The Internet Compute Protocol is a Layer-1 protocol aiming to become a ‘blockchain network that evolves the internet’. At its core, it implements the Chain Key Techology.
Dfinity’s Foundation’s Internet Computer (ICP) token is masking much noise in the crypto space. In the last 24 hours, the ICP token has seen massive price volatility entering the top-ten crypto spot. This comes as some of the world’s biggest crypto exchanges listed ICP in recent days.
Launched just last Friday, the “Internet Computer” (ICP) token has made its way into the world’s top-ten crypto. ICP occupies 8th position and is trading at $350 with a market cap of $43.2 billion. On Monday, May 10, the ICP token went live for trading on the US-based Coinbase Pro exchange.
Apart from that other exchanges like Gate.io, Huobi, OKEx, Binance, and others also listed the ICP token. The sudden appearance of ICP in the top ten list has surprised investors and analysts alike. Although the ICP token is new to many, the project has been in the works over the last five years.
The Internet Computer Protocol (ICP) has been developed by Dfinity, a Zurich-based non-profit organization. Besides, the ICP project also has several big backers like Polychain Capital, Scalar Capital and Andreessen Horowitz. These giants have contributed over $121 million to ICP over the period of time. Here’s what Dominic Williams, the Chief Scientist at Dfinity had to say.
Internet Computer Association (ICA)
– Geneva not-for-profit
– Advocates for Internet Computer
– Coords & supports ecosystem participantsExcited to see what the ICA can do for the ecosystem.https://t.co/wfUJfhfRAE
— dom.icp ∞ (@dominic_w) May 11, 2021
About Internet Computer Protocol (ICP)
Developed by Dfinity Foundation, the Internet Computer is a Layer-1 protocol aiming to become ‘a blockchain network that evolves the internet’. Besides, ICP also intends to ‘extend the functionality of the public internet so that it can host backend software’ over a smart contract compatible distributed network.
At its core, ICP implements Chain Key Technology. This tech encapsulates several other technologies along with the consensus mechanism. The ICP platform aims to innovate on aspects like confirmation time, block time, storage power, and scalability of computing.
The ICP token is the native utility token of the Internet Computer protocol. It is useful for the following matters:
- Governance: The ICP token holders can stake ICP in the Network’s Nervous System (NNS) thereby creating “neurons” to vote on the governance proposals and earn rewards.
- Network Transactions: The ICP tokens can be dissolved and converted into cycles that can run websites and applications on the network using cannisters.
The Internet Protocol brands itself as “the last original Layer 1 blockchain project is launching a revolutionary public network that provides a limitless environment for smart contracts that run at web speed, serve web, scale and reduce compute costs by a million times or more.”
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