Cryptocurrency or crypto : What is the [ Internet Computer (ICP) ] ? or What is ICP coin,Who Is The [ Founder ] of the Internet Computer? and What Does or use of the [ ICP Token Do?
What is the Internet Computer (ICP)?
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| logo Image of Internet Computer (ICP) coin |
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.
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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 Does or use of the ICP Token Do?
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| Image of Internet Computer (ICP) coin network status usage | Image source : DFINITY |
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.
The DFINITY Foundation is a not-for-profit organization developing technology for the Internet Computer blockchain. We are headquartered in Zürich, Switzerland, and have major research centers in Switzerland and California, and remote teams in places such as Germany, the UK and US. Our team of cryptographers, computer scientists and engineers have collectively earned nearly 100,000 academic citations. We aim to create a "blockchain singularity" in which every system and service is rebuilt and reimagined using smart contracts and runs entirely from infinite public blockchain without need for traditional IT.
and How its work
Roadmap of DFINITY Foundation
The DFINITY Foundation roadmap and is committing R&D resources to the Internet Computer ecosystem in the form of the following proposed technical contributions. At each stage of their lifecycle, these roadmap items will be voted on via proposals to the NNS, where neuron holders will have the ability to direct the Foundation’s effort in making the Internet Computer more efficient, faster, and easier to use for developers.
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