ICP

Overview of ICP

The Internet Computer Protocol (ICP) is a type of cryptocurrency that was launched in 2021 by Dominic Williams. ICP strives to expand the functionality of the public internet, aiming to host the world's software and data directly on the web. It operates as a decentralized platform seeking to allow developers to create software, databases, websites, and other digital platforms without the need for a server, cloud, or any other type of centralised infrastructure. Supported by several major exchanges like Binance, KuCoin, Coinbase Pro, Huobi, OKEx, Kraken, etc, ICP tokens can be stored in wallets such as the ICP Wallet or the Ledger Hardware Wallet.

Pros & Cons

Crypto Wallet

The ICP Wallet is the official wallet for the Internet Computer (ICP) cryptocurrency. It serves as a secure and user-friendly platform for storing, managing, and transferring ICP tokens. The wallet allows users to send and receive ICP tokens easily, view transaction history, and manage their account settings. With features like biometric authentication and encrypted backups, the ICP Wallet prioritizes security while providing a seamless user experience for interacting with the Internet Computer ecosystem.

What Makes ICP Unique？

The Internet Computer Protocol (ICP) introduces a novel concept in the world of cryptocurrencies by decentralize the internet. The main innovative aspect of ICP is to allow internet services to be built directly on the internet itself, without the need for any servers, clouds, or centralized infrastructure. This is a significant deviation from the traditional model where applications are built on platforms provided by large corporations.

Furthermore, instead of just providing a platform for financial transactions, ICP aims to host software, databases, and digital platforms directly on the web. This makes it more than just a form of digital currency, as typical with most cryptocurrencies, and more of a comprehensive platform for creating and hosting digital services.

How does ICP Work？

The working mode and principle of the Internet Computer Protocol (ICP) revolve around the creation of a fully decentralized global computer network, that lets anyone build and run software natively on the internet.

ICP achieves this through an advanced protocol named Chain Key Technology. This protocol combines traditional cryptographic techniques with new innovations to allow the network to scale and support any amount of computational tasks and associated data that developers might need.

The protocol manages the operations of thousands of subnets, or networked computers, keeping them in sync and allowing them to merge and split dynamically according to the computational needs of the network.

One of the main principles of ICP is that it decentralizes data and computation, aiming to democratize the internet infrastructure. It uses thorough mechanisms for network and node governance, ensuring that the whole system remains open and prevent monopolistic control.

Exchanges to Buy ICP

The Internet Computer Protocol (ICP) token is supported by a number of global cryptocurrency exchanges, where it can be purchased using various currency pairs and token pairs.

Binance: This major exchange offers ICP trading with pairs such as BTC, BNB, ETH, BUSD and USDT.

Step 1:Create a free account on the Binance website or the app.

Binance is a centralized exchange where you can buy several cryptocurrencies including Internet Computer. Before you can use the Binance platform, you'll need to open an account and verify your identification.

Step 2: Choose how you want to buy the Internet Computer asset.

Click on the “Buy Crypto” link on the top of the Binance website navigation to know about the available options to buy Internet Computer in your country.

Step 3: Check the payment details and fees.

You have 1 minute to confirm your order at the current price. After 1 minute, your order will be recalculated based on the current market price. You can click Refresh to see the new order amount.

Step 4: Store or use your Internet Computer in Binance.

Now that you bought your crypto, you can store it in your personal crypto wallet or simply hold it in your Binance account.

See this link for details on how to buy ICP: https://www.binance.com/en/how-to-buy/internet-computer

KuCoin: Users can purchase ICP on KuCoin using pairs like BTC and USDT.

Step 1: Create Your Free KuCoin Account

Sign up on KuCoin with your email address/mobile phone number and country of residence, and create a strong password to secure your account.

Step 2: Secure Your Account

Ensure stronger protection of your account by setting Google 2FA code, anti-phishing code, and trading password.

Step 3: Verify Your Account

Verify your identity by entering your personal information and uploading a valid Photo ID.

Step 4: Add a Payment Method

Add a credit/debit card or bank account after verifying your KuCoin account.

Step 5: Buy Internet Computer (ICP)

Use a variety of payment options to buy Internet Computer on KuCoin. We'll show you how.

