🏆 Top 3 Brokers Crypto Trading Platforms
Choose your quick section of our Internet Computer review below.
A Quick Overview of our Internet Computer Review:
Internet Computer provides a revolutionary way to build tokenised internet services along with pan-industry platforms, vital respect for personal data, and financial systems that are fully decentralised.
What is Internet Computer?
Internet Computer (ICP) is the first blockchain in the world that runs at web speed with unlimited capacity. It also represents a third-generation blockchain innovation and aims towards a decentralised web infrastructure that is entirely run by nodes, smart contracts, and censorship-resistant websites.
Key Features and Takeaways of Internet Computer
Internet Computer is a young, new addition to the cryptocurrency top 100 that has the following key features and takeaways:
Internet Computer provides a revolutionary way to build tokenised internet services along with pan-industry platforms, vital respect for personal data, and financial systems that are fully decentralised.
The research foundation behind Internet Computer is DFINITY and the project attracted a significant amount of attention from the crypto community, with more than a billion ZAR raised from investors such as Andreessen Horowitz, Polychain Capital, SV Angel, and several others.
On May 10, DFINITY launched Internet Computer onto the public domain, meaning that it now functions as a decentralised global computer. It was marked by the release of the project’s source code and a governance token that will allow the community to govern the network.
Internet Computer works towards the goal of extending the internet and making it a solution on which the entire world can build on.
Internet Computer changes the internet from a connection of private servers which are centralised and controlled by large entities to being a decentralised solution where there is no control or censorship, with the community in charge.
Internet Computer is based on the scientific breakthrough Chain Key Technology, which consists of a set of cryptographic protocols which orchestrate the nodes that make up Internet Computer, allowing it to have a single public key.
This type of technology is a significant advantage as it allows for any smart device to verify the authenticity of artifacts from Internet Computer, something that older blockchains cannot do.
This single public key allows for new nodes to be added to form new subnets, scaling the network indefinitely.
By using Forward Secrecy and Noninteractive Zero-Knowledge Proofs, which is highly advanced cryptography, the team behind Internet Computer have created the perfect solution that is years ahead of the competition.
The native token for Internet Computer, ICP, is used for network governance, to compute power, and to reward participants.
Internet Connection is currently supported by 48 data centres and according to DFINITY, this number is set to increase by an additional 75 centres by the end of the year.
Internet Computer Mining
ICP is unlike many other cryptocurrencies such as Bitcoin that can be mined and Ethereum, which can be staked. Internet Computer is the first fully adaptive blockchain in the world and the rewards for participants work in a completely different way.
Network Nervous System (NNS)
The Internet Computer network as well as special node machines that are responsible for hosting the network, run under the control of the Network Nervous System (NNS). It is a tokenised governance system which is decentralised and open.
Anyone can submit a proposal to NNS and if it is adopted, it is implemented immediately, automatically. It allows the network to adapt and evolve in real-time, with NNS being able to perform any task including:
Upgrading node machines to apply security fixes or to update the protocol.
Tweaking of economic parameters.
Forming of new subnet blockchains so that network capacity can be increased, and much more.
NSS runs alongside the protocols of Internet Computer and it can make any changes without network operation being interrupted or security being compromised in any way.
Staking and Governance
NNS works by allowing users to stake their ICP governance tokens, creating voting neurons. Anyone can create a neuron, exerting the will of the community which is mediated through algorithms.
When users stake ICP, they create a new neuron, and the process is done in two different stages. The first stage involves the transfer of ICP to an account of the governance canister that will correspond to the new neuron. The governance canister is then notified of an incoming transfer, updating its internal neuron bookkeeping.
If a user locks their entire ICP balance in staking, the account does not exist on the ledger anymore. Therefore, when a user withdraws their entire stake, the associated neuron is dissolved and destroyed.
Pros and Cons
| ✔️Pros | ❌Cons |
|---|---|
| Internet Computer provides a decentralised framework that is free from censorship | ICP has seen large leaps and sharp recessions in a few days of trading, making it extremely volatile and susceptible to fluctuations |
| Internet Computer is open and accessible by anyone in the world | Regardless of the technological advances, ICP is not much different from other altcoins |
| Internet Computer started its journey with a significant investor interest, pathing the way forward from the get-go | There is uncertainty around its decentralisation and permissionless transactions |
| ICP is listed on most cryptocurrency exchanges | The future of ICP and the network is depending on possibilities instead of certainties |
| Internet Computer and ICP have drawn a significant portion of attention since launch | |
| There is a strong and solid team behind development | |
| Smart contracts are supported and there is potential to add more |
Transaction Fees
| Type of Fee | Information |
|---|---|
| Withdrawal Fees | 0.002 ICP |
Should you buy Internet Computer?
DFINITY launched Internet Computer onto the public domain within the past month, causing the value of ICP to skyrocket and allowing it to become one of the largest cryptocurrencies. Internet Connection uses advanced technology that is currently not used by any other cryptocurrency project or blockchain, placing it well ahead of its competition.
ICP is set to increase in value as more people adopt a decentralised, community governed way of using the internet. Internet Connection also promises complete privacy, lightning-fast speed, and complete decentralisation, without the risk of any large corporation ever controlling or directing progress, with the power in the hands of the community.
Many investors have flocked to Internet Connection in the past month, and this is set to steadily increase as adoption spreads worldwide, making Internet Connection a valuable, sustainable project.
How to buy Internet Computer (ICP)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.
Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase Internet Computer/ICP and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit”.
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.
ICP can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading ICP.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading ICP, select the option from the “Trade” Menu. Enter “ICP” into the search bar to see which trading options are available.
For spot trading, for instance and as an example, select ICP_USDT or ICP_ETH. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair ICP/USDT or ICP/ETH.
Here, you will see that you have the option to buy or sell ICP either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 3 – Buy ICP through via Limit Order
To buy ICP and create a limit order for it, you can enter the amount of ICP you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 4 – Sell ICP through via Limit Order
To sell ICP, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, ICP that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 5 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.
🏆 Top 3 Brokers Crypto Trading Platforms
Frequently Asked Questions
When was Internet Computer first launched?
Internet Computer was launched in 2016.
Who founded Internet Computer?
Internet Computer (ICP) was found by British computer scientist, Dominic Williams.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was Internet Computer’s ICO and how much did it raise?
ICP did not have an ICO but managed to raise more than a billion ZAR from private investors.
Is Internet Computer legit?
Yes, Internet Computer and ICP are both legit.
What is Internet Computer’s total supply?
There is no maximum supply of ICP. At the time of writing, the circulating supply of ICP is 123 million.
What is the purpose of Internet Computer?
Internet Computer aims towards a decentralised web infrastructure that is entirely run by nodes, smart contracts, and censorship-resistant websites.
On which blockchain is Internet Computer based?
Internet Computer is based on its own blockchain.
Does Internet Computer work with smart contracts?
Yes, Internet Computer fully integrates the use of smart contracts.
Does Internet Computer have potential to become more valuable?
Yes, after launching ICP, Internet Computer’s market cap increased significantly and ICP saw significant trading volumes. Based on the technology used, and the fact that Internet Computer is ahead of other blockchains and competition, there is significant potential to become more valuable.
Top 4 Brokers
