icp token
The ICP token is the native utility token of the Internet Computer, a decentralized blockchain network developed by the DFINITY Foundation. Launched in May 2021, ICP serves multiple purposes within the Internet Computer ecosystem, including governance, computation, and transaction fees.
### Key Functions of ICP
- **Governance**:
ICP token holders can stake their tokens to participate in the network's governance, influencing decisions about protocol changes and earning rewards for their involvement.
- **Computation and Storage**:
Users can burn ICP tokens to obtain "cycles," which are used as gas for executing smart contracts and storing data on the network. This operates under a "Reverse Gas Model," where developers pay for computation and storage, allowing users to interact with applications seamlessly without needing tokens.
- **Decentralization Swaps**:
ICP can also be used in decentralization swaps to become a co-owner of a Service Nervous System (SNS) Decentralized Autonomous Organization (DAO).
As of now, the price of ICP is approximately $7.33, with a market cap around $5.19 billion and a circulating supply of about 456.3 million tokens.