Is ICP a Mainstream Cryptocurrency? What Chain Does It Belong To?

The full name of ICP in English is Internet Computer, and it is the native token of the Internet Computer protocol. The main functions of ICP are voting, rewards, and governance. The Internet Computer protocol is an innovative, decentralized blockchain network aimed at making blockchain technology accessible to the public. The ultimate goal of the development and promotion of cryptocurrencies is to become mainstream and gain public recognition. Therefore, investors are curious whether ICP, which was launched in 2019, is a mainstream cryptocurrency and what chain it belongs to. Based on existing data, ICP is not a mainstream cryptocurrency and belongs to the Dfinity chain. Let's dive deeper into this.

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Is ICP a Mainstream Cryptocurrency?

ICP is not considered a mainstream cryptocurrency. According to current data, ICP is priced at $13.13, with a circulating supply of 439,025,692 tokens, listed on 37 exchanges, and a market cap of $5.765 billion. Its liquidity and market recognition are average. Overall, while the market development of ICP is promising, it is not classified as a mainstream cryptocurrency.

ICP was launched by the Dfinity Foundation with the aim of building a decentralized platform for internet computing, offering users faster, safer, and more open network services. The architecture of the Internet Computer protocol network is designed to provide flexibility in communication for independent data centers and to offer a fully decentralized cloud computing platform. One of the main goals of the Internet Computer protocol team is to reduce society's dependence on centralized alternatives, such as Amazon Web Services and Google Cloud servers.

The core idea behind the Internet Computer network is to create a unique, decentralized internet and a global cloud computing system powered by interconnected, independent data centers, competing with centralized cloud providers like Amazon Web Services, Google Cloud, and Microsoft Azure.

What Chain Does ICP Belong To?

ICP belongs to the Dfinity chain. It is built on blockchain technology, characterized by its decentralized nature, which does not require control by a central authority, ensuring the security and anonymity of transactions. The ICP network employs a mechanism called "on-chain governance," which enables high scalability, supporting large-scale computing and data storage.

Transactions with ICP are very fast, enabling almost instant transaction confirmations, which enhances the user experience. ICP token holders can participate in the governance decisions of the ICP network through voting, ensuring fairness and transparency in the network.

The Internet Computer is distinguished from other popular blockchains by its various unique features. For example, the Internet Computer protocol is the only network besides Bitcoin that operates with zero centralized cloud computing nodes. In contrast, about 70% of Ethereum nodes and 50% of Solana nodes are actually hosted by cloud servers provided by centralized entities.

The Internet Computer protocol is designed to provide a more user-friendly experience for the public. It is the only public blockchain that runs smart contracts and directly provides HTTP calls to browsers. In other words, inexperienced users will interact with Web3 technology and blockchain functions without even realizing it.