Internet Computer $ICP

Internet Computer (IC) is a revolutionary blockchain platform, the first of its kind to run at web speed with unrestricted capacities. The brainchild of the DFINITY Foundation, IC is designed to reinvent the web by supporting large-scale smart contract development and altering how individuals interact with web services. IC aspires to broaden the public internet in a decentralized fashion, transforming it into the world's computing platform. With this objective, IC seeks to radically redefine the crypto economy's design and replace traditional software services.

Foundation and Launch

The Internet Computer project was initiated in October 2016 by Dominic Williams. It managed to raise a staggering total of $121 million from high-profile investors including Adreessen Horowitz, Polychain Capital, and Multicoin Capital. In a noteworthy event, DFINITY launched the Internet Computer into the public domain on May 10, 2021, signifying a significant milestone for ICP. This event indicated that the internet now operates as a decentralized global computer. It was marked by the release of all the Internet Computer's source code into the public domain and the launch of the ICP utility token, empowering tens of thousands of community members to govern the Internet Computer network.

Internet Computer's Native Token: ICP

ICP, the native token of Internet Computer, plays three key roles:

1. Network Governance

ICP is rewarded to users who participate in the governance of the network, encouraging active involvement.

2. Production of Cycles for Compute

ICP can be converted into cycles that are used as the transaction fee for accessing the network. Once used, these cycles are burned.

3. Rewarding Users

ICP is used to reward users for their contributions to the network, such as enhancing network security.