Internet Computer

What is the token?

• The Internet Computer Protocol (ICP) token is the native utility token of the Internet Computer blockchain, designed to extend public internet functionality to include serverless cloud computing.

• It is utilised for governance, rewarding network participants, and paying transaction fees.

Tokenomics

• ICP has a maximum supply of 514.8 million tokens.

• Tokens are used to reward node providers, enable governance participation via staking in neurons, and can be converted into cycles for computing resources on the Internet Computer.

• Tokenomics aims to establish a self-sustaining ecosystem, balancing rewards for node providers and governance participants.

Market Data

As of today #{today’s date}, the price of Internet Computer is ₹979.16 INR or 10.506 USD, with a 24-hour trading volume of 242954171.82 USD. The market capitalisation for Internet Computer is 5009566349.58USD. The circulating supply is 477433490.61 Internet Computer, with the total supply also being 527183473.29 Internet Computer.

Token Pros and Cons

Pros:

• Operates on a decentralised framework, ensuring freedom from censorship.

• Globally accessible and open to anyone.

• Supported by a robust and skilled development team.

Cons:

• Subject to high volatility and market fluctuations.

• Concerns exist regarding its decentralisation and the ability to conduct permissionless transactions.

Why Should You Invest in ICP?

• ICP offers a unique proposition with its vision of decentralising the internet, backed by the potential for wide adoption and support from reputable investors and venture capital firms.

USP of the coin

• ICP’s unique selling proposition lies in its goal to revolutionise the internet by creating a decentralised platform free from traditional IT and cloud computing services, potentially transforming web service development and operation.

Problem the coin is solving

• It aims to address the centralisation of current internet infrastructure by providing a decentralised platform for web services, reducing platform risk and complexity.

Founder and Team Background

• The Internet Computer was developed by the DFINITY Foundation, led by Dominic Williams, featuring a team with strong expertise in cryptography and distributed systems.

ICO Price

• The ICO price of ICP was set at $0.03 per token, with the sale occurring from 1 February to 28 February 2017.

Risks Associated in Investing in the Coin

• Investment risks include market volatility, regulatory uncertainties, technological hurdles in realising ambitious objectives, and competition from other blockchain initiatives.

Whitepaper Insights

computing platform that extends the functionality of the Internet. The platform aims to host smart contracts and data, enabling developers to build and deploy scalable web services, enterprise systems, and DeFi applications without relying on traditional IT services and monopolistic intermediaries.

The whitepaper details the Internet Computer’s novel consensus mechanism, which is designed to be secure, efficient, and fully decentralised. The consensus model allows for the creation of a network of subnets, each acting as a blockchain that processes transactions and stores data. These subnets are interconnected, allowing them to work together as a single unified blockchain.

The ICP token plays a central role in the ecosystem, serving multiple purposes. It is used to participate in the governance of the network through the Network Nervous System (NNS), a decentralised autonomous organisation that manages the Internet Computer. Token holders can lock their ICP tokens to create neurons, which allow them to vote on proposals and earn rewards for participating in governance.

Additionally, ICP tokens are used to reward node providers who contribute computing power to the network. These rewards are designed to cover the costs of running nodes and incentivise participation. The tokenomics model also includes a mechanism for converting ICP tokens into cycles, which are used as fuel for computation and storage on the network. This conversion process is intended to stabilise the cost of computation and provide a predictable pricing model for developers.

The whitepaper also addresses the challenges of scalability and performance, proposing solutions to enable the Internet Computer to process transactions at high speeds while maintaining security and decentralisation. It discusses the importance of seamless interoperability between different systems and the potential for the Internet Computer to integrate with other blockchains.

In summary, the Internet Computer whitepaper presents a comprehensive vision for a decentralised internet that empowers developers, fosters innovation, and challenges the dominance of traditional tech giants. It provides a detailed explanation of the technology and economics that underpin the Internet Computer, emphasising the role of the ICP token in enabling a self-sustaining and adaptable ecosystem.