Internet Computer (ICP)
Internet Computer (IC) is a groundbreaking innovation in the blockchain space, renowned for its ability to operate at web speed with unrestrictive capacities. Developed by the DFINITY Foundation, IC aims to transform the internet into a decentralized computing platform, capable of supporting smart contract development on a large scale. This initiative seeks to revolutionize traditional software services and redefine the crypto economy by extending the capabilities of the public internet.
History of Internet Computer
The Internet Computer project was initiated in October 2016 by Dominic Williams, a visionary in the field of blockchain technology. Over the years, the project has garnered significant financial backing, raising $121 million from prominent investors such as Andreessen Horowitz, Polychain Capital, and Multicoin Capital. A pivotal moment for the project came on May 10, 2021, when DFINITY launched the Internet Computer into the public domain. This launch was marked by the release of the project's entire source code and the introduction of the ICP utility token, enabling community members to govern the network.
| Ticker | ICP |
| Category | Artificial Intelligence (AI) |
| Website | https://internetcomputer.org/ |
| @dfinity | |
| Telegram | +m8tiEFaaNR8xNjNl |
| https://www.reddit.com/r/dfinity/ | |
| Contract Addresses | |
|---|---|
| internet-computer | ry...ai Copied! |
How Internet Computer works
Internet Computer is designed to serve as a decentralized global computer, extending the functionality of the internet. It achieves this by enabling the development and deployment of smart contracts at scale, effectively transforming the web into a platform for decentralized applications (dApps). By utilizing blockchain technology, Internet Computer facilitates secure, efficient, and scalable interactions, allowing developers to build and deploy software services directly on the internet.
The role of ICP tokens
The native token of the Internet Computer network, ICP, plays a critical role in the ecosystem. It serves three primary functions:
Network Governance: ICP holders have the opportunity to participate in the governance of the network. By doing so, they can influence decisions regarding protocol upgrades and network policies. Participants in the governance process are rewarded with additional ICP tokens, incentivizing active involvement.
Production of Cycles for Compute: ICP tokens can be converted into "cycles," which are used to pay transaction fees for accessing network services. These cycles are consumed and effectively "burned" during use, maintaining the operational integrity of the network.
Rewarding Users: ICP tokens are utilized to incentivize network participants, including those who contribute to securing the network and maintaining its functionality. This reward system ensures that the network remains robust and decentralized.
The vision behind Internet Computer
The Internet Computer project aspires to reshape the way web services are developed and interacted with, aiming to foster a decentralized internet where users have more control and privacy. By providing a platform for building scalable and efficient decentralized applications, Internet Computer seeks to democratize access to technology and empower developers and users alike.
For more information about Internet Computer, visit the official website: https://internetcomputer.org/.