Internet Computer (ICP) Price

Info

Contract Address

ICP ryjl3-tyaaa-aaaaa-aaaba-cai

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About Internet Computer (ICP)

The Internet Computer hosts secure, network-resident code and data. Build web apps without Big Tech and current IT. Applications are immune to cyber attacks and unstoppable, capable of processing tokens, and can run under exclusive DAO control. Build web3 social media, games, DeFi, multi-chain apps, secure front-ends, ledgers, enterprise apps, and AI models. TCP/IP connected software. ICP hosts software.

The ICP token plays a number of roles on the Internet Computer. Firstly, as a governance token, it can be staked to exercise those governance rights. As a utility token, it can be burned to obtain ‘cycles‘ which serves as gas for computation and storage in canister smart contracts. It can also be minted to reward ‘node machine‘ providers for providing that compute and storage.

In addition to these core uses, ICP tokens can be used to participate in decentralisation swaps to become a co-owner of an SNS DAO, and when using many smart contract services built on the Internet Computer such as registries, marketplaces and exchanges.

The Internet Computer Protocol is run by the NNS, the largest DAO managing an L1 blockchain. ICP token holders can participate in network governance simply by staking tokens in neurons and locking them with a specified dissolve delay (time to unlock). A neuron with a dissolve delay greater than 6 months can vote on governance proposals and earn rewards. ICP neuron holders can also submit proposals to make changes to the protocol. This open and autonomous governance system runs 100% on chain, and currently holds over 250 million locked ICP.

Unlike other smart contract blockchains, the Internet Computer runs on a “Reverse Gas Model”. This means computation and storage costs are paid for by developers, and developers are responsible topping up smart contracts with cycles to fuel the compute power and storage of their dapps. The Reverse Gas Model allows users to interact with dapps on the Internet Computer without tokens, and as seamlessly as they would on any Web2 application.