§ Network · EconomicsICP · cycles · reverse gas · access · custody

An economic entity without an owner or controller.

The ICP token moves value from the apps and services hosted on the network to the node providers whose hardware runs it, and to the participants in network governance. This loop is what lets the platform sustain itself.

The token & cycles

ICP and the digital fuel that powers compute.

The ICP token derives value from current and expected demand for sovereign cloud. Apps running end-to-end on the network are powered by cycles, a digital fuel created by transforming ICP, and burned by every computation, creating a deflationary pressure on supply.

The network mints new ICP to reward node providers, whose hardware hosts the network, and to reward participants in governance. That creates an inflationary pressure. Sovereign cloud is still a new kind of infrastructure, but the balance has already tipped deflationary several times. ICP is also used as a digital currency in its own right.

Uses of the token

Four jobs the ICP token does.

№ 01

Currency

A digital currency in its own right. ICP transfers in under a second at near-zero cost, and is supported by nearly all major exchanges worldwide.

№ 02

Compute fuel

Convert ICP into cycles to power apps on the network. ICP worth 1 XDR produces 1 trillion cycles. Apps work like electric cars. They run until charged.

№ 03

Governance

Stake ICP into voting neurons to participate in NNS governance. Maturity earned through voting can later be used to generate new ICP.

№ 04

Node provision

Operate node-machine hardware in a data center, contribute capacity to the network, and receive ICP rewards in constant-value terms.

The mechanism

The genius of reverse gas.

On traditional platforms, a transaction usually means sending cryptocurrency or executing a token swap, and it’s crafted in a wallet that includes a gas payment for the computation it will cause.

On the Internet Computer, every computation a hosted app performs is a transaction. A message sent inside a chat app is a transaction. Even serving a web asset is a transaction. These happen transparently. Users can’t craft them themselves, and can’t attach payment.

ICP solves this with reverse gas: the software that powers each app pays for its own computation from a balance of cycles, maintained like a built-in battery that can be recharged. The user never sees the meter.

Acquire

Obtain ICP tokens.

ICP trades on every major centralized exchange, across decentralized exchanges, and through regulated banks and brokers. Liquidity is global and access is broad. The venues below are a selection of those that support ICP today.

Centralized exchanges

Selected, not exhaustive

Binance

Global exchange with deep ICP spot and derivatives liquidity.

An economic entity without an owner or controller.

ICP and the digital fuel that powers compute.

Four jobs the ICP token does.

Currency

Compute fuel

Governance

Node provision

The genius of reverse gas.

Obtain ICP tokens.

Centralized exchanges

Decentralized exchanges & DeFi

Banks & brokers

Custody of ICP tokens.

Wallets

Institutional custody

A self-sustaining network economy.

Continue reading.

Network governance

Network statistics

Network history