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The Rise of Internet Computer Protocol ($ICP ): A New Dawn in Blockchain Technology
In the ever-evolving world of blockchain and cryptocurrencies, one project that has garnered significant attention is the Internet Computer Protocol (ICP). Developed by the DFINITY Foundation, ICP aims to revolutionize the way we interact with the internet and decentralize the digital world.
What is Internet Computer Protocol (ICP)?
ICP is not just another cryptocurrency; it’s a groundbreaking blockchain network that extends the functionality of the internet. It allows developers to install their code directly on the public internet, bypassing the need for traditional cloud services. This innovation provides a platform for building websites, enterprise IT systems, internet services, and decentralized finance (DeFi) applications12.
The Technology Behind ICP
At its core, ICP is powered by a unique consensus mechanism and a novel structure that enables it to function as a “World Computer.” This means that it can host web 2.0 online systems, web3 services, and even social media platforms without relying on centralized IT infrastructures. Moreover, ICP’s smart contracts can create transactions on other blockchains, facilitating a fully decentralized online ecosystem2.
ICP’s Market Performance
As of April 2024, ICP stands out in the crypto market with a live price of around $14.75 USD and a market cap exceeding $7 billion USD. It’s ranked within the top 20 cryptocurrencies, reflecting its growing acceptance and potential for future growth1.
The Visionary Team
The project was founded in October 2016 by Dominic Williams and has since attracted investments from prominent firms like Andreessen Horowitz and Polychain Capital. The launch of ICP into the public domain in May 2021 marked a significant milestone, as it symbolized the internet functioning as a decentralized global computer2.
