Internet Computer (ICP) - a new token worth over USD 13 billion

Decentralized internet with unlimited capacity that is not dependent on global technology giants? It sounds like a dream, but may soon become a reality. A 180-person team of programmers, cryptographers and specialists in the field is working on it blockchain technology, centered around the project Internet Computer, based on ICP token. Even before they started, they had $ 102 million to develop their idea.

We continue the cycle of the Forex Club portal, in which we analyze and describe the largest, highest-valued, most interesting, most developmental, advanced and also the most controversial cryptocurrency projects around the world. Today it's time for Internet Computer - a token that has hit the top ten cryptocurrencies in the world in terms of capitalization. Investors believed in the vision of creating a network of the same name, which in fact is to replace the Internet as we know it so far.

Establishment of the project

The beginnings of the project took place in 2015. Immediately after the announcement of the initial assumptions, the idea was supported by powerful investors, including: Andreessen Horowitz (A16Z), Electric Capital, Aspect Ventures, Village Global, Polychain Capital, Multicoin Capital, Scalar Capital and SVAngel. In total USD 102 million of seed capital was raised.

In 2016, there was already a non-profit foundation DFINITY, founded by Dominic Williams in Switzerland. It was then that the world heard more about plans to transform the internet into a decentralized public computing platform with unlimited possibilities. Three research centers were quickly established, 100 coders and engineers were employed, and today the team already has 180 people, including programmers, cryptography specialists and blockchain technology. 

How the Internet Computer network works

The Internet Computer is to be the world's first decentralized public network with unlimited capacity. With it, it will be possible to use public internet services via cloud computing.

There are already innovations that, once implemented, allowed for very short blockchain processing times, almost identical to processing on the Internet, which so far seemed impossible. Moreover, it costs a fraction of the transaction cost in the popular one Ethereum networkswhich boasts the largest number of decentralized applications and projects. Due to the fact that smart contracts operate at the speed of the Internet, the entire Internet Computer network is highly scalable, which reduces costs. In addition, ICP immediately launched decentralized programs already operating in its blockchain, which is unique in the case of even advanced projects. 

How the Internet Computer (ICP) token works

The ICP token also immediately operated in the proprietary Internet Computer protocol. It facilitates online transactions and - as always in such cases - reduces fees, which for the time being are fixed. Transactions take place in cycles and even when the network is heavily loaded, they are not more expensive. ICP token holders can also vote on changes to project management. 

ICP cryptocurrency quotes

Currently, ICP tokens are listed at 17 Cryptocurrency exchanges from around the world. Interestingly, they debuted on the largest of them practically simultaneously. As of June 02, 2021, each one costs $ 105,58. There are 124 174 271 units in circulation out of the target 469 290 321 units, which translates into a market cap of over $ 13,11 billion. They peaked so far on May 13, 2021, when they were marketed at $ 342,23.