Internet Computer (ICP): what it is and how it works

Discover what Internet Computer (ICP) is, DFINITY's Layer 1 blockchain aiming at a “world computer”, and how to buy the token on Young Platform.

Important: following the alignment with Regulation (EU) 2023/1114 (MiCAR), on Young Platform Internet Computer (ICP) is currently available for selling only: it can no longer be bought or deposited. Selling remains possible with no deadlines.

What is Internet Computer (ICP)

Internet Computer (ICP) is a Layer 1 blockchain that presents itself as a decentralised “world computer”: the idea is to run entire web services and applications directly on-chain, without depending on centralised servers and traditional cloud providers. In other words, it aims to host not only smart contracts but also websites, data and complete application logic.

The project tackles some limits of today’s web, such as the concentration of services in a few large platforms and the opaque handling of data. ICP is the network’s crypto-asset: it is used to pay for computing resources and to take part in governance.

How it works

The network is made up of specialised nodes, organised into “subnets”, which together provide computing and storage capacity. Developers build decentralised applications (dapps) in the form of “canisters”, and a “reverse gas” model means that it is the projects, not the end users, that bear the execution costs: an approach designed to make the experience more like that of traditional apps.

Governance is entrusted to the Network Nervous System (NNS), an on-chain system in which ICP holders can vote on upgrade proposals and the protocol’s evolution.

How it began

The project is developed by the DFINITY foundation, active since 2016, and raised significant funding from leading venture capital funds such as Andreessen Horowitz and Polychain Capital, before the public launch of the network in 2021.

The stated goal is ambitious: to reduce dependence on centralised web infrastructure by offering a fully on-chain alternative.

Price trends and what to consider

Like all crypto-assets, ICP has shown a highly volatile price trend. Its quotations can be influenced by the general trend of the crypto market, by the actual adoption of the applications built on the network and by the project’s technical development.

Past performance is not a guarantee of future results. Any decision should be based on an independent and informed assessment of the risks.

Internet Computer Protocol Market Data

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