Internet Computer (ICP) Price

Internet Computer (IC) is the world’s first blockchain that is capable of running at web speed at unrestrictive capacities. Built by the DFINITY Foundation, IC aims to recreate the web by supporting smart contract development at scale and changing the way people can interact using web services. Internet Computer aims to extend the public internet, so that it can be the world’s computing platform, in a decentralized manner. Internet Computer sets to revolutionalize the design of the crypto economy, with an aim to overhaul traditional software services. The project was founded in October 2016 by Dominic Williams and has raised a total of $121 million from investors such as Andreessen Horowitz, Polychain Capital, Multicoin Capital and others. On May 10, 2021, DFINITY launched the Internet Computer into the public domain, marking it a major milestone for ICP as it means the internet now functions as a decentralised global computer. This is marked by the release of all of the Internet Computer’s source code into the public domain, as well as the ICP utility token that allows tens of thousands of community members to govern the Internet Computer network. ICP is Internet Computer's native token. It plays three prominent roles: 1. Network Governance: Users that participate in governance will be rewarded with ICP. 2. Production of Cycles for Compute: ICP can be converted into cycles, where it is used as the transaction fee to access the network. Cycles are burned after use. 3. Rewarding Users: ICP is used as rewards to incentivize users to participate in the network, such as securing the network.