Internet Computer (ICP) — price, overview & secure storage

What is Internet Computer and who created it?

Internet Computer (IC) is a groundbreaking blockchain project developed by the DFINITY Foundation. It is designed to run at web speed with unrestrictive capacities, aiming to recreate the web by supporting contract/">smart contract development at scale. The project was founded in October 2016 by Dominic Williams and has raised $121 million from notable investors like Andreessen Horowitz and Polychain Capital. On May 10, 2021, DFINITY launched the Internet Computer into the public domain, marking a significant milestone as it allows the internet to function as a decentralized global computer.

Key features of Internet Computer blockchain

Internet Computer aims to revolutionize the design of the crypto economy by overhauling traditional software services. It extends the public internet to serve as the world's computing platform in a decentralized manner. The project is marked by the release of all its code/">source code into the public domain and the introduction of the ICP token/">utility token, which enables community governance of the network.

How Internet Computer transactions work

ICP is the native token of the Internet Computer and serves three main purposes:

1. Network Governance: Users participating in governance are rewarded with ICP.
2. Production of Cycles for Compute: ICP can be converted into cycles, which are used as transaction fees to access the network. These cycles are burned after use.
3. Rewarding Users: ICP incentivizes users to participate in the network, such as securing the network, by providing rewards.