After the long-awaited ICP token debuted on the exchange, the first day ushered in crazy trading.
On May 11, Dfinity’s ICP tokens were listed on several major exchanges including Coinbase Pro and Binance, Huobi and OKEx.
Within four hours, the price of the ICP token fell from an early morning high of $700 to $250, and recovered 70% in more than 10 hours, reaching a price of $425 at the time of writing. Coingecko estimates that $1.8 billion worth of ICP tokens have been traded in just 14 hours since the start of the transaction.
Internet Computer is a decentralized blockchain project of the Dfinity Foundation. Dfinity describes the mission of the protocol as extending the function of the public Internet from a network that connects billions of people through standard protocols to a publicly accessible global supercomputer based on its own ICP protocol.
It is ambitious and hopes to replace the trillion-dollar traditional Internet and IT industries without the need for hosting companies, servers, commercial cloud services, and technology monopolies by allowing developers to install their code directly on the public Internet.
Like Ethereum, this platform will allow developers to run computing applications on a decentralized infrastructure. However, Dfinity claims to have better scalability than Ethereum’s first-tier mainnet.
Although Dfinity has been focusing on building Internet Computer since 2016, due to its closed-source development policy, most of the internal operations of this project have been shrouded in mystery. The Mercury Genesis conference of the platform was held on May 7, marking the public release of the platform after the mainnet initialization was completed in December 2020.
ICP tokens can be pledged in its governance system to obtain “voting rewards” or converted into “cycles”, which can be used to promote smart contract calculations. The Internet Computer platform runs on the Network Neural System (NNS), which is an open algorithmic governance system responsible for overseeing the network and token economy.
This system is broken down into several sub-parts, including ICP tokens, in addition to “neurons” and “canisters”, which govern the network autonomously, as explained in more detail on the Dfinity blog.
This project started fundraising under the name of DFN before the ICO boom in 2017, but was later renamed ICP.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.