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

The full name of ICP coin in English is Internet Computer, which is the native token of the Internet Computer protocol. The primary functions of ICP coin include voting, rewarding, and governance. The Internet Computer protocol is an innovative, decentralized blockchain network designed to make blockchain technology accessible to the public. The ultimate goal of cryptocurrencies is to become mainstream and gain public recognition. Investors are curious whether ICP coin, launched in 2019, is a mainstream cryptocurrency and want to know which blockchain it belongs to. Based on available data, ICP coin is not a mainstream cryptocurrency and belongs to the Dfinity chain. Let's dive into the details.

Is ICP Coin a Mainstream Cryptocurrency?

ICP coin is not considered a mainstream cryptocurrency. According to current data, the price of ICP coin is $13.13, with a circulating supply of 439,025,692 coins. It is listed on 37 exchanges, with a market cap of $5.765 billion. The liquidity and market recognition are moderate. Overall, the market development of ICP coin is promising, but it is not yet a mainstream cryptocurrency.

ICP coin was launched by the Dfinity Foundation with the aim of building a decentralized internet computing platform to provide users with faster, safer, and more open network services. The architecture of the Internet Computer protocol network is designed to offer flexibility in communication for independent data centers and provide a fully decentralized cloud computing platform. One of the main goals of the Internet Computer protocol team is to reduce society's reliance 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 Coin Belong To?

ICP coin belongs to the Dfinity chain. Built on blockchain technology, ICP coin is decentralized, requiring no central authority control, 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.

ICP coin transactions are very fast, allowing for nearly instant transaction confirmations, enhancing the user experience. ICP coin holders can participate in the governance decisions of the ICP network through voting, ensuring the fairness and transparency of the network.

One of the unique features of the Internet Computer is its various distinct functionalities, setting it apart from other popular blockchains. For example, the Internet Computer protocol is the only network, besides Bitcoin, operated by zero centralized cloud computing nodes. In contrast, about 70% of Ethereum nodes and 50% of Solana nodes are actually hosted by centralized cloud servers.

The Internet Computer protocol aims to provide a more convenient user 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 unknowingly interact with Web3 technology and blockchain functionalities.