Internet Computer ICP

1. Summary

Ranks

Liquidity

Developer

Social

Momentum (beta)

Stack Rank™

Price

$5.56 -5.4%

Market Cap

$1.59B (#34)

Supply

284.68M / 494.52M

Tags

Smart Contracts Governance NFT Storage Metaverse Gaming (GameFi) Internet Computer Ecosystem

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Price
52W High price	$24.02
52W High date	8th Feb 2022 (11 months ago)
All Time High (ATH) Date	10th May 2021 (1 year ago)
ATH Price	$700.65
% From ATH	-99.17%
All Time Low (ATL) Date	19th Dec 2022 (1 month ago)
ATL Price	$3.40
% From ATL	71%

Supply & Trading Volume
Trading Volume (24h)	$49.98M
Total Supply	494.52M
Max Supply	469.21M
Circulating Supply	284.68M

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Description

Internet Computer (ICP) is a blockchain-based decentralized network created to allow anyone to build software or publish content without relying on centralized services. It also enables smart contracts as well as other decentralized applications to run at web speed.

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Internet Computer (ICP) is a blockchain-based decentralized network created to allow anyone to build software or publish content without relying on centralized services. It also enables smart contracts as well as other decentralized applications to run at web speed.

It was initially launched by the Swiss-based cryptocurrency foundation known as DFINITY.

Through Internet Computer usage, DFINITY site advocates and developers can build anything from mass-market tokenized social media platforms that run on-chain to entire decentralized finance (DeFi) ecosystems. Additionally, they can extend Ethereum-based decentralized applications (dApps) and make them run web speed at a fraction of the computing costs.

Internet Computer delegates merchants to nodes, or supernodes, where the system can experience a blend of centralization. However, this removes any environment-related limitations for developers, such as a physical or virtual network configuration requirement or any firewalls, network topology, and port management. As such, developers do not need to worry about any database configuration nor maintenance.

The ICP Token Explained

The ICP token is the native cryptocurrency token that powers Internet Computer. It is responsible for a few things, including facilitating network governance. ICP tokens are locked to create what are known as neurons, which participate in network governance through voting. Users, in turn, can get economic rewards for being a part of this. The ICP is a source store of value that can be converted into cycles. In a similar way as fuel, these cycles power computation, where the fuel is burned once it is used.

The NNS then converts ICP to cycles at a variable rate in response to the external markets.

Additionally, ICP is used to reward the participants due to the fact that the network mints new ICP to reward and incentivize network participants. Users can participate in several roles, such as governance, voting, and operating the node machines which host the network.

Features of Internet Computer

ICP is designed to scale smart contracts as well as data computation and then run them at web speed while processing and storing the data safely and efficiently. To do this, it has created software networks to make it a lot easier for developers to use.

To do this, it utilizes several technologies. There's the chain key technology that utilizes multiple cryptographic protocols to orchestrate the nodes that make up the Internet Computer. Then there’s Non-interactive distributed key generation (NIDKG).

Then there's the nervous network system (NNS) which is the tokenized open governance system.

NNS is used to store information about which nodes belong to which subnet and can handle the updating of the information. Then there's internet identity, which is an online identity that an internet user establishes in online communities as well as websites.

Founders of Internet Computer (ICP)

Internet Computer (ICP) was founded in 2017 by Dominic Williams and quickly rose to prominence in the market cap ratings.

Williams invented Threshold Relay and Probabilistic Slot Consensus and is an active member of both the Bitcoin as well as Ethereum technical communities.

The DFINITY Foundation is a non-profit based in Zurich, Switzerland and the foundation consists of some of the world’s most highly accomplished cryptographers.

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