What Is Internet Computer and How to Buy ICP?

The Internet Computer is a blockchain-based platform that provides decentralized cloud computing services and boasts features such as scalability, interoperability, and decentralized governance. 

In this article, we'll explore what the Internet Computer is, how it works, the unique features of Internet Computer and its native token ICP. Furthermore, we will provide the latest news and updates on the Internet Computer, and conclude by offering a guide on purchasing ICP tokens.

What Is Internet Computer (ICP) and How Does It Work? 

The Internet Computer is a blockchain-based platform that offers decentralized cloud computing services. ICP is the native token of the Internet Computer used for transactions, incentivizing network participants, and accessing the platform's services. The Internet Computer offers a more efficient and decentralized approach to traditional cloud computing.

The Internet Computer is a decentralized computing system that can run any software, making it scalable to support an unlimited number of users and applications without compromising performance or security. The Internet Computer is scalable, handling countless users and applications without jeopardizing performance or security.

The Internet Computer works using a network of special devices called node machines. These machines connect to each other using Internet Computer Protocol (ICP) and are installed in independent data centers by independent "node providers". 

The Internet Computer blockchain is composed of subnet blockchains, which are combined into a single logical blockchain using chain key crypto. Smart contracts on the Internet Computer can process HTTP requests and serve interactive web experiences directly to end-users, making it more secure than normal web serving. 

The network is controlled and managed by a master subnet, which runs an advanced permissionless DAO called the Network Nervous System (NNS). Developers build using "canister" smart contracts, which are bundles of WebAssembly bytecode and persistent memory pages. The main languages used for developing Internet Computer smart contracts are Rust and Motoko.

Developers can use the Internet Computer to create fully decentralized systems like DeFi on Ethereum, using a more interactive and decentralized web experience instead of relying on centralized cloud computing services.

Overall, The Internet Computer is a significant advancement in decentralized computing. Internet Computer offers a secure, scalable, and interoperable platform for developing and deploying decentralized applications. These features give Internet Computer the potential to transform how we approach cloud computing and the internet in general.

What Is the ICP Token?

ICP is the native token of the Internet Computer blockchain, and it is used to power various aspects of the platform. Some of the utilities of ICP tokens include:

1. Governance: ICP token holders can participate in the process of making decisions through voting or consensus among token holders regarding the management, development, and use of a cryptocurrency. ICP governance enables community-driven decision-making for decentralized systems.
2. Transaction fees: Transaction fees on the Internet Computer blockchain are paid using ICP tokens, which are then awarded to the platform's validators.
3. Security: ICP tokens are used as a form of collateral to secure the platform's network and prevent malicious attacks.
4. Staking: ICP tokens can be staked to earn rewards and participate in the network's consensus mechanism.
5. Ecosystem participation: ICP tokens can be used to participate in various applications and services built on the Internet Computer platform.

Overall, ICP token plays a crucial role in the functioning and growth of the Internet Computer ecosystem.

History of Internet Computer

The Internet Computer blockchain was created by the DFINITY Foundation, which is based in Switzerland with R&D centers in California and a global team of almost 300 individuals specializing in research, engineering, and cryptography. The foundation was established in October 2016 to oversee the development of the Internet Computer blockchain, which was originally named "DFINITY," a term coined by project founder Dominic Williams in 2015 to describe his theoretical work on decentralized infinity that would enable a World Computer. 

In February 2017, DFINITY Foundation initiated an early public ICO to raise funds for scaling, which was followed by private fundraising rounds in 2018, attracting investment from over 100 hedge funds and VCs, including renowned names like Andreessen Horowitz, prior to the launch of a16z crypto.

The objective of the development team behind the Internet Computer is to establish an Internet that is decentralized, secure, and democratic. The team plans to achieve this goal by empowering developers to construct and launch software and applications on the blockchain without relying on conventional IT infrastructure or centralized intermediaries.

