<h1>Internet Computer ICP Lanching In 2021</h1>
<h2>Is This The Web 3.0 We Have Been Waiting For?</h2>
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<h2 style="text-align: center;"><strong>Internet Computer (ICP): BIGGEST Launch of 2021?? 🤯</strong></h2>
590,209 viewsMay 22, 2021

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📲 Insider Info in my Socials 👉 <a dir="auto" spellcheck="false" href="https://www.youtube.com/redirect?event=video_description&amp;redir_token=QUFFLUhqbURQNzl6UEttcjFUdlNPdmZyQzNNWG00Y2o3UXxBQ3Jtc0tuQXNCVF84SVcwRFVjMWhTT2dYc0JVY0s0Zk9DcEE4N3NjQlNjRkRCemM1YnJIdHU1S2tZYlhjc0VmYUxNQ0g0ZDVPVm14QVlIY25oUWY1b1dRbF90OGU4ODMwSk1PZU5YZEM4bGgzSzZWVG9sY0tpaw&amp;q=https%3A%2F%2Fguy.coinbureau.com%2Fsocials%2F" target="_blank" rel="nofollow noopener">https://guy.coinbureau.com/socials/</a> 🛒 20% Binance Discount 👉 <a dir="auto" spellcheck="false" href="https://www.youtube.com/redirect?event=video_description&amp;redir_token=QUFFLUhqbGJyY0VIUzJjMzExblE5R3dBbjdRQzVmVkJOQXxBQ3Jtc0tuVS0yR2FwZ3FTbFJWVDRYc29JRUpwRzY4clVLQXpZb2FGOE1lUDlxbzFjOUJzTG1hNzZ4R1k2dE5qdldIVDZvMGVVTExHbFVDSDl1NWpCbmR0SXQ0NlpldXRnWGg2WXAtbEttQWtESjY5bmxGcUNCaw&amp;q=https%3A%2F%2Fguy.coinbureau.com%2Fbinance%2F" target="_blank" rel="nofollow noopener">https://guy.coinbureau.com/binance/</a> 👕 "Bitcoin Evolution" Shirt 👉 <a 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href="https://www.youtube.com/watch?v=zHl-oVPoX88&amp;t=0s">https://youtu.be/zHl-oVPoX88</a> Threshold Relay Explained 👉 <a dir="auto" spellcheck="false" href="https://www.youtube.com/watch?v=vVLRRYh3JYo&amp;t=0s">https://youtu.be/vVLRRYh3JYo</a> Chain Key Technology Explained 👉 <a dir="auto" spellcheck="false" href="https://www.youtube.com/watch?v=vUcDRFC09J0&amp;t=0s">https://youtu.be/vUcDRFC09J0</a> Network Nervous System Explained 👉 <a dir="auto" spellcheck="false" href="https://www.youtube.com/watch?v=hWnsluxmRqc&amp;t=0s">https://youtu.be/hWnsluxmRqc</a> Binance Walkthrough 👉 <a dir="auto" spellcheck="false" href="https://www.youtube.com/watch?v=YzJ6xkJpeUk&amp;t=0s">https://www.youtube.com/watch?v=YzJ6x...</a> ~~~~~ - TIMESTAMPS - <a dir="auto" spellcheck="false" href="https://www.youtube.com/watch?v=YGrFj3pav_A&amp;t=0s">0:00</a> Intro <a dir="auto" spellcheck="false" href="https://www.youtube.com/watch?v=YGrFj3pav_A&amp;t=98s">1:38</a> What is The Internet Computer? <a dir="auto" spellcheck="false" href="https://www.youtube.com/watch?v=YGrFj3pav_A&amp;t=292s">4:52</a> How Does it Work? <a dir="auto" spellcheck="false" href="https://www.youtube.com/watch?v=YGrFj3pav_A&amp;t=458s">7:38</a> The Network Nervous System <a