Internet Computer (ICP) Price

How Does Internet Computer Work?

ICP, or Internet Computer, is a decentralized network that allows for the creation of Web3 services and enterprise systems directly on the public Internet. Canister software, a form of smart contracts, powers the Internet Computer, making it tamper-proof, autonomous, simple, and sovereign.

One of the key features of the Internet Computer blockchain network is its ability to support almost any system or service, such as social networks and media streaming, with Web3 functionality. Canister software is secure and cannot be infected with ransomware, providing a level of protection that traditional IT lacks. Additionally, the Internet Computer is created by advanced math, ensuring there are no backdoors in the system.

The network is made up of node providers who run standardized hardware devices, called node machines, to earn tokenized rewards. These machines are combined into efficient subnet blockchains, allowing for the hosting of tamper-proof canisters. Canister smart contracts are a high-performance form of software that interacts with HTTP, supports tokens, and can easily scale to run complex systems and services.

Also, the Internet Computer blockchain incorporates a set of innovative features:

• Internet Identity for secure authentication,

• Open Internet Services governed by decentralized systems,

• Special sovereign subnets for governments and enterprises.

The reverse gas model used by ICP allows for easy user interaction with smart contracts, while the native multi-chain integration enables seamless communication across different blockchains.

The Internet Computer is governed by NNS – the Network Nervous System. It is one of the world's largest DAOs (decentralized autonomous organizations). NNS is a fully on-chain, permissionless system that regularly enhances the Internet Computer protocol through the votes of ICP token holders.

In a nutshell, the Internet Computer is a general-purpose blockchain that hosts canister smart contracts. It looks to create a World Computer blockchain that can be used to build almost any online system or service, including resource-intensive web social media, with no need for centralized traditional IT, such as cloud computing services.

Access the live Internet Computer price and comprehensive ICP market statistics on the chart above.

What Are Key Features of the Internet Computer Blockchain?

Internet Computer works toward establishing a World Computer – an open and secure network capable of hosting smart contracts, performing computations, and scaling infinitely.

ICP seeks to solve the problem of centralization in web services by providing a decentralized alternative to traditional cloud providers, like the Amazon Web Service or Google Cloud.

By utilizing smart contracts, Internet Computer aims to remove human backdoors and ensure autonomy and decentralization in the next generation of internet services. This will enable small countries and projects to easily integrate ICP with the Bitcoin network for secure transactions, while also offering the potential to replace traditional IT stacks with computer smart contracts.

The platform has a unique design that reflects a radical rethink of blockchain architecture and the utilization of modern cryptography. Here is what makes Internet Computer ICP a revolutionary blockchain technology.

Architecture

IC consists of multiple subnets that can communicate seamlessly with each other, much like a decentralized micro-services architecture. Smart contracts called canisters reside on these subnets and have their own isolated data storage.

Core IC Protocol

The core IC protocol runs on nodes within each subnet, enabling them to process messages, reach consensus, and route messages between canisters. This protocol ensures the network scales without limits and provides fast, high-throughput, and robust operations.

Peer-to-peer Consensus

Consensus is essential for nodes to agree on message processing and ordering. IC uses a consensus mechanism that ensures low latency, high throughput, and cryptographic finality.

Message Routing

Messages are routed by the network in each round, allowing them to be processed by their target canisters. Secure cross-subnet messaging ensures transparent communication between canisters on different subnets.

Execution

The execution layer executes canister smart contract code using WebAssembly bytecode. Chain-key cryptography enables advanced functionalities like chain-key signatures, which allow interaction with other blockchains like Bitcoin in a trustless manner.

Tokenomics & Governance

The network uses the ICP utility token for various functions, including staking, voting, and powering dapps. Governance is achieved through the Network Nervous System (NNS), a decentralized DAO that controls the network's operations.

Smart Contracts

Smart contracts on the Internet Computer are called canisters. Canisters bundle code and state, allowing for asynchronous communication and isolated execution. Controllers manage canisters and ensure they have sufficient cycles for execution.

Motoko

Motoko is a programming language for smart contracts on the IC. It supports the blockchain's unique features and makes it easier to develop and interact with smart contracts. Certified variables and web access capabilities enhance the security and functionality of smart contracts on the Internet Computer.

What Is the ICP Token?

The ICP token follows the ICRC-1 standard. It is a utility token that serves multiple functions within the Internet Computer ecosystem, including governance participation, fuel for computation and resources, rewards for node providers, and investing in the IC ecosystem through decentralized swaps.

Governance and Voting Rewards

ICP holders can participate in governance by staking their tokens in neurons and voting on proposals. Neurons earn voting rewards based on their staking duration and voting power, incentivizing long-term commitment to the network. Voting rewards are distributed daily among eligible neurons, with higher rewards for lower overall participation in governance.

Cycles as Fuel for Computation and Resources

ICP tokens can be converted into cycles, which are used as fuel for developers to pay for resources such as storage, CPU, and bandwidth on the IC. This "reverse gas model" allows developers to pre-pay costs for running decentralized applications (dapps) and provides a stable cost for computation.

