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Internet Computer Token (ICP): Everything you Wanted to Know as a Beginner before Investing!

Internet Computer (ICP) is one of the top 30 most popular cryptocurrencies currently. In terms of market cap, it is currently the 26th largest digital currency (over US$7.72 billion in market capitalizations). Should you invest in it? Is it a good investment? To answer all your queries, let me walk you through Internet Computer, how it works, and many more.

What Is Internet Computer Coin (ICP)? How does it Work?

The Internet Computer is the first blockchain in the world running entire at web speeds with unbounded capacity, helping in building on the internet easy and secured. It has become one of the major blockchain innovations because:

  • It scales smart contract computation and data. 
  • It serves web browsers and helps smart contracts to run at web speed.
  • It processes and stores data in an efficient manner.
  • It provides DFINITY developers with powerful software frameworks.

The Internet Computer association helps in complete reimagination of software by coming up with a new, revolutionary way of building:

  • Tokenized Internet Services
  • Pan-Industry Platforms
  • Decentralized Financial (Defi) Systems, and 
  • Traditional enterprise systems and websites

Dominic Williams founded the Internet Computer project in October 2016. This project received a lot of interest from the cryptocurrency community, helping DFINITY Foundations raise US$121 million in total from contributors like Andreessen Horowitz, Scalar Capital, ZeroEx, Electric Capital, Aspect Ventures, SV Angel, Polychain Capital, Multicoin Capital, and many other nobale supporters of early Ethereum. 

More than 50,000 recipients have received Internet Computer utility tokens (ICP) in 2018 in an airdrop. Internet Computer’s alpha mainnet was launched by DFINITY on December 18, 2020. Internet Computer was launched publicly by DFINITY on May 10, 2021 as a final step towards decentralization. 

With the final phase launch, it helped internet to function as a decentralized global computer (distributed computing). This, in turn, was marked by the release of:

  • The source code of the Internet Computer blockchain publicly (giving rise to public internet).
  • ICP utility token (which allows tens of thousands of Internet Computer community members in tokenized governance of the Internet Computer network).

Internet Computer (ICP): Facts & Figures

All these facts and figures (as of Oct 25, 2021) will help you to make a decision on investing in Internet Computer. Before making ICP token transactions, check out these facts and figures associated with this cryptocurrency of choice:

  • Internet Computer ICP Price: US$44.29 (Current Coin Prices)
  • Trading Volume (24h volume): US$222,521,364
  • All-Time High (ATH) Price: US$737.20 (reached on May 10, 2021)
  • All Time Low (ATL) Price: US$20.08 (reached on Jun 14, 2021)
  • 24h Low: US$42.29
  • 7d Low: US$42.17
  • YTD (Year-To-Date) Return: 0% YTD (Year-To-Date)
  • Market Cap: US$7,722,001,486 (US$7.72 billion)
  • Crypto Rank (in terms of market cap): 26th in the crypto market
  • Fully Diluted Market Cap: US$21,015,780,163
  • Max Supply: ---
  • Total Supply: 474,109,956
  • Circulating Supply: 174,340,831.23 ICP

These are the facts that made Internet Computer a preferred medium of exchange. Always check out market data and technical analysis before trading or investing. Also, consult crypto financial advisors and get tips from them on trending coins. 

What’s so Special about Internet Computer Network?

The Internet Computer’s main purpose is to become the compute platform of the world by extending the public internet. Currently, the internet we use is based on private infrastructure. To make a scientific breakthrough, the Internet Computer is based on Chain Key Technology (CKY). This technology encompasses a wide range of advanced technology including:

  • Novel Consensus
  • Non-Interactive Distributed Key Generation (NI-DKG)
  • Network Nervous System (NNS)
  • Internet Identity, and many more.

A set of cryptographic protocols are there in Chain Key Technology, which orchestrates the nodes, making up the Internet Computer. This fundamental breakthrough enables it to have a single public key. It is a huge leap forward because it loows all kinds of devices (including mobile handsets and smart watches) to use the Internet Computer for verifying artifact authenticity. 

CKY drives the Internet Computer and makes it operational, allowing addition of new nodes in forming new subnets for:

  • Infinitely scaling the network.
  • Replacing faulty/crashed nodes without stopping.
  • Reviving subnets even in extreme cases of multiple node failure.
  • Upgrading the Internet Computer Protocol seamlessly.
  • Allowing fixing of bugs and addition of new featuresto the network.

A new noninteractive key resharing protocol has been invested by the DFINITY R&D team. Every old signers only have to broadcast a single message to the new signers. Many advanced Chain Key cryptography concepts (such as encryption with forward secrecy and noninteractive zero-knowledge proofs) have been used to ensure that this step is done in a secured manner. 

The key resharing protocol helps in asynchronous environment, thanks to its noninteractiveness. Key preservation is the main benefit. Throughout a subnet lifetime, it is called a single public key. The Internet Computer’s other parties don’t have to keep tracking changes in public keys.

