The ICP network consists of more than 10,000 dedicated computer nodes distributed worldwide, forming a “world computer”. ICP can handle scalability of up to billions of transactions per second, far exceeding the capabilities of previous blockchain generations.
Internet Computer Protocol (ICP) crypto asset is now listed on INDODAX on the Mainnet network.
Interested in Internet Computer Protocol (ICP) and how to buy it? Learn more before investing by reading below!
About Internet Computer Protocol (ICP)
Internet Computer Protocol or ICP is an internet computer network protocol that was designed by DFINITY to enable the formation of a decentralized blockchain to run decentralized web applications.
ICP connects to a network of dedicated devices called “node machines” that are distributed worldwide. These node machines will connect to each other over the internet using the ICP protocol, where they then form the Internet Computer blockchain that functions as a public world computer.
ICP utilizes advanced technologies such as chain key cryptography, which allows blockchains to create public “chain keys” and then sign messages using distributed private key material.
For more information, visit the official website of Internet Computer Protocol (ICP) at https://internetcomputer.org/
Challenges, Opportunities, and Utilities
One of the main issues faced by the current conventional internet is related to the centralization of data and services.
Almost all popular services such as social networking, video streaming, and others are provided by giant companies that operate in a centralized manner. This has led to various problems such as vulnerable user data security, abuse of personal data by companies, and user dependence on these services.
On the other hand, earlier blockchain generations also experienced limitations in terms of scalability and limited capacity to handle high transaction volumes.
The Internet Computer Protocol or ICP was introduced to address these two major problems. With its network architecture and protocols, ICP is able to provide services in a decentralized manner without reliance on central servers. ICP is also able to handle scalability that is far greater than previous blockchains.
Thus, ICP aims to be a solution to the centralization problems of today’s conventional internet as well as the scalability limitations of early blockchain generations.
In its development, ICP’s advantages include:
- High scalability: ICP can handle scalability of up to billions of transactions per second, far exceeding other blockchains. This enables the development of large-scale decentralized applications.
- Fast transactions: ICP can process transactions within seconds, much faster than previous blockchain generations that may take minutes.
- Full decentralization: ICP does not rely on cloud computing or central servers. Its network consists of decentralized nodes around the world.
- Strong security: ICP utilizes sophisticated chain key cryptography technology that makes transaction verification highly secure and efficient.
- App hosting capability: ICP can run various decentralized apps like DeFi, GameFi, metaverse with unlimited capacity.
- Developer appeal: ICP’s reliable and scalable architecture makes it easy for developers to build various decentralized services.
Apart from that, ICP also has several uses, including:
- Source of cycles: ICP can be converted into cycles, which are used to run smart contracts when performing computation. This process is deflationary as the converted ICP will be burned.
- Staking in Nervous System DAO: ICP can be staked in the Nervous System DAO that controls the Internet Computer blockchain to create voting neurons and earn rewards.
- Store of value: ICP serves as a store of value by allowing users to invest in decentralization sales run by Web3 services.
- Payment of fees: ICP can be used to pay for the usage of computational and storage resources on the Internet Computer network.
- Governance: ICP holders can participate in network governance with voting power proportional to the amount of tokens staked.
Founder and Investor of Internet Computer Protocol (ICP)
Dominic Williams is the Founder and Chief Scientist at DFINITY, responsible for building the Internet Computer.
Since the organization’s inception in 2016, DFINITY’s mission has been to transform the public internet into a powerful decentralized cloud to host the next-generation of software and services. The Internet Computer is being built by theindustry’s leading team of distributed systems and cryptography experts, across several research centers around the world, and backed by investors such as Andreessen Horowitz and Polychain Capital.
Over the past 20 years, Dominic has had a distinguished career as a crypto theoretician and serial entrepreneur focused on the Internet and distributed systems.
Recently, his scientific discoveries across Threshold Relay and PSC chains, Validation Towers and Trees, USCIDs, and The 3 E’s of Sybil Resistance have pioneered new approaches to cryptography and blockchain technology.
With fundraising of $167M, ICP is backed by investors and venture capitals such as Andreessen Horowitz, Polychain Capital, Multicoin Capital, etc.
Crypto Asset Ranking Information
As of April 29, 2024, the CoinMarketCap ranking of Internet Computer Protocol (ICP) is #19, with a market cap of USD 6,325,173,456. It has a circulating supply of 463,214,823 ICP and a maximum supply of 518,086,513 ICP.
How to Buy Internet Computer Protocol (ICP) on INDODAX
Now that you’ve discovered more about Internet Computer Protocol (ICP), you can start investing in Internet Computer Protocol (ICP) easily and securely on INDODAX.
You can access INDODAX via the INDODAX Mobile App, which can be downloaded from the App Store or Google Play Store, or by visiting the INDODAX website.
To buy Internet Computer Protocol (ICP) crypto asset on INDODAX, follow the steps below:
- Register on INDODAX if you are not yet an INDODAX Member or login to your INDODAX account
- Then, deposit by reading how to make a deposit below
- After making a successful deposit and the balance has been credited to your INDODAX account, visit the INDODAX market
- Search for ICP in the IDR market, and click to visit the crypto asset page
- On the crypto asset page, enter the balance and desired ICP purchase price, or buy instantly at the current price
- Next, you should wait for the price to increase for some time
- Once the price increases, your assets can be sold at a higher price with the Instant method
- If you use the Limit method to sell, make sure to place a sell order after purchasing the asset and enter a higher sell number
INDODAX also offers other features than trading, such as INDODAX Earn which allows you to lock crypto assets and earn interest rewards, and INDODAX OTC for large crypto transactions in a more personalized and secure way.
Let’s invest in Internet Computer Protocol (ICP) on INDODAX now!
