Introduction to ICP (Internet Computer) currency, understand what ICP is in one article
IC is a new blockchain design that aims to unleash the full potential of smart contracts, enabling them to achieve truly end-to-end decentralized applications. By connecting independently operating nodes, IC forms a set of blockchains that host and execute smart contracts called "Canisters." Canisters can not only store data, but also perform complex calculations and provide web services directly to end users.
According to IC’s white paper , IC has introduced a reverse GAS model, in which contract developers pay computing and storage costs in advance, and these costs are paid in Cycles obtained from IC’s native token ICP. In addition, ICP tokens are also used for governance. IC is managed by a Decentralized Autonomous Organization (DAO), which determines network topology changes and protocol upgrades.
Through Internet computers, smart contracts enable, for the first time, fully decentralized applications that are hosted on the blockchain from front-end to back-end. This not only greatly reduces costs, improves processing speed and storage efficiency, but also eliminates dependence on traditional cloud platforms and avoids risks caused by single points of failure.
ICP token additional issuance mechanism
The additional issuance of ICP tokens is mainly used for the following purposes
Network maintenance and expansion: ICP tokens are used to pay the operating costs of network nodes and encourage node operators to continue to maintain and expand the network.
Governance incentives: ICP tokens are used to incentivize users who participate in network governance. By participating in governance, users can earn token rewards, which helps ensure the decentralization and activity of the network.
Developer support: ICP tokens can be used to support developers in creating and maintaining decentralized applications (dapps) and smart contracts on the IC platform.
Frequency of additional issuance
The frequency and specific mechanism of additional issuance of ICP tokens are not detailed in the white paper. Generally, the frequency of additional issuance will be affected by the following factors:
Network requirements: Based on network usage and needs, the frequency of additional issuances may be adjusted to ensure the stable operation and expansion of the network.
Governance decision: The frequency and quantity of additional issuance of ICP tokens may be adjusted by the Decentralized Autonomous Organization (DAO) through the governance mechanism. Users participating in governance can vote to decide on matters related to the additional issuance of tokens.
Market and economic conditions: Taking into account market and economic conditions, the frequency of additional issuances may be dynamically adjusted to maintain the value stability of ICP tokens and the healthy development of the network.
Chip distribution of ICP coins
ICP The coin's chip distribution was carefully designed during its initial issuance to ensure the healthy development and long-term stability of the network. The following is the detailed chip distribution of ICP coins:
Dfinity Foundation : holds 23.85% of ICP tokens to support the long-term development and operation of the network.
Team members: Hold 18% of ICP tokens, which are usually used to motivate and compensate the development team.
Community and Investors:
Seed round investors: US$4.2 million, accounting for 24.72%, token price is US$0.0362.
Strategic round investors: US$61 million, accounting for 6.85%, token price is US$1.8978.
Venture capital round investors: US$102 million, accounting for 4.75%, token price is US$4.5765.
Airdrops and other incentives: 1.25% and tokens for other uses, including voting rewards, node operators, consultants and developer subsidies, etc.
Unlock status
Seed round financing: The unlocking cycle is 48 phases, which will be gradually unlocked from May 2021 to June 2025.
Strategic round of financing: 90% has been unlocked.
Venture Capital Rounds: All unlocked.
Practical uses of ICP coins
1. Pay for computing and storage costs
ICP tokens operate on a "reverse gas model" where developers of smart contracts and decentralized applications (dapps) pay up front for computing and storage costs. These costs are paid in Cycles, which are converted from ICP tokens. Therefore, ICP tokens are actually the fuel of the Internet computer network, used to pay for the cost of computing resources and data storage.
2. Network governance
ICP token holders can participate in the decentralized governance of network computers. By locking ICP tokens in the Neural Network System (NNS), holders can obtain voting rights and participate in determining key network matters, such as protocol upgrades and network topology Variety. This governance mechanism ensures the decentralized and democratic operation of the network.
3. Incentivize node operators
ICP tokens are used to incentivize operators who host and maintain Internet computer network nodes. By providing ICP token rewards, node operators are encouraged to continue to provide computing and storage resources to ensure the stability and scalability of the network.
4. Reward participants
ICP tokens are also used to reward various participants in the network. For example, developers can be rewarded for creating and maintaining high-quality dapps; users can also be rewarded with tokens by participating in network governance. This helps encourage more people to participate in the online computer ecosystem and promote its development.
5. Payment of service fees
In decentralized applications (dapps), ICP tokens can be used as a means of payment. For example, users can use ICP tokens to pay for services or content provided by the application. This application scenario is similar to paid services in traditional applications, except that the payment method is completed through decentralized ICP tokens.
6. Transactions and exchanges
ICP tokens can be traded and exchanged on a variety of cryptocurrency exchanges. Users can participate in the network computer ecosystem by buying or selling ICP tokens, or converting ICP tokens into other cryptocurrencies or fiat currencies.
Team company and nationality
The ICP (Internet Computer) project is developed and managed by the DFINITY Foundation. DFINITY The Foundation is a non-profit organization headquartered in Switzerland that is committed to promoting the development of decentralized Internet technology. Below are details about the DFINITY Foundation, including its core team members and nationalities.
DFINITY FOUNDATION
The DFINITY Foundation is an international organization that brings together top talents from around the world and focuses on developing and promoting the decentralized Internet Computer blockchain platform. The foundation's goal is to build a more open, secure and efficient Internet through innovative technologies.
core team members
Dominic Williams
Position: Founder and Chief Scientist
Nationality: British
Background: Dominic Williams is the founder and main architect of the ICP project. He has extensive experience in distributed systems, cryptography, and blockchain technology. Previously, he founded several successful technology companies and published many important studies in the blockchain field.
Jan Camenisch
Position: Chief Technology Officer
Nationality:Switzerland
Background: Jan Camenisch is a well-known cryptographer and privacy protection technology expert. He served as a researcher at IBM Research and made important contributions in the fields of privacy technology and identity management. He has over 20 years of research and development experience.
Ben Lynn
Position: Senior Researcher
Nationality: United States
Background: Ben Lynn is a well-known cryptographer in the blockchain field. He is best known for his contribution to the development of the BLS signature (Boneh-Lynn-Shacham signature) algorithm. This signature algorithm is currently widely used in blockchain technology.
Timo Hanke
Position: Engineering Supervisor
Nationality: Germany
Background: Timo Hanke is an engineer with extensive experience in the field of blockchain and cryptography. He was once one of the founders of the Bitcoin mining company AsicBoost. He has deep expertise in hardware acceleration and distributed systems.
Andreas Rossberg
Position: Technical Director
Nationality: Germany
Background: Andreas Rossberg is one of the co-founders of WebAssembly and has held key positions at companies such as Mozilla and Google. He has extensive experience in compiler and programming language design and provides important support for ICP's smart contract system.
The DFINITY Foundation attracts exceptional talent from across the globe, with members from diverse academic and technical backgrounds bringing a wealth of experience and expertise. The foundation's teams are distributed around the world, including Switzerland, the United States, the United Kingdom, Germany, Canada and other countries, which allows DFINITY to make full use of technical resources and innovative thinking from all over the world.