ICP meaning in Cryptocurrency ?

Answer: What is the Internet Computer (ICP)?

The Internet Computer is the world’s first blockchain that runs at web speed with unbounded capacity. It also represents the third major blockchain innovation, alongside Bitcoin and Ethereum — a blockchain computer that scales smart contract computation and data, runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers. By making this possible, the Internet Computer enables the complete reimagination of software — providing a revolutionary new way to build tokenized internet services, pan-industry platforms, decentralized financial systems, and even traditional enterprise systems and websites. The project was founded in October 2016 by Dominic Williams, and attracted notable interest from the crypto community. DFINITY raised a total of $121 million from contributors such as Andreessen Horowitz, Polychain Capital, SV Angel, Aspect Ventures, Electric Capital, ZeroEx, Scalar Capital, and Multicoin Capital, and several notable early Ethereum supporters. In 2018, over 50,000 registerter participants received ICP utility tokens in an airdrop. On December 18, 2020, DFINITY launched the alpha mainnet of the Internet Computer. In a final step towards decentralization, on May 10, 2021, DFINITY launched the Internet Computer into the public domain. This major milestone means that the internet now functions as a decentralized global computer — marked by the release of all of the Internet Computer’s source code into the public domain, as well as ICP utility token allowing tens of thousands of community members to govern the Internet Computer network.

To learn more about this project, check out our deep dive of Internet Computer.

Who Is The Founder of the Internet Computer?

Dominic Williams is the Founder and Chief Scientist of DFINITY. He is a crypto theoretician, responsible for inventing Threshold Relay, Probabilistic Slot Consensus, and other novel crypto techniques, serial entrepreneur, and early member of the Bitcoin and Ethereum technical communities. Previously, he was President and CTO of String Labs, an incubator for venture-backed crypto projects, early pioneer of DeFi at Mirror Labs, and Founder and CEO of Fight My Monster, a MMO game for children that scaled to millions of users. He also founded several startups such as System7, Airdocs and Smartdrivez. Graduated King’s College London 1st in Class in Computer Science.

What is the DFINITY Foundation?

The Internet Computer was incubated and launched by the DFINITY Foundation, a not-for profit scientific research organization based in Zurich, Switzerland, comprised of the world’s top cryptographers and distributed systems and programming language experts, with nearly 100,000 academic citations and 200 patents collectively. Notable technologists at DFINITY include: Jan Camenisch, PhD (VP of Research) - world-renowned cryptographer & privacy researcher, led IBM’s Cryptography / Research department for 19 years Andreas Rossberg, PhD (Principal Engineer and Researcher) - the co-creator of WebAssembly and former team lead for the Google Chrome V8 engine Ben Lynn, PhD (Sr Staff Engineer and Researcher) - world-renowned cryptographer and Google Engineer, the “L” in BLS cryptography, the key signature system being used in Ethereum 2.0 Jens Groth, PhD (Principal Researcher) - world-renowned cryptographer, known for pioneering non-interactive zero knowledge proofs Timo Hanke, PhD (Principal Researcher) - creator of AsicBoost, one of the few proven algorithmic optimizations for Bitcoin mining Paul Liu, PhD (Staff Engineer) - architected Intel’s Haskell compiler and received his PhD under Paul Hudak, a key designer of Haskell * Johan Georg Granström, PhD (Director of Engineering) - former Sr Staff Software Engineer at Google responsible for scaling YouTube system infrastructure After public launch on May 10, 2021, the DFINITY Foundation will now be one of many organizations committed to improving and maintaining the Internet Computer network.

What Makes the Internet Computer Unique?

