Name: Internet Computer
Brand: Internet Computer
SKU: ICP
Price: 2.865 USD
Availability: InStock

Question 1

What is Internet Computer (ICP)?

Accepted Answer

Internet Computer (ICP) is a public blockchain developed by the DFINITY Foundation that aims to recreate the web by supporting scalable smart contract development and enabling the internet to function as a decentralized global computing platform. It provides web-speed blockchain performance and unrestrictive capacity, allowing developers to build and run decentralized applications (dapps) that can replace traditional software services and cloud infrastructure.

Question 2

What differentiates Internet Computer (ICP) from other tokens?

Accepted Answer

The Internet Computer (ICP) differentiates itself by enabling full decentralization of entire applications—including frontends—on-chain without relying on external cloud providers. It uses a unique reverse-gas model where developers pre-pay for computation cycles instead of charging users per transaction, and it operates with hybrid permissioned and decentralized governance via the Network Nervous System (NNS) DAO. Advanced innovations such as chain-key cryptography enable scalable cross-subnet verification, while epoch-based chain evolution allows seamless protocol upgrades and network scaling. Additionally, its smart contracts directly serve web content and interact over HTTP, which is unique among blockchains.

Question 3

What is the utility of Internet Computer (ICP)?

Accepted Answer

The native ICP token serves three key utilities within the Internet Computer ecosystem: 1) Governance: ICP holders participate in network governance through the Network Nervous System (NNS) and earn rewards; 2) Computing Cycles: ICP tokens can be converted into "cycles" which act as fuel that pay for computation and storage on the network, and are consumed when used; 3) Incentivization: ICP rewards users who secure and maintain the network, encouraging participation and decentralization.

Question 4

What does the Internet Computer (ICP) whitepaper promise?

Accepted Answer

The Internet Computer (ICP) whitepaper promises a decentralized blockchain capable of running fully Turing-complete, tamperproof smart contracts called canisters that operate at web speed and scale. It enables end-to-end decentralized applications that directly serve web content without traditional cloud hosting. The whitepaper highlights innovations such as a reverse-gas fee model, hybrid permissioned and decentralized governance via a DAO (NNS), chain-key cryptography for scalability, epoch-based network maintenance for seamless upgrades, and support for advanced developer tools including WebAssembly and the Motoko programming language. These features together aim to revolutionize the crypto economy and traditional software by providing a decentralized, scalable, and cost-effective internet computing platform.

Question 5

What consensus mechanism does Internet Computer (ICP) use?

Accepted Answer

The Internet Computer (ICP) uses a hybrid consensus mechanism that combines permissioned consensus protocols with decentralized governance managed by a proof-of-stake based decentralized autonomous organization (DAO) called the Network Nervous System (NNS). This hybrid permissioned-decentralized model enables efficient consensus across nodes organized into subnets while maintaining fully automated decentralized governance for network upgrades and topology management. This approach is detailed in the ICP Whitepaper.

Question 6

Who created Internet Computer and why?

Accepted Answer

The cryptocurrency Internet Computer (ICP) was created by the DFINITY Foundation, founded by Dominic Williams in October 2016. Its purpose is to build the world’s first blockchain that operates at web speed with unrestricted capacity, effectively recreating the internet as a decentralized global computer. The vision behind ICP is to extend the public internet with native cloud computing functionality and support large-scale smart contract development to revolutionize traditional software and web services. This is summarized from the Coingecko and internetcomputer.org sources.

Question 7

When was the Internet Computer (ICP) token created?

Accepted Answer

The Internet Computer (ICP) project was launched publicly on May 10, 2021, which is also when the ICP native utility token was released into the public domain. This launch marked a major milestone as it made the Internet Computer network openly accessible, including the release of all its source code and enabling its governance by tens of thousands of community members. This information is from Coingecko.

Question 8

How do I use the Internet Computer (ICP) token?

Accepted Answer

The ICP token serves three primary functions within the Internet Computer ecosystem:

Network Governance: Holders can participate in decentralized governance through the Network Nervous System (NNS) DAO and be rewarded for their involvement.
Production of Cycles for Compute: ICP tokens can be converted into 'cycles,' which are used as gas fees to access and execute computations on the network. These cycles are burned after use.
Rewarding Users: ICP tokens incentivize users to participate in securing and supporting the network.

Users can interact with ICP-enabled smart contracts directly via web browsers without needing wallets, thanks to the reverse-gas model where smart contracts prepay for computation via cycles, simplifying the user experience. Developers use ICP tokens to fuel decentralized applications, AI models, and web services hosted on the Internet Computer. More details on usage are found on the Internet Computer website and the Coingecko summary.

Question 9

Where do I buy the Internet Computer (ICP) token?

Accepted Answer

Internet Computer can be bought on the SwissBorg app with just a few clicks. Download the app for Android or iOS and exchange cryptos instantly at the best price.

Question 10

Where do I buy the Internet Computer (ICP) token?

Accepted Answer

Internet Computer (ICP) can be bought on various cryptocurrency exchanges that support this native utility token, which allows participants to govern and interact with the Internet Computer network. For specific buying instructions, please check exchanges listed on CoinGecko or similar platforms that list ICP.