dir="auto" spellcheck="false" href="https://www.youtube.com/watch?v=YGrFj3pav_A&amp;t=580s">9:40</a> ICP Tokenomics: ICO <a dir="auto" spellcheck="false" href="https://www.youtube.com/watch?v=YGrFj3pav_A&amp;t=686s">11:26</a> ICP Tokenomics: Use Cases <a dir="auto" spellcheck="false" href="https://www.youtube.com/watch?v=YGrFj3pav_A&amp;t=867s">14:27</a> ICP Price Analysis <a dir="auto" spellcheck="false" href="https://www.youtube.com/watch?v=YGrFj3pav_A&amp;t=1045s">17:25</a> Internet Computer Roadmap <a dir="auto" spellcheck="false" href="https://www.youtube.com/watch?v=YGrFj3pav_A&amp;t=1134s">18:54</a> Is it A Crypto Project? <a dir="auto" spellcheck="false" href="https://www.youtube.com/watch?v=YGrFj3pav_A&amp;t=1312s">21:52</a> Conclusion ~~~~~ ⛓️ 🔗 Useful Links 🔗 ⛓️ ► Dfinity Foundation Team: <a dir="auto" spellcheck="false" href="https://www.youtube.com/redirect?event=video_description&amp;redir_token=QUFFLUhqbXo3YVVILVVmemcwTEdaSW1pSmxQdE90Z0l2Z3xBQ3Jtc0ttNU1ud1JrRlJhbW8wZ2Z3dXhTU0ZuYXRQV212R19Xcmd0RnVlUV9ZN0dFQjZDaFU1OGVNaW5SNnlyRElBRWZ2Y0RaMW0wV2ZEbjFYWDdiWkxhMmZhVlp2dXo0Y1BNa082VDhNbF9jbHR1VXJHcXV6SQ&amp;q=https%3A%2F%2Fdfinity.org%2Ffoundation%2F%23team" target="_blank" rel="nofollow noopener">https://dfinity.org/foundation/#team</a> ► The Internet Computer’s Previous Milestones: <a dir="auto" spellcheck="false" href="https://www.youtube.com/redirect?event=video_description&amp;redir_token=QUFFLUhqbEdYWlo5bTZORFJ5WXdsWXZVclhPQmJ3dVFVZ3xBQ3Jtc0tsVnk1MkVlUVE0TEpyMGdUdXp4dTd0YTZjQ2ZFQ2JFUU9wbWUtaU9aQ0xMbHNiZENLUk4yTzM0ZzFNZm9KdlZiNmY5RldBckFwQ3JndlJHQzFFTEVKMTZMdVZVQy1QZldtZzlGVi1ZQk1TdmlZanlzUQ&amp;q=https%3A%2F%2Fmedium.com%2Fdfinity%2Fthe-internet-computers-evolution-from-copper-to-sodium-c49e0e58c93f" target="_blank" rel="nofollow noopener">https://medium.com/dfinity/the-intern...</a> ► Dfinity Foundation Open Source Policy: <a dir="auto" spellcheck="false" href="https://www.youtube.com/redirect?event=video_description&amp;redir_token=QUFFLUhqbjcxR0Y4dGZJeVp2ckhQdmgxSGlLRTU4cWRTZ3xBQ3Jtc0tsMlRtTTBwZi1qR0NNYjJsQ3dEenR4eXlYOHFhWTVlNGZYV3Fhb19neUpXZU83MGs4VkNUVVRXNFVaVjk4aHJxcFNPRFJ1M0VtSFlrazdocTZ5bnFrcW5raXRTUFpSdjJUU2tYRkMzNlRTcDh0dTFVRQ&amp;q=https%3A%2F%2Fgithub.com%2Fdfinity%2Fic%23open-source-policy" target="_blank" rel="nofollow noopener">https://github.com/dfinity/ic#open-so...