The purpose of the Internet Computer is to extend the public internet, so it can also be the world’s compute platform. Today, the internet is a network that connects everybody and everything, but systems and services currently run from private infrastructure. The scientific breakthrough behind the Internet Computer is Chain Key Technology, which encompasses dozens of advanced technology such as novel Consensus, Non-Interactive Distributed Key Generation (NI-DKG), Network Nervous System (NNS), Internet Identity, etc. Chain Key Technology consists of a set of cryptographic protocols that orchestrate the nodes that make up the Internet Computer. It is one of the fundamental breakthroughs behind the Internet Computer, enabling it to have a single public key. This is a huge advantage because it allows any device, including smart watches and mobile phones, to verify the authenticity of artifacts from the Internet Computer. In contrast, this is not possible for traditional blockchains. The single public key is just the tip of the iceberg: Chain Key Technology is the engine that drives the Internet Computer and makes its operation possible. It allows for adding new nodes to form new subnets to scale the network infinitely; replacing faulty or crashed nodes with new ones without ever stopping; reviving subnets even if too many nodes within have failed; and upgrading the Internet Computer Protocol seamlessly, allowing the network to fix bugs and add new features. The DFINITY R&D team has invented a new noninteractive key resharing protocol. Each of the old signers only needs to broadcast a single message to the new signers. To ensure that this is done securely, many concepts from advanced cryptography are utilized, including encryption with forward secrecy and noninteractive zero-knowledge proofs. Because it is noninteractive, the way the key resharing protocol operates is ideal for an asynchronous environment, and the benefits include key preservation. Throughout the lifetime of a subnet, it is known by a single public key, and the other parties on the Internet Computer do not have to keep track of changing public keys.

Who Runs the Nodes in the Internet Computer Network?

At Genesis on May 10, 2021, the Internet Computer is supported by 48 independent data centers — located across North America, Europe, and Asia — running 1,300 nodes. The network will continue to grow exponentially to support the next generation of mega dapps, with 123 data centers running 4,300 nodes scheduled by the end of the year, and eventually thousands of data centers running millions of nodes to support the decade-long building out of the Open Internet. Importantly, anyone can become a node provider, interested parties apply for a Data Center ID (DCID) to the Network Nervous System (NNS), procure specialized machine nodes, install the ICP protocol, and connects to the Internet Computer network.

How Fast is the Internet Computer Network?

The scientific breakthrough called Chain Key Technology allows the Internet Computer to run at web speed — where query calls execute in milliseconds, and update calls take 1-2 seconds to finalize. More importantly, at Genesis, the Internet Computer will have a block rate of 2.5 blocks per second (bps), then quickly to an industry leading bps of 10.3 bps, and ~1,000 bps by end of the year. In the case of an open version of Reddit running on the Internet Computer, when a user browses the forum, customized views of the hosted content would be formulated and served into their web browser by the execution of query calls, which run in milliseconds on a nearby node, providing a fantastic user experience. But when a user wishes to occasionally make a post, or provide a tip of tokens to the author of a post, this would involve update calls, which would take 1–2 seconds.

What Does the ICP Token Do?

ICP are native utility tokens that play three key roles in the network:

Facilitating Network Governance: ICP tokens can be locked to create neurons that participate in network governance by voting, through which they can earn economic rewards.Production of Cycles for Compute: ICP provides a source store of value that can be converted into cycles; which power computation in the role of fuel that is burned when it is used. The NNS converts ICP to cycles at a variable rate, so chosen to ensure users of the network can always create new cycles at approximately constant cost in real terms, such that the cost of acquiring fuel is predictable.Rewarding Participants: The network mints new ICP to reward and incentivize those playing important roles that enable the network to function, including: a) the provision of voting rewards to those participating in governance, b) the provision of voting rewards; to those operating the node machines hosting the network, and c) other miscellaneous activities.What Do Cycles Do?

Cycles power computation in the role of fuel. They also have a constant value over the long-term, which contrasts with ICP, whose value will naturally vary over time. Moreover, Cycles will be pegged to the SDR, which is a logical currency unit defined by the International Monetary Fund, and 1 SDR worth of ICP can be converted into exactly one trillion Cycles to power computation.

What Do Neurons Do?

A neuron locks a balance of ICP utility tokens and enables its owner to participate in network governance, through which they can earn voting rewards.

