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Huobi and OKEx Add Support for DFINITY’s ICP – Internet Computer Governance Token

UTC by Daria Rud · 3 min read
Huobi and OKEx Add Support for DFINITY’s ICP – Internet Computer Governance Token
Photo: DFINITY Foundation / Twitter

In addition to announcing ICP support, OKEx also revealed that its new investment arm Blockdream Ventures would invest up to $10 million in the development of the Internet Computer ecosystem.

Huobi Global Ltd and OKEx exchanges have announced the launch of ICP – the native crypto asset of the Internet Computer built by the DFINITY Foundation. On Huobi, ICP deposits will be available at 16:00 (UTC).

On OKEx, they will open at 2:00 am UTC. Trading will begin as soon as liquidity conditions are met.

Listing ICP token, Huobi and OKEx follow Coinbase (NASDAQ: COIN) that announced support for ICP across all Coinbase Pro jurisdictions except New York State as well as FTX platform that launched the Internet Computer Protocol futures.

In addition to announcing ICP support, OKEx also revealed that its new investment arm Blockdream Ventures collaborated with the Internet Computer ecosystem. According to OKEx, its fund will provide up to $10 million in dedicated funds and resources to support high-quality projects building in the Internet Computer ecosystem.

What Is ICP ad Why Have OKEx and Huobi Paid Attention to It?

ICP, or Internet Computer token, is a novel project that strives to improve the functionality of the public Internet and addresses the major challenges the traditional internet is facing today. It helps developers create websites, enterprise IT systems, internet services, and DeFi applications by installing their code directly on the public Internet.

In comparison with the traditional internet, the Internet Computer directly hosts and serves applications and data on-chain, rather than relying on centralized infrastructure. Besides, it segregates smart contracts into secure code units – so-called “canisters”. These computational units function as individual apps or functions. End users can interact with these units through an entry point. Notably, they do not have to pay for the computational outputs of smart contracts on the Internet Computer. Besides, there is no need to own any cryptos to interact with the ICP.

The protocol has its own ICP utility tokens. With their help, users can make decisions on the network as well as pay for services within the decentralized ecosystem. To take part in network governance, users will need to lock up ICP tokens for a certain period of time. This process creates “Neurons” which give the users rights to vote on governance proposals as well as earn governance rewards.

ICP was developed by the DFINITY Foundation – a non-profit scientific research organization based in Zurich, Switzerland. The company aims to build, promote, and maintain the Internet Computer. Its team includes the world’s top cryptographers and distributed systems and programming language experts. It has nearly 100,000 academic citations and 200 patents collectively. The mission of DFINITY is to build advanced experimental technologies to improve the public internet. It has received support from such venture funds as Andreessen Horowitz, Polychain Capital, Beacon Fund, and more.

Altcoin News, Blockchain News, Cryptocurrency news, News
Daria Rud
Author Daria Rud

Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.

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