Question 11

What problem or need does Internet Computer aim to address?

Accepted Answer

The Internet Computer aims to address the limitations of traditional web and blockchain infrastructures by extending the public internet to function as a decentralized global computer. It supports smart contract development at web speed and unrestricted scale, enabling fully decentralized applications (dapps) that can run complex software, AI models, and serve web content directly without reliance on traditional cloud providers or Big Tech. This overhauls the traditional software and IT landscape by making smart contracts as powerful and efficient as conventional software, allowing for end-to-end decentralization, improved scalability, and tamperproof operation.

Question 12

Is the Internet Computer (ICP) open-source, and can I review its code?

Accepted Answer

Yes, the Internet Computer's source code has been released into the public domain, enabling transparency and community governance. This open-source approach supports its decentralized ethos and allows anyone to review and contribute to its development.

Question 13

How was the Internet Computer (ICP) token generated?

Accepted Answer

The ICP token was launched publicly on May 10, 2021, by the DFINITY Foundation. The project was funded beginning in 2016, with approximately $121 million raised from prominent investors before launch. The token was introduced alongside the Internet Computer network going live and its full source code release, enabling community governance and network participation.

Question 14

What is the Internet Computer (ICP) transaction speed and scalability?

Accepted Answer

The Internet Computer (ICP) blockchain offers high scalability and transaction speed through its design of multiple subnet blockchains, called subnets, which add compute capacity horizontally and transparently. Unlike traditional blockchains that process transactions synchronously and one at a time, ICP’s smart contracts run in parallel but maintain deterministic computation, enabling unbounded throughput scaling and constant performance under load. This architecture, combined with chain-key cryptography that allows constant subnet public keys and lightweight verification, supports high throughput and low latency operations at web speed with unrestrictive capacity. The reverse-gas model, where developers prepay for cycles using ICP tokens, further optimizes cost and efficiency for computational activities on the network. For additional technical details, see the ICP Whitepaper and Internet Computer overview.

Question 15

Is Internet Computer (ICP) environmentally friendly in terms of energy consumption?

Accepted Answer

The Internet Computer (ICP) prioritizes efficiency and sustainability by leveraging advanced science and technology to make smart contracts millions of times more efficient than traditional blockchains. ICP’s design replaces reliance on traditional IT infrastructure such as cloud computing services, which typically consume significant energy, with sovereign hardware operated by independent node providers optimized for the network. This leads to energy-efficient computing that aligns with green and sustainable technology goals. For more about ICP’s commitment to environmental efficiency, see the Internet Computer’s Sustainability efforts and details on its efficient technology design.

Question 16

What is the governance model for Internet Computer (ICP)?

Accepted Answer

ICP employs a hybrid governance model combining permissioned consensus for network efficiency with permissionless, decentralized governance managed by a DAO called the Network Nervous System (NNS). ICP token holders participate in the NNS, which autonomously governs the network by managing network topology, protocol upgrades, and subnet configurations. Participation in governance through staking ICP tokens is rewarded with governance tokens (ICPI). This fully automated decentralized governance allows ICP to evolve, upgrade, and scale in real-time. For more on governance, see the ICP Whitepaper and the Internet Computer governance overview.

Question 17

What are the long-term goals and vision for Internet Computer?

Accepted Answer

The long-term vision for the Internet Computer (ICP) is to extend the public internet into a decentralized global computing platform that can replace traditional software services and cloud IT. By enabling smart contracts as powerful as traditional software and able to run at web speed and scale, ICP aims to recreate the web with fully decentralized applications that serve web content natively and securely without reliance on Big Tech. ICP's ultimate goal is for most of the world's software to be replaced by tamperproof, unstoppable smart contracts that run on its blockchain, enabling a new paradigm of decentralization, security, and sovereignty for web services and applications. For detailed vision and capabilities, see Internet Computer official site and ICP Whitepaper.

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What is Internet Computer (ICP)?

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Internet Computer Price

Top up and invest in seconds!

Market Stats

What is Internet Computer (ICP)?

What differentiates Internet Computer (ICP) from other tokens?

What is the utility of Internet Computer (ICP)?

What does the Internet Computer (ICP) whitepaper promise?

What consensus mechanism does Internet Computer (ICP) use?

Who created Internet Computer and why?

When was the Internet Computer (ICP) token created?

How do I use the Internet Computer (ICP) token?

Where do I buy the Internet Computer (ICP) token?

Where do I buy the Internet Computer (ICP) token?

What problem or need does Internet Computer aim to address?

Is the Internet Computer (ICP) open-source, and can I review its code?

How was the Internet Computer (ICP) token generated?

What is the Internet Computer (ICP) transaction speed and scalability?

Is Internet Computer (ICP) environmentally friendly in terms of energy consumption?

What is the governance model for Internet Computer (ICP)?

What are the long-term goals and vision for Internet Computer?

Technical Analysis

Exclusive tools

Automate your investment today!

Receive notifications when Internet Computer reaches certain prices.

Get paid to trade

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