What currency is ICP? What does ICP coin mean?

ICP, the decentralized internet's native cryptocurrency, serves as fuel for powering computation, storage, and governance on the Internet Computer blockchain.

Oct 01, 2024 at 10:30 pm

1. What is ICP Currency?

ICP is the native cryptocurrency of the Internet Computer (IC) blockchain. It serves as the fuel for the IC blockchain and is used to power computation, storage, and governance on the network.

2. What Does ICP Coin Mean?

ICP stands for "Internet Computer Protocol". The name reflects the protocol's mission to create a decentralized version of the internet that allows developers to build and deploy applications entirely on the blockchain.

3. Key Features of ICP Currency:

• Utility: ICP is essential for running applications and providing computational resources on the IC blockchain.
• Governance: ICP holders can participate in network governance by voting on proposals that affect the development and direction of the IC protocol.
• Staking: ICP holders can stake their ICP to earn rewards and support the security and stability of the network.

4. Use Cases for ICP Coin:

• Hosting Applications: Developers can use ICP to deploy decentralized applications on the IC blockchain, bypassing the need for traditional web servers.
• Data Storage: Users can store data on the IC blockchain using ICP, benefiting from its secure and distributed infrastructure.
• Governance: ICP holders can become "neuron voters" who participate in the network's governance process.
• Network Fees: Users pay transaction fees in ICP when interacting with the IC blockchain.

5. ICP Tokenomics:

• Token Type: Utility token
• Max Supply: 469,213,710 ICP
• Initial Distribution: 21.5% of tokens distributed to early contributors, 23.5% reserved for the DFINITY Foundation, 55% released to community investors through token sale

6. ICP Coin Value and Trading:

ICP is listed on major cryptocurrency exchanges such as Binance, Coinbase, and Gemini. Its value has experienced significant fluctuations since its launch in May 2021. As of February 2023, the price of ICP stands around $4.50.