Internet Computer Icp Price USD

Internet Computer (IC) is the world's first blockchain capable of running at web speed and with no limits. The DFINITY Foundation created IC with the goal of recreating the web by facilitating smart contract creation at scale and transforming the way users interact with web services. Internet Computer aspires to decentralise the public internet in order to become the world's computing platform. Internet Computer want to revolutionize the design of the crypto economy, with the goal of replacing traditional software services.

Dominic Williams founded the project in October 2016 and raised $121 million in funding from investors such as Adreessen Horowitz, Polychain Capital, Multicoin Capital, and others. On May 10, 2021, DFINITY released the Internet Computer into the public domain, marking a significant milestone for ICP because it implies the internet now acts as a decentralized global computer. This is highlighted by the public release of the Internet Computer's source code, as well as the ICP utility token, which enables tens of thousands of community members to control the Internet Computer network. ICP is the Internet Computer's native token.

It performs three crucial roles: 

1. Network Governance: Users will receive ICP as incentive for taking part in the governance.

2.  Production of Cycles for Compute: ICP can be turned into cycles and utilised as the transaction cost for network access. After usage, cycles are burnt. 

3. Rewarding Users: ICP is used as an incentive to encourage users to participate in network activities such as network security.

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