answer the question of is ICP decentralized - it aims to be such. However, achieving full decentralization is an ongoing process that involves continuous development and community participation.

What blockchain network is ICP?

ICP (Internet Computer Protocol) operates on its own blockchain network, known as the Internet Computer blockchain.

What is ICP crypto used for?

It can be used for conducting transactions, staking to earn rewards, participating in network governance decisions, and paying for computational resources utilized by smart contracts and dApps hosted on the Internet Computer blockchain.

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