Internet Computer Price Today

The current real-time Internet Computer price is $9.44 . ICP price has grew by 6.11% in the last day and increased by 32.3% in the last seven days. It’s important to note that the current Internet Computer market capitalization is $4,402,707,970. The maximum supply is coins, with a circulating supply of 466,563,476.58. ICP is ranked #24 in terms of market cap.

The Basics of Internet Computer

Internet Computer Protocol (ICP) is an innovative crypto project that aims to build a decentralized computing network that will rival current, centralized cloud-based services like Google Cloud or Amazon Web Services (AWS). As a utility-centric crypto, ICP’s value is driven heavily by protocol adoption and its intrinsic value. 

Internet Computer is a layer one blockchain built on its proprietary network. Decentralization is at the project’s heart and is one of ICP’s primary advantages over traditional cloud services. As such, Internet Computer is popular among free-speech advocates and developers seeking a trustless, censorship-resistant computing service.

Seasoned developer Dominic Williams founded Internet Computer. However, the DFINITY Foundation (Dominic Williams serves as chief scientist/president) and its 200+ employees heavily developed the Internet Computer protocol.

A Deeper Look Into How Internet Computer Works

The Internet Computer Protocol network is divided into four subnets, each of which runs concurrently, communicates asynchronously, and handles a specific task.

The layers consist of Peer-to-Peer (P2P), consensus (transaction validation), message routing (facilitates communication between subnets), and execution (executes smart contract code). By utilizing this architecture, Internet Computer has built a near-infinitely scalable network. 

Internet Computer consists of an interconnected network designed to provide cloud computing services and the ICP token. While the network’s underlying technology is the primary value-driving factor, the ICP token is used for governance, staking, and paying transaction fees. Learn more about how to stake crypto. 

Unique Features of Internet Computer 

Despite being a Proof-of-Useful-Work cryptocurrency, people can stake Internet Computer to holdings to earn rewards. Users can lock their ICP tokens for six months to eight years to earn rewards that vary based on their stake period. It’s important to note that when staking ICP, you must wait for a dissolving period to elapse before receiving your tokens back. 

Users also receive voting power proportionate to their stake and lock-up term when staking. For every ICP a person stakes, they gain one vote. However, you can receive a bonus multiplayer of up to 2x based on how long you lock your ICP. Additionally, people can get up to a 1.25x bonus based on how long they’ve staked ICP without dissolving their position. 

Proof-of-Useful Work (PoUW)

Instead of Proof-of-Stake (PoS), Internet Computer utilizes a unique consensus mechanism dubbed Proof-of-Useful-Work (PoUW). Instead of performing unnecessary hashing calculations, smart contract calculations (which are already required) are performed on standardized hardware, which is used to ensure the amount of new blocks created is the same between machines. 

Internet Computer Price History

Internet Computer initially launched in May 2021, with ICP trading for around $428 due to the massive hype surrounding the launch and positive sentiment in the broader market. However, the asset dropped significantly due to hype decreasing and profit-taking from early investors and airdrop participants, leading the token to hit around $110.58 by the end of May. 

While the market had some momentum due to the bull run, ICP fell consistently in 2021 following its launch. By August, ICP traded for around $60, but by late December, the asset was worth just $24.04, marking a 94.38% drop since its release. 

Crypto prices were stifled in 2022 due to the pandemic and the bear market. ICP began the year at around $20, then had a brief run to around $34 in mid-January. However, ICP collapsed, losing value and eventually hitting around $3.83 by the end of the year. 2023 was similarly dire for the asset, with ICP struggling to break above $5 for most of the year. 

Many cryptocurrencies surged in early 2024, and ICP was no exception. The asset climbed as high as $18.39 in March, but today, the ICP price is $9.44 .