Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.
Available data from Coinmarketcap shows that the ICP token is currently trading at $150 and it also ranks among the top 10 crypto assets by market cap
A recently launched crypto project Dfinity’s Internet Computer Protocol (ICP), which recent success has caught the eyes of crypto enthusiasts has revealed the launch of a new key feature which is known as the Network Nervous System (NNS). Per the announcement, the NNS is “an open algorithmic governance system that oversees the network and the token economics that make it possible to build DeFi and dapps, open internet services, and enterprise systems that are capable of operating at hyperscale.”
NNS would allow holders of the ICP token to be able to lock their assets in Neurons which would allow them “participate in governance and contribute to decision-making, such as voting to determine whether or not a new collection of nodes (also called a subnet) should be added to the network.” This way, these holders would also be able to earn rewards while at the same time participate in the important decision making process of the protocol.
According to the developers of the protocol, NNS is needed because “there needs to be a mechanism by which the nodes and subnets are organized, tracked, and managed.” Thus, the NNS is going to serve as a “tokenized open governance system that is responsible for managing the Internet Computer.”
The mechanism would have two key canisters which would be the Governance and Registry canisters. Both would be responsible for the storage of proposals, configuration and choosing those who would be eligible for participation in the governance of the token.
Also, the Governance canister would have Neurons which would “contain locked tokens, which are not liquid and cannot be transferred freely to others.” It would also contain information like a public key identifier, “references an account on the ledger,” and a unique neuron ID.
Per a previous report from us, the ICP was launched as an attempt to get power back from the monopolization of the internet by the “big tech.” The project started as an attempt to build a decentralized network by Dfinity’s founder, Dominic Williams, in 2018.
The ICP token is supported and backed by giant firms such as Polychain Capital, Scalar Capital, Andreessen Horowitz, has been listed and now trading on leading crypto exchanges, such as Binance, Gate.io, Coinbase, OKEx, Huobi Global, among others.
Available data from CoinMarketCap shows that the token is currently trading at $150 and it also ranks among the top 10 crypto assets by market cap. And despite the recent crypto market crash, it has had over 10 percent growth in its daily transaction volume which stands around $577 million.