The price of ICP, the native token of the Internet computer platform, has declined these past few days. However, the token seems to be catching some tailwind as it has seen impressive gains on the daily chart. Could the time be right to buy ICP? Let’s find out.
The Internet Computer platform is aimed at facilitating the growth of the decentralized internet and the Web3 ecosystem.
The project was founded in 2016 by Dominic Williams, under the supervision of non-profit organization, Dfinity Foundation. Dfinity consists of over 200 developers with offices in San Francisco, Zurich, Palo Alto, and Tokyo.
The Internet Computer is a network that can scale smart contract computation and data and run them at web speed while efficiently processing and storing data.
Through the platform, development teams can easily deploy software without relying on centralized servers and tech platforms like Facebook or commercial cloud services like.The idea is to avoid corporate gatekeepers, reduce costs, and build services that compete with centralized cloud companies.
The ICP token is used as a governance token on the Internet Computer platform. It is also used to reward users, who play a significant role in enhancing network functions.
The Internet Computer mainnet was launched into the public domain in May 2021. This was when all the network’’s source code was launched alongside the ICP token, allowing community members to govern the protocol.
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