What is Internet Computer (ICP)?
Internet Computer is a layer-1 platform developed by the DFINITY Foundation with the goal of becoming a blockchain network that develops the Internet. Internet Computer aims to extend the functionality of the public internet, allowing it to manage back-end software running on the distributed network compatible with smart contracts.
To achieve this vision, Internet Computer strives to improve block confirmation times and scalability of computing and storage.
Key features of Internet Computer (ICP)
The breakthrough of Internet Computer is Chain Key technology, which includes several new technologies such as consensus mechanism, non-interactive distributed key generation (IN-DKG), network nervous system (NNS), Internet identity, etc.
The Internet Computer Platform consists of several components that work together:
- Neural Network System (NNS): an underlying that helps to host the network and allocate computing resources provided by the nodes.
- Nodes: each node is a sub-network containing (1) P2P layer, (2) consensus layer, (3) message routing layer, and (4) execution environment.
- Consensus mechanism: a consensus mechanism agnostic, divided into 4 layers: (1) notary layer, (2) blockchain layer, (3) random beacon layer, (4) identity layer.
- Neurons: Neurons allows users to stake ICP tokens to vote on governance proposals and earn rewards. They can also stop staking ICP tokens and convert them to cycles to deploy computing.
- Cycles: Cycles are computing resources, such as gas fees, used to execute activities on the network.
- Canisters: each Canister, or smart contract, contains WASM code and memory. Unlike other chains like Ethereum, cycles are already funded in each smart contract.
- Mokoto: a new Webassionbly compiler developed by Foundation Dfinity.
What is Dfinity Foundation?
Dfinity Foundation is a non-profit organization founded in 2016, consisting of 3 research facilities and 188 members around the world. The goal of the Dfinity Foundation is to develop the Internet Computer Protocol (ICP), improve the weakness of the current Internet system and replace the existence of a cloud server with a decentralized server, operated by validators.
Token ICP
ICP is Internet Computer’s native utility token, which has the following uses:
- Governance: ICP holders can stake ICP on NNS to generate Neurons and participate in voting on governance proposals.
- Transactions: ICP tokens can be converted into Cycles, used to operate websites and applications on the network through Canisters.
Specifications
- Symbol: ICP
- Blockchain: Dfinity
- Total supply: 473,750,361 ICP
- Circulating Supply: 173,686,650.15 ICP
ICP token Price today
How to buy ICP
Internet Computer (ICP) has been listed on Attlas Exchange.
Traders can easily and securely buy ICP with lowest fees on Attlas Exchange.
Step 1: Download the app and register an account
Step 2: Select Market on the toolbar at the main screen
Step 3: Select Spot
Step 4: Find ICP
Step 5: Select Buy
Summary
This article is an overview of Internet Computer (ICP), not a financial advice.
Users are advised to do their own research before making any trading decisions.