[Updated] CEX.IO Highlight: the ICP – Bitcoin & Crypto Buying and selling Weblog

Overview

What’s Web Pc (ICP)?

The Web Pc (ICP) is a venture constructed by the DFINITY Basis that goals at making a decentralized blockchain infrastructure for a brand new sort of Web. The ICP builders outline the community as a “world pc” with a totally on-chain web-3 platform and reasonably priced information storage service accessible to anybody.

The ICP strives to exchange not simply the appliance layer however the entire web infrastructure. Initially, the idea of the “world pc” was launched by Ethereum. The Web Pc is taking the thought additional however not as a competitor to Ethereum however slightly as “Ethereum’s crazy sister.” Some declare that the ICP is “the fastest blockchain” and “infinitely scalable” resulting from its structure. The latter implies that an elevated variety of nodes doesn’t affect the throughput of the community. 

The ICP’s nodes run on specialised {hardware} housed by numerous impartial information facilities. The platform lets builders deploy and run functions via using canisters, that are akin to sensible contracts. 

The ICP community options two core tokens: ICP and Cycles. ICP is the community’s governance token, whereas Cycles (created from ICP cash) are tokens with a near-constant worth that permits customers to pay for computational assets and community transactions.

A short historical past of ICP 

The primary contributor to the ICP deployment is DFINITY Basis which was based by pc scientist Dominic Williams in October 2016. In February 2017, the venture held its first crowdsale, elevating 3.9 million Swiss francs ($4.1 million). A 12 months later, ICP held a non-public token sale for accredited traders, elevating $102 million. Andreessen Horowitz and Polychain Capital led the funding spherical. 

Initially, the ICP was deliberate to be launched within the first quarter of 2019. Nevertheless, in December 2018, venture representatives mentioned that releasing a “cut-down model” may decelerate the progress of making a full-fledged product, and postponed the launch. After that, the ICP skilled a number of phases earlier than the mainnet launch:

• Copper (This autumn 2019): At this stage, the alpha model of the software program improvement equipment (SDK) was launched and the technical documentation of the Motoko sensible contract language was printed.
• Bronze (Q1 2020): The ICP grew to become a platform able to desktop net software improvement. 
• Tungsten (Q2 2020): The ICP grew to become open to third-party builders. Cell improvement capabilities have been launched as effectively. 
• Sodium (This autumn 2020): DFINITY launched a protocol administration system referred to as Community Nervous System (NNS) that hosts and governs all subnets throughout the community. Sodium additionally launched the idea of “cycles” and a system of “neurons” that assist governance and staking through ICP coin. 
• Mercury (Q1-Q2 2021): The venture launched the alpha model of the mainnet. The genesis block of the Mercury community was launched on Could seventh. 

After the mainnet launch, NNS began issuing ICP utility tokens. The ICP was listed on quite a few crypto exchanges and quickly entered the highest seven crypto belongings by market capitalization.

In September 2021, DFINITY Basis introduced the start of labor on “direct integration of the Web Pc with the Bitcoin blockchain.” 

The primary section of the combination was finished in January 2022, offering the flexibility to generate threshold ECDSA signatures used for bitcoin transactions. 

In August 2022, DFINITY Basis completed the second section, launching the BTC<>ICP testnet. The ultimate third section is devoted to BTC<>ICP full integration.

Along with bitcoin integration, ICP builders launched HTTP outcalls for the community’s sensible contracts in September 2022. This characteristic permits the ICP community to straight work together with off-chain information sources with out utilizing oracles.