What is Internet Computer Coin (ICP)?
ICP, or the Internet Computer Coin, is the Internet Computer blockchain’s native utility token. The DFINITY Foundation (a nonprofit organization) is behind this blockchain and describes it as “the world’s first web-speed, internet-scale public blockchain.”
You can think of the Internet Computer blockchain as a globally decentralized computer that uses a public source code. The core of this blockchain consists of thousands of independent hardware data centers, making it unique among countless other blockchains. Consequently, this blockchain permits running services and software directly on the open internet.
More specifically, the goal of this blockchain’s native token — ICP — is to help with the operation of a web infrastructure’s decentralized layer. Like numerous other crypto coins, ICP’s value depends on the open market and overall cryptocurrency prices, but this coin is available for crypto transactions at CEX.IO.
Those looking to receive ICP tokens may do so through the DFINITY Foundation or the ICA (Internet Computer Association). Alternatively, providing computing capacity as a data center or node provider also gets you ICP tokens as remuneration.
Simultaneously, developers can use these tokens to pay for the resource consumption and computation on the IC blockchain by converting them into cycles. If you already hold ICP, you can also lock them up in the NNS (Network Nervous System) “neurons,” allowing you to participate in network governance.