ICP, short for Internet Computing, is the native cryptocurrency of the Internet Computer protocol, a decentralized and open network designed for the development and deployment of web applications. The Internet Computer project aims to create a new internet infrastructure that is more scalable, secure, and efficient than the existing one.
The Internet Computer network is governed by a community-driven DAO (Decentralized Autonomous Organization), which is responsible for making decisions about the network's development and management. ICP tokens play a crucial role in the network, as they are used for various purposes, including:
1. Governance: ICP token holders can participate in the network's governance by voting on proposals and electing community members to manage the network's funds.
2. Staking: Token holders can stake their ICP tokens to support the network's operations, which can help secure the network and earn staking rewards.
3. Payments: ICP tokens can be used for paying transaction fees, incentivizing network participants, and compensating developers for their contributions.
The ICP cryptocurrency was launched in May 2021 as part of the mainnet deployment of the Internet Computer network, and it has since gained attention from investors and developers alike. However, like any cryptocurrency, ICP carries inherent risks, and its value can be highly volatile. It's essential to do thorough research and understand the project's technology and goals before investing.
