Internet Computer

Halal Rating :
Questionable
Last Price $10.72 Last updated:
Rank 31
1D Change 4.81 %
Market Cap $5.12b
Circulating supply 478,134,093
Maximum supply None
Crypto Overview Crypto Impact

Crypto Overview

Categories
  • Platform
  • Distributed Computing
  • Collectibles & NFTs
  • DeFi
  • Interoperability
  • Smart Contracts
  • DAO
  • Wallet
  • Storage
  • Polychain Capital Portfolio
  • Lending & Borrowing
  • Metaverse
  • Electric Capital Portfolio
  • Fenbushi Capital Portfolio
  • Hashkey Capital Portfolio
  • a16z Portfolio
  • Multicoin Capital Portfolio
  • Exnetwork Capital Portfolio
  • Web3
  • Internet Computer Ecosystem
  • SEC Security Token

Understanding the Intended Utility

The Internet Computer (ICP) is a blockchain network developed by the DFINITY Foundation that aims to create a decentralized computing platform capable of running web applications and services at web speed. The project's core mission is to extend the public internet's functionality by creating a platform where developers can deploy smart contracts and decentralized applications (dApps) directly to the blockchain.

The ICP token serves multiple purposes within the ecosystem: it's used for network governance, to reward network participants, and as a utility token to pay for computational resources.

Actual Utility Assessment

The Internet Computer has demonstrated significant real-world adoption and usage. As of 2024, the network hosts thousands of smart contracts (called 'canisters'), and has integrated with Bitcoin and Ethereum networks. Notable applications built on ICP include DSCVR (a decentralized social media platform), OpenChat (a messaging service), and various DeFi protocols.

Developer activity remains robust, with regular updates and improvements to the protocol. The project maintains active GitHub repositories and has a growing ecosystem of developers building on the platform.

Token Distribution and Founder Analysis

The initial token distribution included allocations to early contributors, DFINITY Foundation, and various stakeholder groups. While there was initial criticism about the token distribution, the project implemented vesting schedules for team members and early investors. The DFINITY Foundation maintains transparency regarding token allocations and usage through regular updates and public documentation.

Technical Implementation

The Internet Computer operates through a novel consensus mechanism called Chain Key Technology, which enables the network to process transactions efficiently while maintaining security. The platform's architecture allows for direct hosting of web content and applications on the blockchain, representing a legitimate technological innovation in the blockchain space.

Crypto Impact

To assign a comfort level investing in Internet Computer from a halal perspective we need to determine whether it has a net positive or negative impact.

Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Internet Computer.

If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.

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Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.

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