Who Are the Natural Buyers for ICP Tokens?Token Holders who want to participate in network governance and earn voting rewardsDevelopers who need to convert ICP tokens into Cycles to pay for computationICP Token Supply and Tokenomics?

There will be 469,213,710 ICP tokens at Genesis. Circulating supply depends on the dynamics of the market. However, it is approximated to be 26% at Genesis. Genesis Initial State Token Allocations

Early contributors: 9.50%Seed donations: 24.72%Strategic: 7.00%Presale: 4.96%Strategic partnerships: 3.79%Community airdrop: 0.80%Initial community and developer grants: 0.48%Node operators: 0.22%Internet Computer Association: 4.26%Team members: 18.00%Advisors and other third-party token holders: 2.40%DFINITY Foundation: 23.86%How Does the Internet Computer Network Nervous System Work for Voting?

The NNS works by receiving proposals and deciding to adopt or reject them based on voting activity by neurons; that network participants have created. Neurons are also used by participants to submit new proposals. After submission, proposals are either adopted or rejected, which can happen almost immediately or after some delay, depending on how the totality of neurons vote.

Where to Buy Internet Computer(ICP)?

Internet Computer is available at a variety of crypto exchanges, depending on your region. For the latest list of exchanges and trading pairs for this cryptocurrency, click on our Internet Computer market pairs tab.

Internet Computer is available on many top exchanges, such as: Binance, Huobi Global, Coinbase, KuCoin, Gate.io and more.

Be sure to do your own research before picking an exchange to buy Internet Computer, by using our education portal — Alexandria.

To check Internet Computer price live in the fiat currency of your choice, you can use CoinMarketCap’s converter feature directly on the Internet Computer price page. Alternatively, use the dedicated exchange rate converter page. Popular Internet Computer price pairs include: ICP/USD, ICP/GBP, ICP/AUD and ICP/EUR.

What Are The Prominent Projects In The Internet Ecosystem?

The Internet Computer launched with several high profile entrepreneurs and applications being built on it. These include:

DeFiEnso Finance – Decentralized exchange that has raised $5mnTacen – A high-performance non-custodial exchange that has raised $2.5mnSailFish – A gateway to open financial servicesSocialDistrikt – A decentralized, professional social media network. It is the Open LinkedIn application shown off by DFINITY in Davos at WEF 2020 that is now being taken to marketOpenChat – An open version of your standard chat app that is not owned by a large tech corporationCanCan – An open version of TikTok that shows the scalability and power of the Internet ComputerCapsule – A decentralized social media platform which is safe from censorship that has raised $1.5mnInfrastructureFleek – Allows easy building of open web sites and applications. 14,000 websites already running Pan-Industry PlatformsOrigyn – A pan-industry platform for tracking the provenance of luxury goods, starting with luxury watches reference

