How and Where to Buy Internet Computer (ICP)
Dominic Williams is the Chief Scientist and founder of DFINITY Foundation, the non-profit organization behind the Internet Computer (ICP) protocol. After seven years of research and development, Dominic launched Internet Computer (ICP) in May 2021. He is a serial entrepreneur, crypto theoretician, and inventor of: –
- Threshold Relay
- Probabilistic Slot Consensus
- Many other novel crypto techniques
The DFINITY Foundation base is in Zurich, Switzerland. Its team comprises some of the world’s leading cryptographers, programming language experts and distributed systems.
Dominic’s previous experience includes: –
- CEO & President of String Labs (an incubator for venture-backed cryptocurrency projects)
- CEO & founder of a children’s MMO game. “Fight my Monster” quickly scaled to millions of users
- Pioneer of DeFi for Mirror Labs
- Founder of multiple start-ups, including Airdocs, System7, and Smartdrivez
What is the Internet Computer (ICP)?
Internet Computer (ICP) is a collection of protocols enabling data centers worldwide to collaborate to provide DeFi (decentralized finance) alternatives to centralized cloud servers. Think of it as a global computing system that challenges existing centralized systems like internet giants Google Cloud and Amazon Web Services that currently power the Internet. Internet Computer (ICP) has a mission for the protocol to run on millions of computers globally.
ICP’s mission is to become a decentralized “world computer’ that cannot be shut down, hosting: –
- DeFi games
- Web3 DApps
- The Metaverse
- Social media
The native token for Internet Computer is $ICP. It’s used for governance, meaning $ICP holders can vote on the future development of the ICP network. As an incentive, network participants receive $ICP tokens as a reward for locking in their coins. The token is also used for transactions and paying fees.
What makes Internet Computer (ICP) Unique?
Internet Computer (ICP) operates by way of open standards, which gives it a primary advantage over closed-source, centralized cloud-computing alternatives. The latter often experience a conflict of interest with their range of services when one product or service competes with another.
The problem with centralized providers is that if one data center fails, it can shut down the entire system, causing massive disruption for users. Likewise, another concern is the power these companies have over censoring applications.
Subsequently, Internet Computer (ICP) resolves the aforementioned issues by providing an uncensored open-source platform for developers to create, host, and distribute applications, enabling fast deployment of websites onto the Internet.
“Instead of running on a dedicated server in Google Cloud, for example, the software would have no fixed physical address, moving between servers owned by independent data centers around the world.” – MIT Technology Review’s profile of the Internet Computer (ICP)
An example of Internet Computer (ICP) potential is recently developers published open-source code for a platform called “CanCan“, which is like a decentralized rival to the popular centralized “TikTok” platform.
Internet Computer (ICP) uses the innovative and advanced Chain Key Cryptography which enables: –
- Network Nervous System (NNS) DAO: The largest permissionless DAO by TVL worldwide. The ICP protocol upgrades automatically and adds new nodes continuously, enabling ongoing, infinite scalability
- Low On-Chain Data Storage Costs: ICP data storage costs $0.46 per 1GB per month or $5 per GB annually. By comparison, it costs $800,000 to store 1GB on the Solana platform, and it’s equally or more expensive on most legacy blockchains. ICP opens doors for developers and entrepreneurs to store data cost-efficiently and run Web3 DApps on-chain
- User-Friendly Web3 Experience: Most DEX and DeFi rely on centralized cloud services for a user-facing front-end experience. The decentralized nature of ICP means that censors cannot shut down a website, so developers can build end-to-end, censorship-resistant DeFi and Web3 DApps
- Reverse Gas Model: The ICP protocol means that users do not have to pay gas fees for processing DApps, playing games, DeFi transactions, or minting NFTs. There is no need for token wallets or tokens
- Anonymity: ICPs Internet Identity blockchain authentication system preserves user’s anonymity
- 100% Sovereign Infrastructure: ICP has zero centralized cloud nodes, which means that it is immune from centralized parties shutting it down
- Infinite Scalability: The ICP protocol partitions into subnet blockchains which equates to endless scalability without compromising the system
- Super Fast speeds: ICP can process up to 250,000 queries per second with a one-second average finality for Web3 DApps
How and Where to Buy Internet Computer (ICP)?
It’s best to buy your $ICP tokens from a trusted cryptocurrency exchange. We recommend Binance for beginners or more experienced traders and investors: -.
- Open an account with Binance – have your identity documents ready as Binance has a KYC policy in place
- Click on “Deposit” – You can deposit with a wire transfer, cryptocurrency, Visa, or Mastercard
- On the “Exchange” tab – look for ICP/USDT, ICP/BUSD, ICP/BTC, ICP/BNB, ICP/TRY, ICP/EUR & ICP/ETH, as these are the available pairs on Binance
- After purchasing – you have bought $ICP tokens, so store them safely in a wallet. Binance has a mobile app wallet you can download (Trust Wallet) or register for an exchange wallet
How do I Sell Internet Computer (ICP)?
Selling your $ICP tokens on the Binance exchange: –
- Look for “Convert” or “Sell” and exchange your $ICP tokens for $USDT, a popular stablecoin
- You can then transfer your $USDT to an off-ramp platform if you cannot withdraw from Binance (some countries block it). We recommend Coinbase or Gemini, as both have a good range of fiat currencies
- On the off-ramp platform, convert the $USDT to your chosen fiat currency and withdraw to your bank account
Should I Buy Internet Computer (ICP)?
We cannot advise on cryptocurrency investing, and we always suggest that you do research before buying tokens. Still, if you want to invest in Internet Computer (ICP), always choose a reliable cryptocurrency exchange with a good reputation in the crypto space. Notably, Binance, Coinbase, and Gate.io would be our top recommendations. All three have an excellent range of markets and tokens and list Internet Computer (ICP).
How do I invest in Internet Computer (ICP)? Safely?
Always weigh up what you hope to gain from buying cryptocurrency tokens and what you could lose. Internet Computer (ICP) has good utility and purpose and is infinitely scalable, but there are no guarantees of making a profit from your purchase. Our best advice is to buy from a popular crypto exchange like Binance, Coinbase, or Gate.io and, afterwards, send your $ICP tokens to a secure crypto wallet.