ICP Coin: The project is exciting and noticed by many people. ICP appeared on the world’s leading electronic exchanges such as Binance, Huobi,… right after its launch. So what is ICP Coin? Where does its attraction come from? Let’s answer with Kienthuccoin in this article.
What is an ICP Coin?
What is an ICP coin? ICP stands for Internet Computer Protocol, is a blockchain protocol capable of managing and operating a data network by nodes running on servers around the world by using smart contracts to create a blockchain. Capable of easy application development and high scalability.
ICP is a decentralized data center that does not depend on a single computer system but operates by the contribution of individual computers in the system. This ensures network security and makes front-end website development easier when users can access the application via mobile phones and web browsers.
Development of ICP
Dfinity started ICP development at the end of 2016. The development of ICP is as follows;
- Copper: Released the first version of ICP called the DFINITY Canister SDK (V0.3.0).
- Bronze: Launched World Economic Forum – the first social networking platform developed on ICP called LinkedUp.
- Tungsten: Allows developers to participate in building dApps on the ICP platform. The ecosystem of infrastructure for developers on the platform is expanding rapidly, typically the 48-hour Tungsten Hackathon.
- Sodium: Launched the NNS algorithmic management system to serve the platform administration process. Validators who wish to contribute to the platform’s security need to be validated and authorized by the system.
- Mercury: ICP Mainnet Launch. The project is announced to launch the public mainnet on May 7, 2021.
What is Dfinity Foundation?
Dfinity Foundation is a non-profit organization established in 2016. Worldwide, Dfinity Foundation has three research facilities and currently has 188 members in the organization.
This organization was founded with the sole goal of developing the Internet Computer Protocol (ICP), which improves the shortcomings of the current Internet system by replacing the existence of a cloud server with an existing one. The server is decentralized and operated by validators.
What are the highlights of the ICP coin?
ICP has a 4-tier structure. Smart contracts are called canisters, and users and developers can deploy code and store data on the top tier.
After interacting with the Protocol part, the data will go down two lower layers, including ICP Protocol, IP/Internet, and to the User Data Center.
In addition, ICP allows users to create websites and develop dApps by putting development data directly on the open internet.
From there, through the Network Nervous System (NNS), developers and users will have the right to decide who their data can be accessed, giving end-users the right to manage data.
Details about ICP
ICP Key metrics
- Token Name: Internet Computer Protocol Token
- Ticker: ICP
- Blockchain: Dfinity.
- Token Standard: Updating
- Contract: Updating
- Token type: Utility, Governance.
- Total Supply: 469,213,710 ICP
- Circulating Supply: 136,899,213 ICP
ICP Token Allocation
ICP is allocated as follows:
- Early Contributors: 9.50%
- Team Members: 18.00%
- Strategic Partnerships: 3.79%
- Seed Contribution: 24.72%
- DFINITY Foundation: 23.86%
- Strategy: 7.00%
- Pre-sale: 4.96%
- Internet Computer Consortium: 4.26%
- Advisors and third-party holders other three: 2.40%
- Community Airdrop: 0.80%
- Initial Community Support with Developers: 0.48%
- Node Operator: 0.22
ICP Token Sale
Part of ICP Tokens Airdrop for the community of people who signed up to buy tokens in 2018 on the Coinlist. After the project runs the mainnet on May 7, the ICP Token will be unlocked.
ICP Token Use Case
Token ICP is both a governance token and a utility token of the project. The primary use of ICP Token is:
- Locking ICP tokens to vote for proposals and receive rewards based on participation in the governance process.
- Use ICP to pay transaction fees on the platform. Accordingly, developers and users on the platform both need to pay this fee if created.
Today’s ICP Dong Rate
Roadmap & Updates
Currently, the new ICP team only offers a vague roadmap and does not have any specific details with somewhat distant milestones such as five years, ten years, or 20 years.
The project’s founder is Dominic Williams – He has a background in operating technology businesses that invest funds in MMO. He has a lot of academic work in the field of Blockchain as well as in the field of cryptocurrency.
The other key members are all experienced in crypto, technology, and other related fields.
In the past, the Dfinity Foundation has had huge funding rounds. At the beginning of 2018, they successfully raised $61 million from many investment funds.
By the end of 2018, they had successfully raised $102 million, led by two funds, a16z and Polychain. From its establishment in 2015 to the end of 2018, the total investment was 195 million USD.
In addition, ICP also has other investment funds, including SV Angel, Aspect Ventures, Village Global, Multicoin Capital, Scalar Capital, and Amino Capital, KR1.
Above, Kienthuccoin has provided readers with detailed information about ICP and ICP Coin. I hope this article has helped you answer your questions about ICP and make the right investment decisions for you.
What are some frequently asked questions about ICP coins?
Should I buy an ICP coin?
Most of the major cryptocurrency exchanges such as Coinbase, Binance, Huobi, and Gate.io have allowed the trading of Internet Computer coins.
Despite Dfinity’s declared mission to be against Big Tech’s monopoly and oppressive behavior. But there was a lot of paradox when Dfinity announced their first dApp at the World Economic Forum. It is an agency that promotes centralization and comprehensive oversight.
However, the support from ICP’s team of academics cannot be ignored. Moreover, currently, there is no other project with similar ideas with Internet Computers except Filecoin – a decentralized data store. The token’s name also hit many people’s needs – an Internet computer.
How to earn and own ICP Token?
There are currently many centralized ICP Coin exchanges such as Binance exchange, Coinbase exchange, Hubexchange, etc… Users can buy ICP on these exchanges and use the decentralized wallet of the ICP network to store tokens.
Who is the creator of ICP Coin?
Dominic Williams is the Founder and Principal Scientist of the DFINITY project. He is a crypto theorist who also invented the Threshold Relay, Probabilistic Slot Consensus, and other new digital cryptocurrencies.
Williams is also one of the original members of the Bitcoin and Ethereum communities. Previously, he was the President and CTO of String Labs, an incubator for crypto projects.
He was also the original Defi pioneer at Mirror Labs and the Founder and CEO of Fight My Monster, a kids MMO game that scales to millions of users.
Williams also founded several startups such as System7, Airdocs, and Smartdrivez. Graduated from King’s College London with First Class in Computer Science.