Internet Computer (ICP) Live Price

What is the Internet Computer (ICP)?

The DFINITY Foundation launched the Internet Computer (ICP) as a blockchain network in May 2021. The protocol's objectives were to extend the reach of Internet functionality and encourage the broad development of smart contracts apps. The project boasts the support of experienced crypto and smart contract players. This support led to many developers creating dApps on the platform. The significant scalability and robust security of the blockchain also support developers' rapid adoption of the protocol.

 The broad objective of the Internet Computer is to change the Internet as we know it into a high-standard computing platform. The developers on ICP want to place Internet Computers as a trend-setting network.  The project offers its users a borderless platform for smart contracts. The platform runs at high speed and offers low computation costs.

 Developers on the Internet Computer platform can design their DApps and launch their code over the Internet. Transactions on the Internet Computer can be executed in under a second and at low prices. The project supports users in opting out of centralized and expensive cloud services.

The unique feature of ICP is decentralized technology in its application to the Internet. The project aims to empower developers and regular Internet users, supporting everyone who hosts and participates in the network.

The goal of the Internet Computer is to increase the relevance of the current public Internet through its Chain Key Technology. The CKT is a set of cryptography-based protocols that use several components. The most notable is the Threshold Relay (which is a consensus model). There is also the Non-Interactive Distributed Key Generation, aka NI-DKG, and the  Network Nervous System or NNS (an on-chain governance system), and decentralized identity, a.k.a. Internet Identity.

Chain Key Technology is the blockchain breakthrough the Internet Computer is based on. The technology makes introducing new nodes, subnets, and blockchain scaling easy. It also makes it much easier to maintain faulty nodes and manage and supervise subnets. This makes it easier to retain the computer Internet Protocol, oversee its essential elements and correct any errors.

Thus, Chain Key Technology is the engine of the entire ecosystem that underpins Internet Computers and drives the network & operations.

ICP Price

Internet Computer has two different tokens categories:

The blockchain went live in May 2021 after spending five long years in planning and groundwork.

The founding nonprofit behind the blockchain, the Dfinity Foundation, claimed that the decline was probably due to the bull run in the crypto tokens.

A Brief History of Internet Computer

At its launch in May 2021, ICP was one of the highest-valued cryptocurrencies in market cap. The price drop immediately after its launch led to accusations of price manipulation and even insider trading.

The platform was backed by US$ 121 million of equity funding from founders like Dominic Williams. The investors' list includes Andreessen Horowitz, Aspect Ventures , , Amino Capital, SV Angel, Eterna Capital, and Polychain Capital.

Internet Computer supports its users in developing a new open Internet that offers consumers lower usage expenses. ICP runs on principles similar to most other blockchain tokens. It uses smart contracts to monitor and secure transactions or activity between users. The Internet Computer supports websites, dApps, and enterprise-based systems.

How is the Internet Computer Unique?

 The unique aspect of the ICP is its Chain Key Cryptography. This covers many cutting-edge developments in cryptography:

How does ICP work?

The Internet we all use is highly controlled, with most common web applications being proprietary and controlled through data centers run by big tech firms. The collapse of one data center causes enormous areas of the web to close down. A vital issue for privacy advocates is that centralized service providers can censor or control applications.

 The Internet Computer offers a primary alternative so developers can manage all aspects of their applications with more decentralization. This allows websites to run directly on the public internet without censorship.

Internet Computer offers its users and developers a platform to convert crypto technology into processing power. The network will take a fee that depends on the computing power needed by a developer’s project. Once the payment is made, the website can run on the public internet.

Conceptually, any application can be developed and run on the Internet Computer. This could be software similar to what we already use with censorship and control. It could even be social media like Instagram and LinkedIn.

Where to Buy Internet Computer (ICP)?

Internet Computer can be readily bought at different crypto exchanges, these vary according to where you log in. Many exchanges like Binance, Coinbase, and more have it.

The Major Projects In The Internet Computer Ecosystem

Many crypto analysis reports state that the Internet Computer is gaining traction as a developer ecosystem. It grew 368% in 2021, and by January 2022, over a thousand developers are working in areas of DeFi, like play-to-earn (P2E), NFTs, GameFi, instant messaging and social media dApps, and other metaverse projects.

In DeFi: InfinitySwap and ICPSwap are benefiting from the Internet Computer’s reverse-gas model, offering their users zero gas fees and rapid speed for coin swaps, transfers, and other transactions. 

NFTs: ICP's better capacity and processing power allow for larger file sizes, and people are beginning to notice. ORIGYN, an NFT marketplace, experienced rising valuations of up to $300 Mn after high-profile investments from celebrities like Paris Hilton and famous Wall Street investors like Bill Ackman.