Internet ComputerICP to USD
Conceptualised and built by the DFINITY Foundation, the Internet Computer extends the functionality of the public internet so that it can host back-end software – transforming it into a decentralised global compute platform, run by independent data centres around the world. By providing infrastructure supporting the creation of innovative open internet services, the Internet Computer seeks to reverse big tech’s growing data and user relationship monopolies, with the ambition of restoring the internet to its open, permissionless roots.
Internet Computer tokens (ICP) were distributed in May 2021 with the launch of the Internet Computer. Sygnum was the first bank to offer custody and banking services for ICP.
The Internet Computer represents the third major innovation in blockchain after Bitcoin and Ethereum. It supports smart contract software that can run at web speed and serve web to users for the first time, and a network that can scale its compute capacity with user demand, greatly increasing the potential applications of public blockchain, and improving the reach of today’s blockchain ecosystem.
It represents the product of multi-year research and development efforts by the DFINITY Foundation from centres in Zurich, Palo Alto, San Francisco and Tokyo, and with additional remote teams in places such as Germany and the UK. The project has a singular purpose, and that is to expand the capabilities of public blockchain and the decentralised ecosystem using advanced computer science and cryptography, and to make blockchain the platform of choice upon which we can reimagine all systems and services.
Internet Computer (ICP) staking
Sygnum offers an institutional-grade staking service for the Internet Computer protocol.
Staking is the process of actively participating in the validation of transactions on a Proof-of-Stake blockchain in exchange for staking rewards. Proof-of-Stake protocols employ significantly less energy than Proof-of-Work due to this alternative consensus mechanism.
Learn more about Sygnum’s secure, fully-integrated staking service and which tokens can be staked with this service here.
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