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Internet Computer (ICP)
11.18%
$ 3.49
$ 0.390287
⇣ 3.09
13 Oct
⇡ 3.54
What is Internet Computer (ICP)?

Internet Computer (ICP) is known as a cryptocurrency or digital token that allows users to create applications, websites, and other web-based services. The cryptocurrency was created by the Dfinity Foundation and is supported by venture capital firms Andreesen Horowitz and Polychain Capital.
The foundation of the cryptocurrency is to create a network in a way that can be used in an even more decentralized manner. ICP can be thought of as a decentralized computer network capable of running a new or different version of applications on the web. Therefore, the project's founder claims it has the capacity to challenge internet platforms like Google, Facebook, and Amazon Web Services. The market is mostly occupied by decentralized finance applications, commonly referred to as DeFi. DeFi applications can use cryptocurrency to mimic (or alter) general financial processes.
Given Dfinity's highly decentralized network, it is said that the Internet Computer's capacity can scale with increases in demand. Therefore, it is more beneficial to think of the Internet Computer not as a cryptocurrency (in the typical sense of currency) but as a network using blockchain technology to power applications.
Internet Computer (ICP) is known as the world's first blockchain operating at web speed with unlimited capacity. Additionally, it represents the third major blockchain innovation alongside Bitcoin and Ethereum, being a blockchain network that scales smart contract computation and data, runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers. By making this possible, Internet Computer allows software to be completely reimagined and presented, offering a revolutionary new way to create tokenized internet services, pan-industry platforms, decentralized financial systems, and even traditional enterprise systems and websites.
The Internet Computer (ICP) project was founded in October 2016 by Dominic Williams and has received notable interest from the crypto community. DFINITY has raised a total of $121 million from contributors including Andreessen Horowitz, Polychain Capital, SV Angel, Aspect Ventures, Electric Capital, ZeroEx, Scalar Capital, and Multicoin Capital, as well as several key Ethereum supporters. In 2018, over 50,000 registered participants received ICP utility tokens through an Airdrop. On December 18, 2020, DFINITY launched the alpha mainnet of the Internet Computer. On May 10, 2021, DFINITY took a step towards decentralization by making Internet Computer public. This significant milestone means that the Internet is now functioning as a decentralized global computer, as indicated by the public release of all source code of the Internet Computer, allowing tens of thousands of community members to manage the Internet Computer network with the ICP utility token.
Features Popularizing Internet Computer
The rapid popularity of Internet Computer is explained by the following features:
High and Efficient Potential: The founder of the cryptocurrency has made bold claims about the potential of the cryptocurrency to displace or at least nudge internet giants from their high positions. These claims are concerned with the speed of the cryptocurrency, its rapid scaling ability, and significantly reducing computing costs.
Being Supported by Major Investors: Andreesen Horowitz is known as a major venture capitalist, while another significant investor (Polychain Capital) specializes in venture capital for crypto. The interest and contribution of major investors have increased the project's popularity.
Promotion: Some market analysts have already set price targets for ICP and forecast significant price increases in the coming years. Part of the price increase in Internet Computer is also related to the overall bullish climate for cryptocurrencies. Capturing individuals' imagination with big projects and making a crypto project sustainable is stated to be the best period for raising significant funds.
What Sets Internet Computer Apart from Other Cryptocurrencies
One of the important details wondered about a new project making a big splash as a cryptocurrency is what sets this cryptocurrency apart from others in the market. At this point, three features that make Internet Computer stand out from other projects are stated as follows:
Internet Computer (ICP) allows individuals to create software on the internet. The technology allows everyone to use their own blockchain technology to create applications and work among big technology companies.
Internet Computer (ICP) operates on a decentralized network, not in the cloud. According to Dfinity's founder Dominic Williams, unlike many other blockchains that operate in the cloud, Internet Computer operates on specialized hardware established by the parties.
The speed of Internet Computer (ICP). While using some cryptocurrencies to complete transactions can take thirty minutes or more, Dfinity boasts of operating at web speed. Still, it is beneficial to think of Internet Computer as something different from a currency in the generally used sense.
Can Internet Computer Cryptocurrency Be Traded?
Although Internet Computer has provided great popularity in the crypto world, trading Internet Computer cryptocurrency may not be possible at any broker or exchange. Exchanges will soon offer this new cryptocurrency to individuals. Apart from the existing major exchanges, transactions like trading and swapping have not yet been realized. As a result, Internet Computer offers great benefits to individuals, but it would be wise for those trading cryptocurrencies to act knowledgeably about exactly what they are buying. This situation is related to risk management when dealing with cryptocurrencies that can display volatile price fluctuations and easily unsettle individuals with less experience in trading activities.
