Buy Internet Computer

Internet Computer Protocol (ICP) is a blockchain that enables decentralized applications (dApps) and smart contracts with high speed and unlimited scalability. The goal of Internet Computer is to create a decentralized internet where developers can build dApps without relying on centralized IT services such as cloud services, web servers, or database hosting.

One of the most remarkable features of Internet Computer is the speed at which it processes transactions. While traditional blockchains such as Bitcoin and Ethereum often take tens of minutes to complete transactions, Internet Computer can process transactions almost instantly. This makes it an ideal choice for applications that require high speed.

Internet Computer also uses a unique reverse gas model. Unlike traditional blockchains, where users have to pay transaction fees, ICP shifts these costs to developers. This lowers the barrier for users and should stimulate the adoption of dApps.

Internet Computer’s network consists of data centers around the world, with each data center hosting a node. These nodes form subnets, which act as independent blockchains within the larger Internet Computer network. Subnets can integrate with each other without restriction and directly, providing a scalable and flexible infrastructure. In addition, Internet Computer also has interoperability with other traditional blockchains, such as Bitcoin and Ethereum, without the need for central bridges. This is made possible by Chain Fusion Technology, which supports secure multi-chain interoperability.

The ICP token is the native cryptocurrency within the Internet Computer Network. It performs several functions, including rewarding nodes, paying transaction fees, and executing smart contracts and governance. There is no set maximum supply of ICP tokens.

Who founded Internet Computer?

Internet Computer was developed by Dominic Williams, who founded the DFINITY Foundation in Switzerland in 2016. Williams has a background in cryptography and extensive experience in the blockchain sector. The DFINITY Foundation, a non-profit organization, has assembled a team of leading developers and cryptographers, including Timo Hanke and Andreas Rosberg. Hanke was previously a mathematician and cryptographer at the University of Aachen, while Rosberg is the co-inventor of WebAssembly at Google. The team consists of over 200 employees spread across various research locations worldwide.

Internet Computer has various functions and applications:

• Develop decentralized applications (dApps): Developers can build dApps that run on a fully decentralized infrastructure, without dependency on centralized IT services.
• Perform fast and cheap transactions: Internet Computer can process transactions in near real-time, making it ideal for applications that require speed, while users pay lower fees to perform these transactions.
• Run decentralized AI: AI algorithms can run entirely on the blockchain, ensuring transparency and reliability, while the code of these algorithms is open-source and accessible.
• Interoperability with other blockchains: Internet Computer can communicate with other blockchains such as Bitcoin and Ethereum without the need for centralized bridges.
• Online service management: Users can manage and interact with decentralized social networks and other Web3 services.

The Internet Computer Network consists of data centers around the world, each hosting a node. These nodes form subnets, or subnet blockchains, which act as independent blockchains within the larger Internet Computer Network. Subnets can communicate directly with each other, allowing for increased flexibility and scalability. These subnets can add new nodes and form new subnets without changing the public key, thanks to chain key cryptography.

Chain key cryptography

Chain key cryptography is a major innovation in Internet Computer Networking, which allows for fast and efficient verification using only a single public key. This system allows for rapid verification of transactions and commands, which contributes to the speed and efficiency of the network.

Network Nervous System (NNS)

The NNS is the decentralized governance protocol of Internet Computer, managed by a Decentralized Autonomous Organization (DAO) within a master subnet blockchain. The NNS instructs nodes on how to form subnets and maintains network governance. Users can stake ICP tokens to create neurons, which grant voting rights within the NNS and reward participation in governance.

Canister smart contracts

Canister smart contracts are containers, a type of closed-loop environment, that hold both data and code, allowing them to perform more complex tasks than traditional smart contracts. They can distribute transactions across multiple blocks, automatically create new canisters, and communicate with other blockchains such as Bitcoin and Ethereum. This specific functionality is made possible by Chain Fusion Technology, which supports secure multi-chain interoperability.

Reverse gas model

ICP introduces a reverse gas model where developers bear the costs of transactions instead of end users. This model lowers the barrier for users and promotes mass adoption of dApps built on the ICP network.

Decentralized AI

ICP enables AI algorithms to be executed entirely on the blockchain, providing unprecedented transparency and trust. While currently limited to smaller AI models, the team is working on extending this capability to larger models, with the ultimate goal of end-to-end on-chain support for AI.

The ICP token is the native token of the Internet Computer Protocol and serves three important functions. First, ICP is used for governance: holders can stake their tokens to create neurons, which give them voting rights within the Network Nervous System (NNS). This allows them to participate in decisions about network upgrades and other matters.

Additionally, ICP can be converted into “cycles,” which serve as fuel for the execution of canister smart contracts on the blockchain. The price of cycles is tied to the Special Drawing Rights (SDR), a reserve asset created by the IMF.

Third, nodes that contribute to the network are rewarded with ICP tokens. This motivates nodes to participate and contribute to the growth of the network. The maximum supply of ICP tokens is not fixed, as the network can dynamically generate new tokens and cycles can be burned, which creates a deflationary mechanism.

Users can stake their ICP tokens via the Network Nervous System (NNS). First, you buy ICP tokens from Bitvavo and send them to a staking address in the NNS. Then, you create a 'neuron' by staking a certain amount of ICP, which gives you voting rights within the network and rewards you with additional ICP tokens.

The staking period can vary, and the longer you stake, the more voting power and rewards you receive. This process encourages long-term involvement and participation within the community, which contributes to the stability and success of the Internet Computer Network.

Internet Computer distinguishes itself from other blockchain networks by the following unique features:

• Chain key cryptography: This technology enables fast and efficient verification with a single public key, providing increased speed and scalability.
• Reverse gas model: Transaction fees are shifted to developers instead of end users, improving user experience and driving mass adoption.
• Subnet blockchains: Internet Computer supports unlimited integration and communication between different subnets, providing scalability and flexibility.
• Canister smart contracts: The project provides extensive functionality by containing both data and code, allowing them to support more complex and scalable applications.
• Decentralized AI: It is possible to run AI algorithms entirely on the blockchain, ensuring transparency and reliability.
• Interoperability with other blockchains: ICP enables smart contracts to securely communicate with blockchains such as Bitcoin and Ethereum without bridges.

At Bitvavo you can buy Internet Computer tokens. Our platform is suitable for both beginners and experienced traders. Follow these steps to buy ICP tokens via our website or app:

1. Log in to your Bitvavo account or create a new account.
2. Add funds to your account by clicking on "Deposit".
3. Go to the Internet Computer (ICP) buy page.
4. Enter the amount in euros you want to spend or the number of ICP tokens you want to buy and click "Buy".

After your purchase, the ICP coins will be added directly and automatically to your Bitvavo account, where you can easily manage and trade them. Selling ICP tokens is just as easy, allowing you to quickly respond to market changes.

You can safely store your ICP tokens in your Bitvavo account. Bitvavo stores the majority of assets in cold storage, which means they are stored offline for extra security. For extra protection of your account, we recommend enabling two-factor authentication (2FA).

Many software and hardware wallets support ICP. After purchase, you can easily transfer your ICP tokens to an external wallet by linking the wallet address to your Bitvavo account. This gives you full control over your cryptocurrencies and increases the security of your digital assets.