Internet Computer (ICP) Wallet

About Internet Computer (ICP)

• What is Internet Computer?

  Developed by the DFINITY Foundation and driven by the Internet Computer Protocol (ICP), the Internet Computer is an innovative blockchain-based computing platform. Its goal is to replace conventional IT infrastructure with a "World Computer" that hosts web3 services and applications directly from the blockchain. Most impressively, the platform "horizontally scales:" it functions on a network of independent subnet blockchains that continuously expands by adding subnets. The coordination of these subnets is overseen by the Network Nervous System (NNS), the main Decentralized Autonomous Organization (DAO) embedded within the Internet Computer platform. To ensure network security, Internet Computer nodes follow a "proof-of-useful-work" consensus mechanism.

• How does "proof-of-useful-work" work?

  Proof of Useful Work (PoUW) is a novel consensus mechanism used by the Internet Computer blockchain. The project's DAO, the Network Nervous System (NNS), controls node membership through "deterministic decentralization", meaning that all nodes are identifiable and can be removed upon misbehavior. Compared to Proof-of-Work networks, such as Bitcoin, where hashing power acts as stake, PoUW networks create a unique sovereign network where the cost of hardware acts as stake. Rather than competing to solve cryptographic problems, the nodes collaborate to produce blocks of transactions that execute smart contracts on-chain, thus generating "useful work".

• What is the ICP Token?

  ICP is the native utility token of the Internet Computer Protocol. It serves multiple key functions in the protocol. Firstly, ICP facilitates the network's governance by allowing holders to stake the token, thus vote on or submit governance proposals, and earn voting rewards. Secondly, ICP may be used as a medium of exchange to pay for goods and services such as NFTs, computational fees, etc. Thirdly, ICP may be converted into "Cycles," which refer to computational power or capacity, such that developers can deploy smart contracts on the Internet Computer platform. Essentially, the ICP token acts as the economic driver for the platform, incentivizing its smooth operation and compliance from participants.

• What are the popular DApps in the Internet Computer ecosystem?

  The Internet Computer ecosystem is rapidly growing, offering a diverse range of decentralized applications (dApps) that leverage its unique features. These dApps showcase the platform's potential in various domains, from decentralized finance (DeFi) and social media to messaging and crowdfunding. Let's explore some of the most popular dApps in the Internet Computer ecosystem: DSCVR: A decentralized Web3 social media platform, DSCVR enables the formation of community groups called Portals. Portals can have NFT access controls, offer token airdrops to members, and more. DSCVR supports post tipping with various cryptocurrencies, including ckBTC, and boasts over 200,000 users. ICPSwap: An end-to-end decentralized exchange (DEX) built on the Internet Computer, ICPSwap facilitates token swaps using blockchain's high-speed, scalable, and low-cost infrastructure. This project positions itself as a pioneer in the Internet Computer's DeFi ecosystem. Funded: A Web3 crowdfunding platform leveraging ICP's low transaction fees and advanced smart contract technology. Funded allows users to participate in crowdfunding with ICP, BTC, and ETH, attracting over 83,000 ICP in funding. Dmail: A Web3 alternative to traditional email, Dmail provides on-chain hosting and encrypted messaging built on the Internet Computer. Users own their Dmail addresses as NFT assets, and the platform includes a built-in marketplace. Dmail was the winner of the 2021 Warpspeed ICP Hackathon in China and has achieved a $10M valuation. OpenChat: A fully decentralized real-time messaging service, OpenChat replicates the experience of Web2 chat apps while operating entirely on the blockchain. It allows users to send cryptocurrency, including Bitcoin, and offers ownership through CHAT tokens. OpenChat has attracted over 80,000 users. Sonic DEX: A multichain decentralized exchange on the Internet Computer Protocol (ICP), Sonic DEX provides a variety of DeFi services. It enables users to trade tokens and perpetuals, provide liquidity, and participate in token sales. The platform also supports DAO governance, staking, and voting, with a trade volume exceeding $10M. InfinitySwap: Backed by Polychain Capital and 9YardsCapital, InfinitySwap is a platform for creating, staking, and swapping tokens on the Internet Computer. It offers cost-effective token swapping with its novel technology and has secured $1.5M in investments.

• How to use the Internet Computer Wallet?

  The simplest way to start using Internet Computer is by creating a Internet Computer Wallet in Bitget Wallet, which can be installed via Google Play, App Store, or a Chrome extension. After installation, create a crypto wallet on the Dfinity mainnet and make transactions with ICP tokens.