Features of Internet Computer (ICP)

The Internet Computer is a revolutionary blockchain-based platform that offers a range of exciting features to potential investors. Below are some of the features of the Internet Computer that make it an attractive investment opportunity:

1. Decentralized: The Internet Computer is a fully decentralized blockchain network that operates without any reliance on centralized intermediaries. This makes it highly secure and resistant to censorship.
2. Scalable: Internet Computer (IC) is designed to be highly scalable, enabling it to handle massive amounts of data and support a vast number of users and applications.
3. Canister Smart Contracts: The Internet Computer allows developers to create and deploy smart contracts using an approach called "Canisters." Canisters are self-contained, autonomous units of computation that can interact with other canisters and external systems.
4. Interoperability: The Internet Computer is designed to be flexible, communicate and share resources with other blockchains and traditional systems, enabling seamless integration with existing applications and infrastructure.
5. Governance: Internet Computer uses a decentralized governance structure that is democratized in Internet Computer decision-making.
6. Native Token: The Internet Computer has a native token called ICP, which is used for governance, transaction fees, and rewarding developers who contribute to the platform's growth.

Investing in ICP offers an opportunity to support a transformative project that has innovative features, such as scalability, interoperability, and democratic governance. The ICP token has multiple use cases, including governance and transaction fees, which may contribute to its long-term value.

What Makes Internet Computer (ICP) Unique?

What makes Internet Computer (ICP) unique is its versatile cloud computing platform that boasts decentralized architecture, scalability, and Turing completeness. Its global network of independent nodes ensures security, while transparency increases user trust. ICP is also efficient and cost-effective, making it an attractive alternative to centralized platforms.

ICP offers other benefits, like decentralization, security and transparency. Internet Computer decentralization sets it apart from centralized cloud computing platforms, making it one of its most important features. ICP transparency allows anyone to see how it works, which increases trust among its users. ICP is also an efficient platform that can run applications at a lower cost than centralized cloud computing platforms.

Internet Computer (ICP) Recent News and Updates

1. On May 25, 2023, the Internet Computer (ICP) announced that it had partnered with Index Catalogue 1101, a multi-chain Metaverse company to integrate Internet Computer blockchain technology. The move is expected to increase the adoption and visibility of ICP, which aims to provide a decentralized alternative to traditional cloud computing services.
2. On May 24, 2023, the Internet Computer (ICP) community posted an update on the project's tokenomics, projecting the total supply of ICP over the next decade. The post discussed the factors that would impact the total supply, including network rewards and token burns. The update provides valuable insights for investors and stakeholders in the ICP ecosystem.
3. Internet Computer launched a new decentralized identity platform on its blockchain on May 24, 2023. This platform enables users to manage their digital identities securely and without relying on centralized third-party providers.
4. Internet Computer (ICP) announced its partnership with Encode Club on May 25 2023, a blockchain accelerator and venture studio, to provide tools and resources for developers to support the development of decentralized applications on ICP blockchain. 
5. Internet Computer (ICP) integrated Wrapped Bitcoin (WBTC) on its blockchain on May 18, 2023, allowing users to utilize Bitcoin on the ICP network. This integration is expected to increase the accessibility and utility of the ICP ecosystem and provide users with a more efficient way to use Bitcoin, while also driving further adoption of the platform in the cryptocurrency market.

How to Buy ICP Tokens?

ICP tokens can be bought and traded on both decentralized and centralized exchanges. While trading on centralized exchanges is often considered more convenient and user-friendly, decentralized exchanges offer greater security and custody over your assets.

CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including ICP, users can now trade easily and seamlessly. To purchase ICP tokens on CoinEx, follow the steps below.

1. To access CoinEx's services, register for an account by clicking "Register". Existing users can log in.
2. After logging in, deposit funds into your CoinEx account using one of the supported cryptocurrencies or deposit methods supported by the exchange.
3. To buy ICP tokens, deposit your supported currency or cryptocurrency, go to the ICP trading page, select a suitable trading pair, and specify the desired amount of ICP for trading.
4. After locating the ICP trading pair, select the relevant pair, specify the desired quantity of ICP, and trade the paired token for ICP.