Internet Computer (ICP) Crypto: 10 Things to Know as ICP Snags No. 8 Spot

A crypto cropped up on CoinMarketCap earlier this week seemingly unannounced. Internet Computer (CCC:ICP-USD) hit the market and immediately found a spot with the top dogs of crypto.

An aerial shot of a group of popular cryptocurrency tokens.
Source: Shutterstock

What happened is not a fluke; the Internet Computer crypto is promising users with a vastly convenient blockchain experience.

By empowering its consumers with the ability to coordinate blockchain projects and manage data at faster rates than ever, the Internet Computer is charting new territory. But as such, novice crypto investors who might not know as much about blockchain tech are left scratching their heads. What really sets Internet Computer apart from other blockchain ecosystems? Is it really that much faster?

A Closer Look at ICP

Investors want the details behind this crypto after its launch has led to rapid gains. What makes Internet Computer tick? Let’s take a look:

  • ICP is the product of the Dfinity Foundation, a research institution that seeks to create and develop a decntralized, cloud-based “internet computer.”
  • Through DFinity’s Internet Computer blockchain, users are able to scale smart chain computation, process and store data, and utilize on-chain software development frameworks.
  • The most impressive part about this ecosystem is that it runs at web speed.
  • Dfinity founder Dominic Williams has called the project the “third major innovation in blockchain,” following Bitcoin (CCC:BTC-USD) and Ethereum (CCC:ETH-USD).
  • He also states the foundation’s intent, through Internet Computer, to make blockchain the first choice for developers.
  • The Internet Computer project is five years in the making, and in that time it has received large financial backing. It raised $121 million in its funding round from a slew of blockchain investment groups like Polychain Capital.
  • ICP has several integral functions within the Internet Computer ecosystem. It is a governance token, meaning holders of ICP have voting power on Internet Computer proposals. It fuels the computation functions of the blockchain. And, it is minted as a reward to users for participating in essential functions for the ecosystem, like participating in governance or operating node machines.
  • As of the May 10 launch, investors are able to purchase their own ICP.
  • However, since launch, the coin has seen some major swings in price. In just a few days, ICP fluctuated from $737 to $146. It is a hugely volatile play while investors figure out just how much it is really worth.
  • There are plenty of options for buying ICP if you want to add it to your wallet. Among the most popular exchanges for ICP are HuobiBinance (CCC:BNB-USD), and Coinbase Pro (NASDAQ:COIN).

On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.


Article printed from InvestorPlace Media, https://investorplace.com/2021/05/internet-computer-icp-crypto-10-things-to-know-as-icp-snags-no-8-spot/.

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