• Ticker: ICP
• Network: Internet Computer
• Category: Blockchains
• Address: https://dashboard.internetcomputer.org/

About ICP

Internet Computer (ICP) is a decentralized blockchain developed by the DFINITY Foundation, designed to function as a “World Computer” that can host web services, dApps, and enterprise systems entirely on-chain, without relying on traditional IT infrastructure. It uses an architecture of independent subnets and chain-key cryptography to provide scalable computation and secure interactions across its ecosystem.
ICP serves multiple purposes: it is used to pay for computation and storage via burning (cycles), to participate in governance through staking and voting in the Network Nervous System (NNS), and to reward node providers. The protocol’s Service Nervous System (SNS) framework enables dApps to become fully decentralized with community-driven governance.

Key Points of ICP

• Fully On-Chain Web3 Infrastructure: Allows developers to deploy scalable applications directly on the blockchain without centralized cloud providers.
• Unique Governance Model: Token holders stake ICP to create neurons, gaining voting power and influencing network upgrades through the NNS DAO.
• Reverse Gas Model: Developers, not users, pay for computation costs, improving the user experience.
• Cross-Chain Capabilities: Supports integrations with Bitcoin, Ethereum, and other EVM networks, enabling on-chain interoperability.
• Node Provider Incentives: Rewards distributed to node operators ensure a robust and decentralized infrastructure.

FAQ

1. What is ICP used for?
ICP is used to pay for computation and storage by burning tokens for cycles, as collateral for governance participation, and as rewards for node providers. It also acts as a medium of exchange within its ecosystem and across dApps built on the Internet Computer.

2. How does ICP governance work?
Governance is managed by the Network Nervous System (NNS), where staked ICP forms neurons with voting power. Holders can submit proposals, vote on protocol decisions, and receive rewards for participation.

3. What makes Internet Computer unique compared to other blockchains?
Unlike most blockchains that rely on external cloud services, ICP runs entirely on a decentralized network of independent nodes. Its reverse gas model and chain-key cryptography enable scalability, low-latency performance, and seamless cross-chain interactions.

4. Who develops and supports Internet Computer?
The DFINITY Foundation, based in Switzerland, leads development, supported by the Internet Computer Association and a broad network of node providers and community developers.

5. Is ICP a good store of value?
ICP is primarily a utility and governance token, with value driven by network usage, community participation, and speculative interest. It is not a stablecoin and can be subject to high volatility.

6. How can I buy ICP on Bitso?
Buying ICP on Bitso is simple:

1. Log in to your Bitso account or sign up if you don’t have one.
2. Go to “Buy/Sell” and select any of your available fiat currencies (MXN, ARS, BRL, COP, or USD) as your base.
3. Choose ICP as the token you want to purchase.
4. Enter the amount, review the details, and confirm your transaction.
5. Track the token’s performance directly in the app.

Note: ICP is only available through conversions on Bitso. It is not supported on Bitso Alpha, and deposits/withdrawals from external wallets are disabled. However, you can send and receive ICP between Bitso users via Bitso Transfer.

Example of How ICP is Used

Ana, a developer, deploys a decentralized social media app entirely on Internet Computer. She pays for computation with ICP, converting it to cycles. Users access the app seamlessly via web browsers without interacting with wallets or paying gas. Meanwhile, Ana stakes ICP to vote on protocol upgrades, influencing the future of the network while earning rewards.

Disclaimer

ICP is a governance and utility token that powers the Internet Computer ecosystem. Its value is influenced by network activity, governance participation, and speculative interest. This article is for informational purposes only and does not constitute financial advice. Cryptocurrency markets are highly volatile; Bitso encourages all users to conduct their own research (DYOR) before buying, selling, or holding any digital asset.