Who is the Founder of Internet Computer?
Dominic Williams is known as the founder and senior scientist of DFINITY. He is an entrepreneurial crypto theorist who has responsibilities such as the discovery of Threshold Relay, Probabilistic Slot Consensus, and other new crypto techniques, akin to being an early member of the Bitcoin and Ethereum technical communities. Previously, he was the president and CTO of String Labs, an incubator for venture-backed crypto projects, a pioneer of DeFi (Decentralized Finance) at Mirror Labs, and founded and was CEO of Fight My Monster, an MMO (Massively Multiplayer Online) game for millions of users. In addition, he founded numerous startups such as System7, Airdocs, and Smartdrivez. He graduated first in his class from King's College London with a degree in Computer Science.
What is the DFINITY Foundation?
Internet Computer is created and launched by the DFINITY Foundation, a nonprofit scientific research organization located in Zurich, Switzerland, consisting of some of the world's best cryptographers, distributed systems, and programming language experts, with approximately 100,000 academic citations and collectively 200 patents.
Key technology experts at DFINITY include Jan Camenisch, PhD (Vice President of Research), a world-renowned cryptographer and privacy researcher, who managed IBM's Cryptography / Research department for 19 years.
Andreas Rossberg, PhD (Chief Engineer and Researcher), known as the co-creator of WebAssembly and former team leader for the Google Chrome V8 engine.
Ben Lynn, PhD (Senior Staff Engineer and Researcher), a world-renowned cryptographer and Google Engineer, is the "L" in BLS cryptography used in Ethereum 2.0.
Jens Groth, PhD (Chief Researcher), is a world-renowned cryptographer known for pioneering non-interactive zero-knowledge proofs.
Timo Hanke, PhD (Chief Researcher), is the creator of AsicBoost, one of the few algorithmic optimizations proven for Bitcoin mining.
Paul Liu, PhD (Staff Engineer), who architected Intel's Haskell compiler and received his PhD from one of Haskell's key designers, Paul Hudak.
Johan Georg Granström, PhD (Engineering Director), known as a former Senior Software Engineer at Google responsible for scaling YouTube's system infrastructure.
Following its public launch on May 10, 2021, the DFINITY Foundation will now be one of many organizations dedicated to improving and sustaining the Internet Computer network.
What Makes Internet Computer (ICP) Unique?
The purpose of Internet Computer is to extend the public internet and thereby become the world's computing platform. Today's internet is a network that connects individuals and information, but currently, systems and services are run on private infrastructure. The scientific breakthrough behind Internet Computer involves dozens of advanced technologies including new Consensus, Non-Interactive Distributed Key Generation, Neural Network System, Internet Identity, etc., making up the blockchain technology that organizes the nodes composing Internet Computer. It also constitutes one of the fundamental breakthroughs behind Internet Computer, allowing it to have a single public key. This is a great advantage because it enables any device, including smart watches and mobile phones, to verify the authenticity of products from Internet Computer, which is not possible with traditional blockchains.
Blockchain technology is the engine that runs Internet Computer, enabling it to scale indefinitely and add new nodes to create new sub-networks, that is, to replace failed or crashed nodes with new ones without stopping; to revive sub-networks even if many nodes fail within them; and to seamlessly update the Internet Computer protocol, allowing the network to fix bugs and add new features.
The DFINITY R&D team has invented the new Non-Interactive Key Resharing Protocol. This allows each of the old signers to publish only a single message to the new signers. To ensure this is done securely, many concepts from advanced cryptography including encryption with forward secrecy and non-interactive (including zero-knowledge proofs) are used. The key is ideal for an asynchronous environment and its benefits include key protection. The lifespan of a subnet is known by a single public key, and it prevents other parties on Internet Computer from needing to track changing public keys. The operation of the Key Resharing Protocol is non-interactive, making it ideal for an asynchronous environment and having benefits like key protection. Throughout the lifespan of a subnet, it is known by only a single public key, hence, preventing other parties on Internet Computer from needing to track changing public keys.
Who Operates the Nodes in the Internet Computer Network?
As of the Genesis block on May 10, 2021, the Internet Computer was supported by 48 independent data centers located in North America, Europe, and Asia, operating 1,300 nodes. The Internet Computer network will continue to grow exponentially to support the next generation of mega decentralized applications (DApps) and will become an open system with thousands of data centers operating millions of nodes over a ten-year ongoing structure, with a planned 4,300 nodes operated by 123 data centers by the end of the year and, more importantly, anyone will be able to be a node provider. Interested parties can apply to the Neural Network System for a Data Center ID, purchase specialized machine nodes, install the ICP protocol, and connect to the Internet Computer network.