Node Provider Rewards

ICP tokens are used to reward node providers who operate the computing nodes running the IC protocol. The rewards are based on factors such as the location and type of the node, covering the investment and running costs of the nodes in fiat currency terms.

Investing in the IC Ecosystem

Developers can use the IC to transfer control of their dapps to Decentralized Autonomous Organizations (DAOs) through decentralized swaps. Users can invest in new DAOs by committing ICP, receiving tokens of the DAO in return. These investments provide funds for future computation needs and enhancements of dapps, boosting the development of the IC ecosystem.

Development of Total Supply

The IC token has inflationary and deflationary mechanisms in place. Governance participants and node providers receive rewards in the form of newly minted ICP tokens. Conversely, ICP tokens are burned when converted to cycles for paying for computation and storage, creating a balance in the total supply of ICP tokens.

The total supply is 513.6 million ICP coins, while the circulating supply is currently 455.8 million (88.2% of total max supply). The NNS mints new ICP tokens to pay out rewards for governance participants and node providers.

See the current Internet Computer price above. Our Internet Computer price prediction may help you decide if the Internet Computer Coin deserves to invest.

What Is the Internet Computer Network Ecosystem?

The Internet Computer (ICP) ecosystem is a vibrant community of projects that utilize the ICP blockchain for various purposes. From social media platforms to decentralized finance and gaming applications, the ICP ecosystem offers a diverse range of projects for users to explore.

Social Media Platforms

ICP powers a slew of innovative social media platforms with end-to-end decentralization. For example, DSocial is hosted on the Internet Computer and presents a decentralized version of YouTube. It is focused on enabling content creators to be fairly rewarded for their work, and engagement.

Dmail is another popular project powered by the ICP blockchain. Meant to provide the Web3 replacement for email, this dapp enables users to send and receive blockchain-backed, encrypted messages.

OpenChat is also a social media platform to leverage ICP, offering a decentralized messaging service.

Another signature project is Distrikt. It is often touted as a decentralized Facebook because it allows users to own and control their data and identity and build powerful communities.

Gaming Applications

The ICP blockchain is home to numerous play-to-earn games and virtual reality metaverses. For example, IC Gallery is an interactive 3D world that blends GameFi and DeFi. It allows users to play, mint, and trade all their existing NFTs through various immersive 3D experiences.

Another great addition to the ICP ecosystem is MetaSports Basketball. It is an open basketball metaverse, where users utilize their favorite Ethereum and Internet Computer-based NFTs to compete to become basketball superstars on teams they own and manage.

Decentralized Finance (DeFi)

ICPSwap, InfinitySwap, and StakedICP are examples of next-generation decentralized exchanges that run entirely on-chain. They leverage reverse-gas model and 1 second transaction finality of the Internet Computer. This gives users free gas fees and lightning fast speed for swaps, transactions, and other DEX activities.

Identity Verification

Projects like HashKey DID and Internet Identity ensure secure and seamless identity verification for users across various applications within the ICP ecosystem.

NFT Platforms

RuBaRu and ICNaming are just some of the multiple NFT marketplaces to run on Internet Computer. These revolutionize the way digital collectibles are bought and sold, providing a platform for artists and collectors to showcase and trade their digital creations.

The lead artist of Bored Ape Yacht Club launched a new NFT collection on the Internet Computer at Art Basel. This move showcases artists exploring NFT platforms other than Ethereum. ORIGYN, another NFT marketplace on the Internet Computer, enjoyed a $300 million valuation soar after investments from celebrities like Paris Hilton and Bill Ackman.

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Who Created the ICP Platform?

The Internet Computer was created by the DFINITY Foundation, a non-profit organization located in Zürich, Switzerland. Established in October 2016, the foundation aimed to develop the Internet Computer blockchain. Dominic Williams, the project's founder, introduced the term DFINITY in early 2015 for his theoretical crypto work towards a World Computer vision.

In February 2017, the DFINITY Foundation ran an early public Initial Coin Offering (ICO) to raise funds and expand its open-source project. It conducted several private fundraising rounds in 2018, securing support from multiple hedge funds and venture capital firms, including Andreessen Horowitz and Polychain Capital.

By mid-2022, DFINITY had nearly 300 employees, primarily focused on R&D. The foundation's research benefits from global contributions, including cryptographers with approximately 100,000 academic citations and 200 patents.

Our handy ICP price chart reflects both the current Internet Computer price and ICP price history. You can easily see the lowest price and the highest price paid for the ICP coin, along with the average price at which users trade Internet Computer today.

What Is the Price of Internet Computer Today?

One of the best crypto exchanges, Changelly offers an interactive ICP-USD price chart with real-time updates. It lets you instantly get an idea about the Internet Computer price today. Know the current ICP price, Internet Computer market cap (market capitalization), 24-hour trading volume, market rank, and other essentials of the ICP coin performance.

Our Internet Computer ICP price prediction may help you if you are gathering information to support your investment decision when you want to buy or trade ICP coins. Yet, conduct your own research and follow the latest crypto news because our ICP price forecast is not investment advice. The Internet Computer price can fluctuate radically and quickly, just like any other digital asset.

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