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What is Internet Computer ?
Internet Computer or ICP coin is an open-source platform that throws light upon some major challenges faced by the Internet today. It seeks to revamp the basic problems such as poor system security, misuse of personal user data, & monopolization of internet services by building a modern Internet.
About Internet Computer
Dominic Williams – a crypto theoretician, is credited as the founder of Internet Computer cryptocurrency that was launched on the mainnet on December 18, 2020. It took them less than a year to launch the Internet Computer to the public domain. May 10, 2021, is marked as the day when the source code is released on the Internet.
Primary features of Internet Computer
It is decentralized that ensures no centralized authority (or a group of people) trying to control the measures.
It works on the ‘Proof-of-Stake’ consensus algorithm.
It has a market capitalization of more than $7 Billion that makes it one of the Top 25 cryptocurrencies in the world.
Internet Computer (ICP) is a peer-to-peer cryptocurrency providing a seamless exchange of funds.
Is Internet Computer a promising cryptocurrency?
Internet Computer (ICP) works on the principle of the ‘reverse gas’ model that funds the cost of smart contracts execution by itself. This helps users to save money that would be spent on executing the smart contract.
If you are looking to buy an Internet Computer, then you can check for third-party cryptocurrency exchanges like Coinswitch .
How to use Internet Computer?
Internet Computer is set to build modern Internet through smart contracts, DeFi applications, and enterprise systems. You can use Internet Computer (ICP) in the following ways:
Governance: Users holding ICP tokens can participate in the governance of the network and also stand a chance to earn rewards.
International Transfers: ICP Coin could be easily transferred to family and friends that are sitting in any part of the world. The funds will be transferred securely with low fees & fast processing speeds.
Online Payments: Internet Computer is accepted at thousands of stores worldwide, both offline & online.
Investment: Internet Computer has shown stupendous returns in the past, which makes it a lucrative piece of investment.
Pros & Cons of Internet Computer
Pros
Multi-Layered consensus algorithm: Internet Computer consists of an identity layer, a random beacon layer, a blockchain layer, and a notary layer.
Block processing: The Block process time is pretty fast on an Internet computer. Their aim is to have 1000 bps (Blocks per second) by the end of this year.
Open-source: Due to the open-source nature of Internet Computer, changes can be easily implemented to adapt to the market.
Rewards: ICP tokens are rewarded to people who play an important role in the network by helping in the governance system, voting system, and other activities.
Cons
Dark Web: Internet Computer was found being used as a mode of payment on the Dark Web.
Trade Internet Computer on CoinSwitch
You can begin investments and trade with just Rs.100.
Allows instant withdrawal and deposit directly to bank accounts.
Trade-in Internet Computer (ICP) at zero fees.
It has an intuitive and straightforward UI.
You can easily track all transactions and manage your portfolio.
Internet Computer ICO summary
ICP coin was founded in 2015 and had many funding rounds led by some renowned Venture capitalists such as Andreessen Horowitz, Polychain Capital, SV Angel, Aspect Ventures, etc. The project was able to raise $195 million by the end of 2018.
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Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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