Internet Computer is a layer-one protocol developed by the DFINITY Foundation that aims to become “the blockchain that will evolve the Internet.” Internet Computer aims to “extend the functionality of the general Internet so that it can host backends on a distributed network compatible with smart contracts.”

ICP is the native utility token of Internet Computer, and is used for the following functions:

Governance: ICP token holders can store it in the network neural system (NNS) to create “neurons” to vote on governance proposals and earn voting rewards.

Network transactions: ICP tokens can be resolved and converted into rounds, which are used to power websites and applications on the network via packets.$ICP