Full Form	Category
Individual Concentration Program	Academic & Science
Integrated Chemistry and Physics	Academic & Science
Integrated Circuit Package	Academic & Science
Investment Corporation of Pakistan	Business
Investor Confidence Project	Business
Inter Company Pricing	Business
Internal Control Program	Business
Innovative Consumer Products	Business
Irish Council for Psychotherapy	Business
Indonesian Crude Price	Business
International Competence Problem	Business
Indus Consumer Products	Business
Intermediate Capital Group, P.L.C.	Business
Icash Payment Systems, LTD. (formerly Internationl Concert Attractions, LTD.)	Business
Inline Certification Program	Business
Innovative Chemical Products	Business
Icetratt Capital Partners	Business
Infrastructure Continuity Plan	Business
Inductively Coupled Plasma	Chemistry
Institute for Community Peack	Community
Integrated County Planning	Community
Inner City Players	Community
International Confederation of Principals	Community
Integrated Control Panel	Computer Hardware
Implementation Control Process	Computing
Internet Control Protocol	Computing
Intelligent Call Processing	Computing
Instrument Calibration Procedure	Computing
Intelligent Communication Protocol	Computing
Ima Control Protocol	Computing
Internet Content Provider	Computing
Integrated Channel Processor	Computing
International Consumer Products	Computing
Integrated Core Processor	Computing
International Competition in the Programming	Computing
Integrated Case Processing	Computing
Intel Celeron Processor	Computing
Interval Control Program	Computing
Inter Cache Protocol	Computing
Internet Commerce Provider	Computing
Information Capture Professional	Computing
Initial Connection Protocol	Computing
Interconnect Controller Program	Computing
Interprocess Communications Protocol	Computing
Information and Communication Product	Computing
Ibm Cloud Private	Computing
Internet Code Point	Computing
Internet Computer	Cryptocurrency
International College of Prosthodontists	Educational Institute
Integrated Circuit Piezoelectric	Electronics
Parameter File (icontact) (unix)	File Type
Industry Competence Partners	General
interface Comsol Phreeqc	General
Independent Connections Provider	General
Integral Capital Partners	General
Iterative Closest Point	General
Instant Composers Pool	General
I Close Parks	General
Iterative Closest Points	General
ICS Control Program	General
Injection Control Pressure	General
Intelligent Co-Pilot	General
Intake Charge Pipe	General
Intake Cam Phasing	General
Individual Coil Pack	General
Ignition Coil Pack	General
Instrument Control Panel	General
Injector Pump Coupler	General
Italian Car Passion	General
Italian Car Parts	General
Insignia Club Polska	General
Irish Car Parks	General
Innova Club of the Philippines	General
Integrated Car Park	General
International Car Park	General
International Corporation Of Pie	General
Incinerate Clown Program	General
Insane Clown Posse	General
Icann Common Propaganda	General
Intergraded Communication Partners	General
Indirect Combustion Preheat	General
Insane Clown Pussies	General
Inner Circle Posse	General
Infected Cell Polypeptide	General
International Communication Plaza	General
Interfacing Car Park	General
Indianapolis Competition Products	General
Illiterate Crackhead Punks	General
Ice Cold Pepsi	General
Interrupter de Control de Potencia	General
Independent Content Provider	General
Inductive Couple Plasma	General
Institutional Care Program	General
Instructional Continuity Plan	General
Ideal Customer Profile	General
Integrated Care Program	General
International Comparison Program	General
International Center of Photography	General
International Cataloguing Principles	General
Incredable City Partners	General
Interactive Community Policing	Governmental
International Communist Party	Governmental
Inner City Posse	Governmental
Incident Control Point	Governmental
Iraqi Communist Party	Governmental
Infra-estructura de Chaves Publicas	Governmental
International Council of Psychologists	Governmental
Innovations in Civic Participation	Governmental
Internet Cache Protocol	Information Technology
International Comfort Products	International
International Company Profile	International
International Conference on Photochemistry	International
International Cosmetics and Perfumes	International
Internet Connection Provider	Internet
I Can't Promise	Internet
Internet Content Player	Internet
Internet Communications Protocol	Internet
Infection Control Professional	Medical
Inter-Cranial Pressure	Medical
Individual Clinical Profile	Medical
Infantile Cerebral Palsy	Medical
Inferior Cerebellar Peduncle	Medical
Integrated Care Pathway	Medical
Integrated Care Pilot	Medical
Intensive Care Paramedic	Medical
Inhalation Capsules Production	Medical
Intracranial pressure	Medical
Interdisciplinary Care Plan	Medical
Intermittent Catheterisation Protocol	Medical
I Can Play	Messaging
Inane Clown Poseurs	Messaging
Incident Command Post	Military and Defence
Interim Change Package	Military and Defence
Interface Change Proposal	Military and Defence
Internal Communications Processor	Military and Defence
Installation Control Point	Military and Defence
Intertheater Comsec (communications Security) Package	Military and Defence
Internet Caching Protocol	Networking
Injector Control Pressure	Physics Related
Ics (interpretive Computer Simulator) Control Program	Space Science
Inventory Control Point	Space Science