Some of the major technologists involved with DFINITY are Jan Camenisch, Andreas Rossberg, Jens Groth, Timo Hanke, Paul Liu, and many more.

What Does the ICP Token Do?

Internet Computer token (ICP) is the native utility token. It plays 3 important roles in the Internet Computer network:

  1. Facilitate Network Governance

Neurons can be created by locking ICP tokens. Once a neuron is created, the neuron participates in voting for governance of the network. This through this process economic rewards can be earned by the neurons. 

  1. Production of Cycles for Compute:

A source store of value is provided by the Internet Computer token (ICP). This in turm can be converted to cycles, powering computation in the role of fuel, which is burned when utilized. Conversion of ICP to cycles at a variable rate is done by NNS (Network Nervous System). The choice is done for ensuring that network users are able to create new cycles always at constant cost in real terms. This ensures that the fuel acquiring cost remains predictable. 

  1. Rewarding Participants

New ICP token is minted by the network for rewarding and incentivizing those who play important roles, thereby enabling the network to function:

I. The voting rewards provision for those who participate in governance.

II. The voting rewards provision for those operate the node machines that host the network.

III. Other miscellaneous activities

Where can you Buy Internet Computer Tokens?

You can buy Internet Computer coins in almost all reputed cryptocurrency exchanges including:

  1. Binance, 
  2. Coinbase 
  3. Huobi Global
  4. KuCoin, and many more.

You can use credit cards, debit cards, or money transfers from a bank account to fund your cryptocurrency trading or investing account in a leading cryptocurrency exchange. 

The most popular price pairs of FIL are:

  • ICP/USDT
  • ICP/USD, and many more.

Before investing, check out historical data of token Internet Computer, crypto news, Internet Computer price charts, price performance, market updates, ICP to USD exchange rate, and others.

What are the Best Crypto Wallets to Store Internet Computer Tokens?

The best Internet Computer wallets to store Internet Computer coins are:

  1. Network Nervous System (NNS)
  2. Plug Wallet.
  3. Stoic Wallet.
  4. Earth Wallet.
  5. Dfinance

Invest in Internet Computer and Other Cryptocurrencies

You can buy and sell Internet Computer and other virtual currencies against various fiat currencies (US Dollar USD, British Pound, Canadian Dollar CAD, South Korean WON, Singapore Dollar, Taiwan Dollar, Russian Ruble, Chinese Yuan, Hong Kong Dollar, etc.) through a wide array of crypto exchanges (centralized or decentralized exchanges), crypto APIs or mobile app, and Internet Computer markets. Use Dollar Cost Averaging DCA strategy to invest in cryptos to minimize the risks associated with high volatility. 

If you want to increase your investment explosively in the coming 5-to-10 years, buy crypto coins now. Keep an eye on the market news, price statistics, block times, blockchain news, and others to time your trading of Defi protocols and tokens for maximum profit. 

You can also diversify your crypto coin portfolio by including other digital assets such as ICP, XMR, FIL, ETC, WBTC, BCH, BTC, AAVE, Ripple XRP, Bitcoin Ether ETH, Bitcoin Gold (also called Bit Gold), Bitcoin Cash BCH, Basic Attention Token, Ethereum Classic, Shiba Inu SHIB, Binance Coin, Wrapped Bitcoin (some also call it wrap bitcoin or wBTC), USD Coin, Gemini Dollar, ERC20 tokens (created on Ethereum blockchain), nonfungible tokens NFTs, and others. 

Invest in cryptocurrencies, various types of stocks, mutual funds, index funds, real estate, and others to improve your personal finance. If possible, get help from a portfolio manager or wealth management firm for maximum return. 

Invest in NapBots: A Dynamic Cryptocurrency Index

Whether you are a professional or retail investor, you can expose your capital to a diversified portfolio of digital assets & crypto asset classes by simply investing in NapBots. It is a smart crypto index service that introduces multifarious features and passive portfolio management strategies for enabling cryptocurrency investors to streamline their trading experience in new ways. 

NapBots provides you various indices that include a basket of tokens with high market capitalization and are categorized by theme (such as Solana, NFT, DeFi, and others). This platform introduces an intuitive interface as well as advanced allocation tools for enabling new investors to create and manage advanced crypto indices easily.

The best part of NapBots is that it tracks and executes trades automatically on the basis of your pre-set choices of indexes. The platform is very affordable as it enables you to start trading as low as US$150 with a monthly service fee of just 2.5%, which is far below the current rate of other cryptocurrency index providers. Therefore, NapBots reduces the financial barriers and at the same time eliminates the need for human intervention and the consequent human error. 

Get started with crypto-asset investing by investing through napbots.com, a dynamic crypto index for expanding diversified exposure to bitcoin and leading crypto-assets at reduced financial barriers and no human error.