See this link for details on how to buy ICP: https://www.kucoin.com/how-to-buy/internet-computer

Coinbase Pro: Users can purchase ICP on Coinbase Pro using currency pairs like USD and EUR. They also offer a BTC pairing for ICP.

Huobi Global: This exchange provides ICP trading pairs with BTC, ETH, and USDT.

OKEx: On OKEx, users can trade ICP with pairs including BTC, ETH, and USDT.

How to Store ICP？

ICP tokens can be stored in various types of wallets that are designed to facilitate access, management, and security of your tokens.

Hardware Wallets: Hardware wallets like Ledger are renowned for their enhanced security as they store the user's private keys offline, reducing the chances of cyber theft. Ledger hardware wallet is compatible with the ICP token.

Software Wallets: Software wallets or desktop wallets can be installed on a computer. They provide a balance between usability and security.

Is It Safe？

Security of the Protocol: ICP operates on its own blockchain protocol called the Internet Computer Protocol (ICP). The security of the protocol itself depends on factors such as its consensus mechanism, network architecture, and cryptography.

Security of Wallets: Using hardware wallets can enhance the security of your ICP holdings by providing an extra layer of protection against unauthorized access and malware. Ledger and Trezor are popular hardware wallet brands that often support a wide range of cryptocurrencies.

Security of Exchanges: When trading or storing ICP on exchanges, it's crucial to assess the security measures implemented by the exchange. This includes factors such as two-factor authentication (2FA), cold storage of funds, regular security audits, and insurance against theft or hacking incidents.

Token Transfers: When transferring ICP tokens, users typically send them to specific addresses on the ICP blockchain. While the addresses themselves are not encrypted, the transactions on the blockchain are secured through cryptographic techniques such as hashing and digital signatures, which ensure the integrity and authenticity of the transactions.

How to Earn ICP Cryptocurrency？

Participating in Network Governance: Internet Computer is a blockchain project that utilizes a governance mechanism where token holders can participate in decision-making processes. By holding ICP tokens, you can participate in voting on proposals that affect the future development and direction of the network. In some cases, participating in governance activities may earn you rewards in the form of ICP tokens.

Providing Computing Resources: The Internet Computer network relies on node operators to provide computing resources for its decentralized infrastructure. If you have the technical expertise and resources, you can become a node operator and contribute to the network's operation. In return for providing computing power and maintaining network integrity, node operators may receive rewards in the form of ICP tokens.

Building and Deploying Applications: Developers can build and deploy decentralized applications (dApps) on the Internet Computer platform. If you develop useful and popular dApps that attract users and contribute to the ecosystem's growth, you can earn revenue in the form of ICP tokens through various mechanisms such as fees, royalties, or incentives provided by the Internet Computer Foundation or other entities.

Participating in Developer Incentive Programs: The Internet Computer ecosystem offers developer incentive programs or grants to encourage the creation of innovative projects and applications. By participating in these programs and meeting specified criteria, developers can earn rewards in the form of ICP tokens to support their efforts.

Purchasing ICP Tokens: If you're not directly involved in network operations, development, or governance, you can still acquire ICP tokens by purchasing them from cryptocurrency exchanges where they are listed for trading. Once you've acquired ICP tokens, you can hold them as an investment or use them within the Internet Computer ecosystem.

FAQs

Q: How can ICP tokens be stored securely？

A: ICP tokens can be securely stored in various types of wallets such as the ICP Wallet, Ledger hardware wallet, software wallets on computers, mobile wallets on smartphones, or web wallets accessible via browsers.

Q: On which exchanges can I buy ICP tokens？

A: ICP tokens can be purchased on major cryptocurrency exchanges, including but not limited to Binance, KuCoin, Coinbase Pro, Huobi Global, OKEx, Kraken, FTX, Bitfinex, Bittrex, and Gate.io.

Q: Can the value of ICP tokens appreciate over time？

A: The appreciation of ICP tokens' value depends on various factors, including market conditions, user adoption, technological advancements, and regulatory developments, and therefore cannot be accurately predicted.

Q: What differentiates ICP from other cryptocurrencies？

A: Unlike other currencies that mainly facilitate financial transactions, ICP seeks to host applications, databases, and entire websites, making it a global infrastructure for applications in addition to being a form of digital currency.