What is Internet Compiter Coin (ICP)? Where to Buy?
Internet Computer
$5.41
Name: Internet Computer Protocol (ICP)
Release Date: 05/10/2021
Circulating Supply: 445,570,236
Maximum Supply: 506,760,124
Website: ICP Official Website
Supported Blockchain Networks: Internet Computer (ICP) is a decentralized blockchain platform developed by the DFINITY Foundation.
Table of Contents
What is Internet Computer (ICP) Coin?
Internet Computer (ICP) is a decentralized network that aims to run smart contracts and other decentralized applications at web speed. Developed by the Switzerland-based cryptography foundation DFINITY, Internet Computer offers a significant infrastructure that addresses the scalability issues of other blockchain networks like Ethereum.
Developers using Internet Computer can create all kinds of applications on this platform, from social media platforms to DeFi ecosystems and even Ethereum-based dApps. This allows them to develop various projects and applications easily.
The tools provided by Internet Computer enable users to choose between nodes or more powerful super nodes. Additionally, developers can work without any restrictions on security, network topology, and connection management. Furthermore, there is no need for developers to focus on details like database configuration and maintenance.
Internet Computer’s bold goals could bring significant changes to the blockchain field, but these claims should be scrutinized critically. If it can work at the promised scale, it can make substantial contributions to the blockchain industry.
Who Are the Founders?
The Internet Computer project was developed by the DFINITY Foundation.
The founder and president of the DFINITY Foundation is Dominic Williams, a well-known figure in the blockchain technology and crypto world. Dominic Williams has led this project. Additionally, many talented engineers, researchers, and experts have contributed to the development of Internet Computer.
Who Are the Partners of Internet Computer (ICP)?
The Internet Computer (ICP) project has several key partners that provide significant funding and support for its development.
These powerful investors and companies contribute to the growth and development of the Internet Computer project. If these partners manage the project funds effectively, they can lead Internet Computer to greater successes in the future.
Which Country Does Internet Computer (ICP) Coin Belong To?
(ICP) Coin is a blockchain network developed by the Switzerland-based DFINITY Foundation. The DFINITY Foundation is a non-profit scientific research organization based in Zurich, Switzerland. It is supervised and developed by the DFINITY Foundation. Thus, the project aims to provide a decentralized and unrestricted platform accessible worldwide. Therefore, the project is managed by the DFINITY Foundation located in Zurich, Switzerland.
How Does Internet Computer (ICP) Work?
The ICP protocol divides smart contracts into independent processing units called secure code units. These code units are accessible through entry points that provide an interface for users. By interacting with these code units, users can access the services offered by Internet Computer.
Instead of relying on traditional centralized infrastructures, it hosts and delivers applications directly on the blockchain. This protocol uses a network of independent data centers.
The nodes of this network form software code units, which are the components users interact with during their web experience.
(ICP) uses this complex structure to run decentralized applications and smart contracts quickly and securely. This makes it possible to develop and deliver decentralized web-based services.
What Are the Advantages of Internet Computer (ICP)?
The advantages of ICP may include:
- Decentralized Internet and Application Infrastructure: ICP offers the opportunity to create a decentralized internet and application infrastructure. This has the potential to create a more open and free digital world.
- Fast and Scalable Transaction Times: ICP provides fast and scalable transaction times, offering a more efficient experience for its users. It can easily handle large transaction loads.
- Innovative Chain Key Technology: Chain Key Technology enables high transaction capacity. This allows the network to handle more demand and perform more transactions.
- Scalability with Subnet Structures: Subnet structures enhance the scalability of the network. This allows more users and applications to join the network.
- Network Participation and Management with the Neuron Management System: ICP’s neuron management system facilitates network participation and management. Users can contribute to the network and participate in its governance.
What Are the Prominent Projects in the Internet Computer (ICP) Ecosystem?
The ICP platform hosts many prominent projects that aim to create a decentralized internet and application infrastructure. These projects develop various DApps (decentralized applications) and services using the advantages offered by ICP. Here are some notable projects:
- OpenChat: A decentralized chat platform. It aims to provide an ad-free and private communication experience.
- Distrikt: A decentralized platform for professional networks and communities.
- Capsule: A decentralized social media platform. It allows content creators to deliver content directly to consumers.
- ICPunks: NFT-based collectible products created on ICP.
- Toniq Labs: A company developing DApps on ICP.
- Fleek: Provides services for building and hosting web applications, sites, and even front ends in a decentralized manner.
In addition to these projects, there are other DApps and projects in the ecosystem operating in various sectors. They support a decentralized internet and web 3.0 technology. The ecosystem will continue to grow with innovative projects.
How Is Internet Computer Different from Other Cryptocurrencies?
One of the most curious topics about a new cryptocurrency project is how it differs from other cryptocurrencies. Internet Computer (ICP) has some features that distinguish it from other projects:
- Software Creation Capability: Internet Computer allows individuals to develop software on the internet. This enables anyone to create applications using their own blockchain technologies and collaborate with major tech companies.
- Decentralized Network: ICP operates on a decentralized network rather than a centralized cloud. While many other blockchains are cloud-based, Internet Computer is based on special hardware. This provides greater security and independence.
