In-depth Analysis of ICP Projects and Ecological Development

ICP, as a highly regarded blockchain project, has gone through a process of rising to a peak, falling to a trough, and then rebounding. This article will provide a detailed introduction to the ICP project and its ecological development.

Project Introduction

ICP aims to create a decentralized internet computer that allows developers to build and run various applications on a distributed network platform without relying on traditional cloud services, databases, or payment interfaces. Its vision is to reshape the business model and governance structure of the internet.

The Internet Computer is an extension of the existing internet, providing computing power to run application software through a global network of computers. It relies on the Internet Computer Protocol to define software components, enabling the global network of computers to combine resources to read, copy, modify, and return application states.

Core Technology

ICP achieves fully decentralized applications on the chain based on canister and chainkey technology. Canister is a container that supports WebAssembly contracts, enabling fully decentralized dApps. Different canisters can transfer and interact with each other, reflecting ICP's anti-gas technology. Users do not need to pay, as cycles are expended by canisters.

The cross-chain technology of ckBTC and ckETH is realized based on chainkey and elliptic curve signatures, enhancing asset custody and privacy. ICP can build various applications, including DeFi, NFT, gaming, social media, e-commerce, search engines, etc.

ICP has advantages such as seamless connectivity, strong performance, and scalability. When performance needs to be expanded, the original container can create a new container or fork itself, increasing memory capacity and throughput.

Team Background

ICP is developed under the leadership of Dominic Williams, the founder and chief scientist of Dfinity. The team includes top cryptographers, mathematicians, and experienced engineers from around the world, such as the inventor of Stanford's BLS technology and the inventor of Bitcoin ASICBoost. There are currently 129 members, with strong technical capabilities.

Economic Model and Capital Support

ICP has secured nearly $101 million in financing, with investors including well-known institutions such as Andreessen Horowitz, Polychain Capital, and Multicoin Capital. In May 2020, the Dfinity Foundation announced a $200 million fund to attract developers.

Currently, the inflation rate of ICP staking rewards has decreased from the initial 10% to 7.21%. Users participating in NNS staking can receive voting rewards and gain more voting power through neuron decomposition or compound interest.

By the end of April 2024, 3.31 million seed round tokens will be unlocked on the 11th of each month. From May 2024 to April 2025, 2.42 million tokens will be unlocked each month. The total amount to be unlocked is approximately 38.94 million ICP, accounting for 8.6% of the total circulating supply.

Community Development

ICP has NNS( neural network system) and SNS( community neural network system). NNS is an open algorithm governance system where the community can participate in decision-making and upgrades. SNS is a DAO based on NNS, allowing the community to create and manage sub-networks and applications.

Ecological Projects

1. Mora

Mora is a writing platform based on canisters and IPFS, achieving user data sovereignty. Recently launched free inscriptions to attract a large number of new users.

2. Ghost

Ghost is the first meme token in the ICP ecosystem, launched through the SNS DAO. It has seen a maximum increase of over 100 times and is skilled in Twitter marketing.

3. NnsDAO

The first DAO project in the ICP ecosystem, building an NFT platform, GameFi products, educational platforms, etc. Received 5 official funding from Dfinity, with strong technical strength.

4. ICscriptions

The first inscription platform in the ICP ecosystem, featuring functions such as inscription trading, minting, querying, and launchpad. With outstanding technical development and operational capabilities, it will focus on the inscription + GameFi track in the future.

5. ICPswap

The ICP-based DEX platform provides financial, market, and DAO services. The total supply of the token ICS is 1 billion, adopting a deflationary model. Recently announced a token airdrop plan.

The ICP ecosystem is thriving, with various innovative projects emerging continuously. With technological advancements and practical applications, ICP is expected to play a greater role in the Web3 realm.