The Internet Computer (ICP coin) is a blockchain-powered platform that offers an innovative approach to construct and launch decentralized applications, providing enhanced efficiency, security, and scalability compared to conventional cloud computing services. Dfinity, a non-profit organization aiming to establish a decentralized internet infrastructure that is more transparent, secure, and effective, developed it.
What does Internet Computer(ICP) do?
One of the key components of ICP crypto is its version that integrates random beacon nodes, responsible for generating a random number to determine the next set of nodes, which drive the platform’s protocols. Additionally, ICP employs the threshold relay consensus model, a crucial tool that forms an integral part of the platform.
Chain key technology is another feature of the Internet Computer. It separates the execution of smart contract functions into two parts – update calls and query calls. By using this technology, the platform enhances its functionality and efficiency.
Efficient calls are essential for delivering a seamless user experience on blockchain networks. The Internet Computer Protocols are designed to operate on all nodes in the subnet, ensuring that update calls result in permanent, tamper-proof changes. In contrast, query calls operate differently, discarding any memory modifications after execution, leading to rapid execution in just a few milliseconds. These characteristics contribute to ICP’s potential as a significant advancement in blockchain technology, offering faster transaction processing and greater potential for scalability.
What is ICP Token?
The Internet Computer platform’s native token is known as ICP coin, representing its primary means of transaction and value exchange within the platform.
- Network Access: ICP tokens are integral to accessing the Internet Computer network, as they are utilized to cover computation and storage fees. For developers to deploy their applications on the network, they are required to possess a specific quantity of ICP tokens.
- Governance: ICP token holders have the privilege to partake in the governance of the Internet Computer network by proposing and voting on changes to the protocol, thereby enabling them to play an active role in shaping the platform’s future development.
- Staking: ICP tokens can be staked as a means of securing the network and receiving rewards for doing so.
- Incentives: ICP tokens serve as incentives to encourage node operators to participate in the network and undertake critical functions like processing transactions and storing data.
ICP Current Price
The current circulating supply of ICP coins stands at 298,115,706, with the highest recorded price of $700.65 occurring on May 10, 2021. At present, the market capitalization of ICP is $1,565,556,941, with each ICP token priced at $5.25. The 24-hour trading volume for ICP crypto is $23,345,786.
Where Can You Buy ICP Coins?
ICP tokens can be traded on both centralized and decentralized cryptocurrency exchanges. Currently, MEXC Global is the most popular marketplace for buying and selling ICP tokens.
To access available trading pairs for ICP tokens, you can search for “ICP” using the MEXC Global search bar.
A comprehensive guide on purchasing ICP tokens is also available for users to access.
What are the Advantages of Internet Computers？
- Decentralization: It’s a significant advantage of the Internet Computer platform. Unlike conventional cloud computing services that are controlled by a handful of centralized entities, the Internet Computer is a decentralized network of computers. Consequently, there is no central authority that can manipulate or oversee the platform, providing users with increased transparency, security, and privacy.
- Efficiency: Another advantage of the Internet Computer is its high efficiency and scalability. This feature enables developers to create and deploy applications that can manage a significant number of users and transactions. The platform employs a distinct consensus mechanism, the Chain Key Technology, which enables multiple nodes to collaborate in processing transactions and executing smart contracts in parallel, thus achieving optimal efficiency.
- Open and Transparent: The Internet Computer is an open-source platform that provides transparency and openness to its users. This means that anyone can access the code and contribute to the development of the platform, making it easier for developers to collaborate and create innovative applications that can benefit the wider community.
- Developer-Friendly: The Internet Computer is a developer-friendly platform that supports popular programming languages like Motoko, Rust, and C/C++, making it easier for developers to build applications and services without the need to learn new programming languages.
- Cost-Effective: The Internet Computer platform also provides a cost-effective solution for developers. By utilizing the platform, developers can circumvent the high costs typically associated with traditional cloud computing services, including server maintenance, infrastructure management, and bandwidth expenses.
What are The Use Cases for Internet Computer(ICP)？
- Decentralized Finance (DeFi): The Internet Computer platform enables the creation of decentralized financial applications such as peer-to-peer lending, decentralized exchanges, and stablecoins through the use of decentralized finance (DeFi).
- Decentralized Social Networks: The Internet Computer provides a platform for creating decentralized social networks that offer users greater control, privacy, and ownership of their data.
- Supply Chain Management: The Internet Computer platform can be utilized to construct supply chain management applications that provide improved transparency, security, and traceability of goods and products.
- Gaming: The Internet Computer platform can be utilized to create gaming applications based on blockchain technology that provide distinctive functionalities such as asset ownership, decentralized marketplaces, and incentives for players to earn rewards.
- Digital Art and Collectibles: The Internet Computer provides a platform to build blockchain-based systems for creating, trading, and storing digital art and collectibles that offer unique features such as provenance tracking and authentication.
- Decentralized File Storage: The Internet Computer has the potential to build decentralized file storage systems that provide better security and privacy while also motivating users to contribute storage capacity to the network.
- Identity Verification: The Internet Computer has the potential to be utilized in building identity verification and authentication systems that offer enhanced security and privacy compared to centralized systems.
These are only a few of the possible applications for the Internet Computer platform. With the advancement of technology and the increasing number of developers building on the platform, we can expect numerous more groundbreaking and beneficial use cases to come to light.