- Fast Transactions: Internet Computer emphasizes the fast execution of transactions. While transactions with other cryptocurrencies can take a long time, Internet Computer aims to operate at web speed.
With these features, Internet Computer distinguishes itself from other cryptocurrencies and represents a different vision. The term cryptocurrency is often used with it, but Internet Computer represents much more than a traditional currency.
What Is the Token Supply and Tokenomics of Internet Computer (ICP)?
The ICP token has an allocation structure dedicated to different players and usage scenarios within the Internet Computer ecosystem. The details of the ICP token supply are as follows:
- Genesis Block: A total of 469,213,710 ICP tokens are issued in the genesis block. This represents a portion of the initial supply.
- Market Dynamics: The supply in the market can change based on market dynamics. Approximately 26% of the initial supply is estimated to be in the genesis block.
What Is the DFINITY Foundation?
The DFINITY Foundation is a non-profit scientific research organization based in Zurich, Switzerland. The Foundation collaborates with a team of leading cryptography experts, distributed systems specialists, and programming language professionals from around the world. As a result, it possesses a vast knowledge base, including approximately 100,000 academic citations and over 200 patents.
Key technology experts at the DFINITY Foundation include:
- Jan Camenisch, PhD (Vice President of Research):
An expert in cryptography and privacy, he has led IBM’s Cryptography / Research department. - Andreas Rossberg, PhD (Chief Engineer and Researcher):
Known for his role as a former team leader of WebAssembly and Google Chrome V8 engine. - Ben Lynn, PhD (Senior Staff Engineer and Researcher):
A renowned cryptographer, he is the creator of the BLS cryptography signature system, known as the “L” in BLS. - Jens Groth, PhD (Principal Investigator):
A cryptographer known for his work on non-interactive zero-knowledge proofs. - Timo Hanke, PhD (Principal Investigator):
Creator of AsicBoost, an important algorithmic optimization for Bitcoin mining. - Paul Liu, PhD (Staff Engineer):
An engineer and cryptographer known for architecting the Haskell compiler. - Johan Georg Granström, PhD (Director of Engineering):
A software engineer who scaled the YouTube system infrastructure at Google.
The DFINITY Foundation is an organization focused on developing and maintaining the Internet Computer network. Additionally, the Foundation aims to expand the Internet Computer ecosystem by making its projects public.
Internet Computer (ICP) Network and Nodes
The ICP network went live on May 10, 2021, with the Genesis block. This network is supported by 48 independent data centers hosting 1,300 nodes across North America, Europe, and Asia. The Internet Computer will continue to grow rapidly to support the next generation of decentralized applications. The network is expected to become an open system with thousands of data centers hosting millions of nodes over a decade, supported by 123 data centers hosting 4,300 nodes by the end of the year. Moreover, the opportunity to become a node provider for the Internet Computer network is open to everyone. Interested parties can apply for a Data Center ID from the Neural Network System, purchase specialized machine nodes, and join the ICP network.
Speed of the Internet Computer Network
Thanks to the scientific innovation of blockchain key technology, the network operates at web speed. This technology allows query calls to be completed in milliseconds, while update calls are completed in 1-2 seconds. At the Genesis block, it was indicated that the Internet Computer would operate at 2.5 blocks per second. This speed is planned to rapidly increase to 10.3 bps and approximately 1,000 bps by the end of the year. These fast transaction times significantly improve the user experience of the ICP network.
The speed of the Internet Computer network is crucial for the use of decentralized applications. This speed ensures that users can use web-based applications quickly and smoothly.
What Was the Initial Price of Internet Computer (ICP) Coin?
ICP coin was launched in the cryptocurrency markets in 2021. The initial price of ICP coin can be stated as around $380. Launched during a bull trend in the cryptocurrency market in 2021, ICP was preferred by many investors. You can access ICP coin comments and ICP chart data through cryptocurrency platforms. Before making a long-term investment in Internet Computer, it is essential to examine ICP coin analyses and conduct a thorough ICP coin price analysis for a sound investment.
Is Internet Computer (ICP) Coin Reliable?
Shown among popular cryptocurrency projects, Internet Computer is considered a safe coin project for investors. Managed by a foundation based in Zurich, Switzerland, Internet Computer stands out as a cryptocurrency project with a founding story dating back to 2016, a vision to transform the web, and an advanced blockchain concept in all respects. Additionally, the Internet Computer network is managed by the foundation and supported by a substantial developer community, making it a robust blockchain network.
Internet Computer (ICP) Coin Comments and Future
The future of this cryptocurrency is evaluated differently by various sources. For instance, CryptoNewsZ predicted a price of $115 for ICP in 2022 and foresaw a significant increase in the future. On the other hand, Coin Price Forecast provided a more conservative estimate for 2022, predicting a 19% increase. Wallet Investor, however, had a negative outlook, predicting a price of $1.73 for ICP in 2022. Since the cryptocurrency market is generally volatile and risky, making accurate predictions about the future of ICP can be challenging. Therefore, it is important to conduct careful research and assess the risks before investing in ICP or any other cryptocurrency.