Internet Computer Coin Price & Market Data
Internet Computer price today is $47.28 with a 24-hour trading volume of $448,334,389. ICP price is up 5.6% in the last 24 hours. It has a circulating supply of 170 Million ICP coins and a total supply of 469 Million. If you are looking to buy or sell Internet Computer, Binance is currently the most active exchange.
What is Internet Computer?
Internet Computer (IC) is the world’s first blockchain that is capable of running at web speed at unrestrictive capacities. Built by the DFINITY Foundation, IC aims to recreate the web by supporting smart contract development at scale and changing the way people can interact using web services. Internet Computer aims to extend the public internet, so that it can be the world’s computing platform, in a decentralized manner. Internet Computer sets to revolutionalize the design of the crypto economy, with an aim to overhaul traditional software services.
The project was founded in October 2016 by Dominic WIllams and have raised a total of $121 million from investors such as Adreessen Horowitz, Polychain Capital, Multicoin Capital and such. On May 10, 2021, DFINITY launched the Internet Computer into the public domain, marking it a major milestone for ICP as it means the internet now functions as a decentralised global computer. This is marked by the release of all of the Internet Computer’s source code into the public domain, as well as ICP utility token that allows tens of thousands of community members to govern the Internet Computer network.
ICP is Internet Computer's native token. It plays three prominent roles:
- Network Governance: Users that participate in the governance will be rewarded with ICPI
- Production of Cycles for Compute: ICP can be converted into cycles where it is used as the transaction fee to access the network. Cycles are burned after used.
- Rewarding Users: ICP is used as the rewards to incentivize users to participate in the network such as securing the network.
How does ICP work?
The decentralised network of ICP is hosted by a series of data centres of multiple nodes. Different nodes from within different data centres are pooled together and referred to as a ‘subnet’. Each subnet can host its own Proof-of-Stake blockchain by using a unique consensus model known as ‘Threshold Relay’. There are two important pillars that charge the operations of ICP forwards:
- Chain Key Technology: Chain Key Technology is a 48-byte public chain key that enables Internet Computer to operate at web speed, allowing transactions to be finalised in 1-2 seconds. Though this is impressive, this is nevertheless insufficient, because a faster speed is needed to provide competitive user experiences, requiring responses to be provided to users in milliseconds. Chain Key Technology solves this further by splitting smart contract function execution into two types, known as ‘update calls’ and ‘query calls’ – where update calls take 1-2 seconds to finalize and query calls can be executed in milliseconds.
- Network Nervous System (NNS):The NNS is responsible for managing everything from ICP’s economics and upgrades to network structure. The NNS is hosted within the network itself, and it acts as an autonomous ‘master’ blockchain with a public key to validate transactions in the ICP network. The NNS will also instigate proposals to a vote, such as the onboarding of new node machines, which are then voted upon by users who have their ICP tokens locked up. NNS is essentially the governance system whereas neurons represent the voting power.
How does ICP differ from other coins?
One of ICP’s objectives was to solve the scaling problems experienced by Ethereum, without compromising on security or decentralisation. For example, EOS has previously been criticized for such a compromise.
Internet Computer claims that it can finalise transactions in 1 to 2 seconds. This fares far beyond Bitcoin’s 10-minute duration and Ethereum’s 15-second duration (depending on network traffic). The Internet Computer claims to have a block rate of 2.5 blocks per second (bps), with the expectation of improving it till 1,000 bps by end of the year 2021. Importantly, ICP addresses a problem far beyond merely solving Ethereum’s shortcomings as its wider objectives are to take on the $370 billion cloud computing market, and decentralize the public internet wholly.