Internet Computer (ICP) Overview
Key persons: Dominic Williams
Trading volume (24h): 843,003,293
CoinMarketCap rank: 24
Internet Computer (ICP) facts.
- The project was originally called Dfinity — decentralized infinity. This name was chosen to emphasize the potentially infinite possibilities of the new technology. However, before the main network launch the name was changed to Internet Computer for marketing purposes.
- Over $160M USD were invested in the project with over 13 investment funds participating in the round of financing. The seed round was successfully closed in 2018.
- Internet Computer (ICP) uses a mixed system of blockchain operation — POS for translation validation and consensus and a server node network for storage and virtual computing.
- The project is supported by the Swiss authorities. Thus, after the main network launch and token distribution the governance is conducted by the community only. Each ICP token has its own value in the voting system, depending on the time spent in the validation node.
Creating a new blockchain for decentralised computing and data storage, based on a unique cryptography system and geographically distributed server hubs.
Current trends and future plans.
The core network was successfully launched in May 2021. This event was preceded by several years of developers’ painstaking work (protocol testing and optimising). There was no public sale of the project tokens. Instead, nearly 50 000 early users registered on the website received an airdrop (free giveaway) when the network was launched.
At the moment, the project team is focused on developing its own ecosystem and attracting new users and developers. Dfinity Foundation (a $200M initiative support scheme) was established to award grants to selected companies.
The Internet Computer (ICP) is actively developing and supporting most popular crypto trends: NFT tokens issuance, launchpad creation and decentralized application systems development. In addition, the project’s technology allows for cross-chain cooperation with other blockchains. The Bitcoin blockchain was the first to be chosen.
In general, Internet Computer (ICP) is creating an alternative blockchain based on its own cryptography technology. Local server hubs are being launched worldwide as part of the project to build a sustainable network. It is very similar to the Bitcoin mining system, but relies on its own algorithms for information transfer and validation.