Internet access is expensive and hard to come by in many parts of the world. The goal of ICP is to make internet access more accessible for people worldwide by providing an open-source project that will allow developers to build a wide variety of different applications without relying on centralized providers.
It is a decentralized alternative in the face of expensive data plans and high-speed broadband, which can be hard or impossible to come by in many parts of the world.
By using this system, you’ll be able to create apps, websites, and other web-based services with ease – no matter where you are or what your budget looks like!
How does Internet Computer work?
ICP enables users to create apps, websites, and other web-based services without having any technical knowledge.
By using the service through ICP, you’re sharing your computing power with people all over the world to run their own decentralized applications.
You receive tokens in exchange for giving up some of your processing power – they can then be traded, exchanged, or used to power your own web-based services.
You can even exchange your tokens in online marketplaces and use them to buy services like Cloud Computing, website hosting, VPN services, and more!
How to Buy ICP Coins?
The most reliable way to get ICP is through exchanges like Bittrex. You can buy ICP with fiat currency, other cryptocurrencies, or through a wire transfer (which may involve extra fees).
Once you’ve got your hands on some tokens, you’ll want to store them in a secure wallet – here are some examples:
- Hardware Wallet: Trezor and Ledger Nano S.
- Desktop Wallet: Exodus (for Mac users).
- Mobile Wallet: Jaxx (for Android and iOS users; also available on Google Play, iTunes App Store, and Amazon).
Once you’ve got your hands on your tokens, you can use them to power your own web-based services and even exchange them for other cryptocurrencies or fiat currency.
ICP Pros and Cons: What You Need to Know
- free and scalable;
- no hosting restrictions; – quick download speeds;
- easy to use interface.
- not all wallets support ICPs (yet);
- the concept is complicated for some users (and may take time to get used to).
ICP Main Features: The Main Advantages
Creating apps, websites, and other web-based services without any technical knowledge makes ICP an easy way for developers to get started with decentralized applications.
Since the apps run on the blockchain, they’re free to use and offer a scalable solution – no hosting restrictions!
ICP also provides quick download speeds and an easy-to-use interface, making it a great way for users to get into the world of decentralized applications.
History of Internet Computer (ICP)
Internet Computer ran its first crowd sale in March 2017, intending to raise USD 3.62 million to create an open-source platform that would allow anyone, anywhere, to build applications and services using blockchain technology without reliance on centralized providers.
The first ICO, held from January 1–20, 2018, sold a total of 20 million tokens. In March 2018, the platform successfully launched its Testnet Alpha.
Less than one year after completing their first ICO, they’re on schedule to launch their Mainnet in January 2019, which means that the network is ready to be used.
As you can see, ICP is a great way to get into blockchain-based computing at a fraction of the cost that you’d normally pay!
Less technical knowledge is required to build apps and websites at lightning speeds, and the network will be open source – meaning that you can make use of all their available tools without paying licensing fees.
From the ICP network to easy-to-use wallets, it’s an accessible and versatile platform that seems like a great place for anyone interested in the world of blockchain computing.
Internet Computer Coin (ICP) FAQ
Is Internet Computer Coin proof of stake?
No, ICP is a proof of work cryptocurrency.
What’s the difference between mining and staking?
Mining involves solving very difficult cryptographic problems to add blocks of transactions on the blockchain. In return for this service, miners get rewarded with tokens.
Staking is when you deposit your tokens into a master node or vault for a certain amount of time to receive a percentage of the block rewards.
Do I need to run a node?
No, nodes are maintained by ICP, whereas the user maintains wallets.
Can MetaMask hold ICP?
No, a plugin can’t hold a currency that the plugin isn’t connected to on the backend. MetaMask is connected to ETH, which means you can only store ETH and any tokens on the Ethereum blockchain in your wallet.
What are the transaction fees for using an Internet computer?
There are no transaction fees to use ICPs, but there may be transaction fees with exchanges like Bittrex that require a small fee to process transactions.
Can ICP replace Ethereum?
No, ICP is not compatible with Ethereum. However, great projects like EOS work on the same platform that may be of use to you.
Is Internet Computer anonymous like Monero and ZCash?
ICP is not a privacy-focused cryptocurrency. However, you are still able to make transactions completely private.
Is Internet Computer a security token?
No, ICP is not classified as a security by the SEC.
What can we expect from ICP in the future, including upcoming partnerships, updates on development progress, and more?
We can expect ICP to continue creating new and engaging resources for their community members while focusing on creating a scalable, decentralized internet.
Why choose this over other applications or open-source projects with similar goals?
ICP’s platform is an entirely new ecosystem consisting of several components, including the ICP token, a wallet application for Windows and Mac OS, APIs to develop applications using blockchain technology, and a cloud computing service called GPU Service.