What Is Internet Computer Protocol? What Is ICP Coin Use For?

What is ICP? Learn about the outstanding features of the Internet Computer Protocol and detailed information about the Tokenomics of the ICP token.

What Is Internet Computer Protocol? What Is Icp Coin Use For?_65d5ce067f884.webp

What is Internet Computer Protocol (ICP)?

The Internet Computer Protocol (ICP) is a blockchain protocol designed to manage and operate a data network through nodes running on servers worldwide. Utilizing smart contracts, ICP constructs a highly scalable blockchain that facilitates the development of applications.

https://internetcomputer.org/

ICP functions as a decentralized data center, not relying on any specific individual computer systems but instead leveraging contributions from all individual computers in the system. This ensures network security and facilitates the development of user interfaces on websites, allowing users to access applications easily through web browsers and phones.

Key Highlights of the Internet Computer Protocol (ICP)

The structure of ICP consists of four layers. Through smart contracts known as canisters, users and developers can deploy source code and store data on the top layer, the Internet Computer Protocol.

After interacting with the Protocol, data moves down two layers, including ICP Protocol, IP/Internet, and reaching the user data center.

Structure of Internet Computer Protocol (ICP)

Using the Internet Computer Protocol enables users to create websites, develop dApps, and systems by directly deploying development data on the open internet.

Through the Network Nervous System (NNS) developed by Dfinity Foundation, developers and users have the authority to decide who accesses their data, transferring data management rights to end-users. This ensures that user information from dApps does not fall into the hands of server owners like Facebook or Google.

To run a node on the platform, validators must be certified with Data Center Identity (DCID) through the algorithmic management mechanism of the NNS (Network Nervous System). Dfinity Foundation claims that transaction execution on their platform takes only 3-5 seconds, an impressive figure compared to the current Ethereum platform.

Related: What Is Ethereum (ETH)? An Overview of the ETH Project

Detailed Information about ICP Coin

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

Token Allocation

ICP will be distributed as follows:

  • Foundation Grants, Team & Partners: 52.93% equivalent to 248,354,816 ICP (lockup details unclear).

  • Seed Round Investors: 24.72% equivalent to 116,130,393 ICP (lockup details unclear).

  • Early Contributors: 9.5% equivalent to 44,575,302 ICP (lockup details unclear).

  • Strategic Investors: 6.85% equivalent to 32,141,139 ICP (lockup details unclear).

  • Pre-sale Fundraising Donors: 4.75% equivalent to 22,287,651 ICP (lockup details unclear).

  • Community Airdrop: 1.25% equivalent to 5,865,171 ICP (lockup details unclear).

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