How Fast is the Internet Computer Network?
The blockchain key technology, a scientific breakthrough, enables Internet Computer to operate at web speed, executing query calls within milliseconds and completing update calls within 1-2 seconds. More importantly, at the Genesis block, Internet Computer will have a block speed of 2.5 blocks per second, then quickly move to 10.3 bps and approximately 1,000 bps by the end of the year. If Reddit had an open version running on Internet Computer, customized views of existing content would be formulated, executed by query calls running within milliseconds by a nearby node, and presented to web browsers, enhancing user experience.
What Does the ICP Token Do?
ICP tokens are known as utility program tokens playing significant roles within the Internet Computer network. These roles:
Facilitating Network Governance: ICP tokens can be locked to create neurons that participate in network governance through voting, earning financial rewards.
Producing Cycles for Computation: ICP can be converted into cycles, which act as fuel, being burned upon use, providing a store of value for computing power. The NNS converts ICP to cycles at a variable rate, therefore preferred to ensure network users can always create new cycles at approximately constant costs. Thus, the cost of acquiring fuel is also predictable.
Rewarding Participants: The network creates new ICP to reward and incentivize those playing critical roles in its operation, including providing voting rewards to those participating in governance, operating node machines hosting the network, and various other activities.
What Do Cycles Do?
Cycles act as fuel in computation. They have a long-term fixed value, in contrast to ICP whose values will naturally fluctuate over time. Additionally, cycles will be pegged to the International Monetary Fund's Special Drawing Rights (SDR), with 1 SDR worth of ICP converting into exactly one trillion cycles for computing power.
What Do Neurons Do?
A neuron locks the balance of ICP utility tokens, allowing its owner to participate in network governance and earn voting rewards.
Who Are the General Recipients of ICP Tokens?
ICP token recipients are known to be token holders wanting to participate in network governance and earn voting rewards, and developers needing to convert ICP tokens into cycles to pay for computation.
What is the Supply of ICP Tokens and Tokenomics?
There will be 469,213,710 ICP tokens at the genesis block. The market supply depends on market dynamics but is estimated to be around 26% at genesis.
Genesis Initial State Token Allocations
Early contributors: 9.50%
Seed donations: 24.72%
Strategic: 7.00%
Presale: 4.96%
Strategic partnerships: 3.79%
Community airdrop: 0.80%
Initial community and developer grants: 0.48%
Node operators: 0.22%
Internet Computer Association: 4.26%
Team members: 18.00%
Advisors and other third-party token holders: 2.40%
DFINITY Foundation: 23.86%.
How Does the Internet Computer Network Nervous System Voting Work?
The NNS (Neural Network System) operates by receiving proposals created by network participants and deciding whether to approve or reject them based on the voting activity of neurons. Neurons are also used by participants to submit new proposals. Once submitted, proposals are accepted or rejected shortly after, depending on how the total of neurons vote.
What Are Some Prominent Projects in the Internet Ecosystem?
Internet Computer was launched with several high-profile entrepreneurs and applications built on it. These include:
DeFi (Decentralized Finance)
Enso Finance, a decentralized exchange that raised 5 million dollars, Tacen, a high-performance custodial exchange that raised 2.5 million dollars, SailFish, known as a gateway for opening up financial services.
Social
Distrikt is described as a decentralized, professional social network. DFINITY introduced it as Open LinkedIn at WEF (World Economic Forum) 2020 in Davos, now launched.
OpenChat, an open version of standard chat applications not owned by a big tech company, CanCan, an open version of TikTok showcasing the scalability and power of Internet Computer, Capsule, a censorship-resistant decentralized social media platform raised 1.5 million dollars.
Infrastructure
Fleek facilitates the easy creation of open websites and applications. Currently hosts 14,000 websites running pan-industry platforms.
Origyn tracks the provenance of luxury goods, starting with luxury watches, as a pan-industry platform.
How to Buy Internet Computer (ICP)?
For those interested in investing in cryptocurrency, the question of how to buy and sell Internet Computer (ICP) is frequently asked. This can be done either by mining or using a specially created cryptocurrency exchange.
In Turkey, buying Internet Computer (ICP) with Turkish Lira is much easier and quicker than one might think. Without needing any technical knowledge or official documents, you can purchase Internet Computer (ICP).
Internet Computer (ICP)
11.18%
$ 3.49
$ 0.390287
⇣ 3.09
13 Oct
⇡ 3.54
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