</a> ► Internet Identity App: <a dir="auto" spellcheck="false" href="https://www.youtube.com/redirect?event=video_description&amp;redir_token=QUFFLUhqa2JUZ2N5OGRDbHpKcHFHUHJoTGdzRXB5Qk1Rd3xBQ3Jtc0treEM5MkJXRGNCZkppd1I3aTlCRDRhRHdKOHBMQ0pXOG5HMU1tNk5NX3l3d1F4Q3oyUXdKcTZKRGtaTFllZm5HbDN0a0VqUzBXa2luckY0NlJjVU1RcHJ5b2pxQWhFYjBWSWRqQTR5VGZJQkYzSnBrMA&amp;q=https%3A%2F%2Fidentity.ic0.app%2F" target="_blank" rel="nofollow noopener">https://identity.ic0.app/</a> ► Neural Network System Governance Powers: <a dir="auto" spellcheck="false" href="https://www.youtube.com/redirect?event=video_description&amp;redir_token=QUFFLUhqbi1hUmJuaC15WnNmNFJDZ3k1QU1OQ3Y3YjYtUXxBQ3Jtc0tsdVByeGNFRlBqMzViTHFNLXRqYUhEY2VhZjYzZzJ5Z3FWbGxQajJVWV9kOFRuNzFlX0hKQVB0MU1GbU1mQUFEQ0VtWGlZd0x6NWdfVWVxR3Qzd2t4dXNPaFBkWWk4VEo4ZTlOYjJScUhHNGxjV3k2cw&amp;q=https%3A%2F%2Fsdk.dfinity.org%2Fdocs%2Fdevelopers-guide%2Fconcepts%2Fgovernance.html" target="_blank" rel="nofollow noopener">https://sdk.dfinity.org/docs/develope...</a> ► ICP Tokenomics: <a dir="auto" spellcheck="false" href="https://www.youtube.com/redirect?event=video_description&amp;redir_token=QUFFLUhqbU8zT0tiNjB2dE9xMzJ1eUhTUVZ2QlJsX2V1Z3xBQ3Jtc0tuSkpGMG5CakNwaDA5ZU1GQThZanNFTWkyTm9WcnVELUk1UXpxNXNwM1hodXlsVkdUYkJlcHVzQWIybHBOVU9aZEgtZzdmZF9UWVpzeS0xbFpkV29RdnBoak5lWkQ0aDF1bm9NVDAwTm9TeXlWMHFxUQ&amp;q=https%3A%2F%2Fmedium.com%2Fdfinity%2Fthe-internet-computers-token-economics-an-overview-29e238bd1d83" target="_blank" rel="nofollow noopener">https://medium.com/dfinity/the-intern...</a> ► ICP Vesting For Early Buyers: <a dir="auto" spellcheck="false" href="https://www.youtube.com/redirect?event=video_description&amp;redir_token=QUFFLUhqbDJleUpZMWZQRFNYUURiSnlteTNyUkdxcUZPQXxBQ3Jtc0ttcWxhTlkxNXlEWUFuMFBLeklxME5CSjJwUEhIeDVTWHRYakNZQ0xxVmUyaE5VcnBWSFFJYUdsdGROYXVhYmpiTVBJRXdiUjRpNzdUMXQ0R2JyZkw0UHYyV3VMQkR2c2Z3RG5GaHpRZDFaZThHMnNBZw&amp;q=https%3A%2F%2Fmedium.com%2Fdfinity%2Fhow-to-access-seed-and-airdrop-icp-tokens-and-participate-in-the-internet-computer-network-e6cd663a0c3c" target="_blank" rel="nofollow noopener">https://medium.com/dfinity/how-to-acc...</a> ► Internet Computer Data Center Explorer: <a dir="auto" spellcheck="false" href="https://www.youtube.com/redirect?event=video_description&amp;redir_token=QUFFLUhqbjJFTWFoOE42dkF0LUNyLTNMekZHeFRTSEFHUXxBQ3Jtc0tsZzJtWFM2SXJEMXY5STV0N29TYmRfNlJXZ3p5bVdVREJVVHd2MjhoRUtWSDBoYWhlUzVVOXlaZVRscnVRY1NGRXlLQlc4NFhiVUFnU0ZiQUJOSUdrTzJmMjJaNEdJbWY4SGRzMnVjb3V4YklQOHZHYw&amp;q=https%3A%2F%2Fwww.dfinityexplorer.org%2F%23%2Fdatacenters" target="_blank" rel="nofollow noopener">https://www.dfinityexplorer.org/#/dat...</a> ► Dominic Williams Internet Computer Roadmap Medium Post: <a dir="auto" spellcheck="false" href="https://www.youtube.com/redirect?event=video_description&amp;redir_token=QUFFLUhqbXlHeE5Hdkpub3VrRmp0T2g4VXFlMjRWMzVnUXxBQ3Jtc0trR1lFUkxhLVRlOC1ucElUVUl1d1YtcGtZcFZHNUZtTkx0Zjdqc2UwV1ZPZjNiR21GU3VJYUVSWGJoOC1MVUdKc2Q4Q1pXYzJNWTBramNtRkFMWmFTaF9wTGJjY3hmN285VGhyc1hqbFd6NDVaRGc3dw&amp;q=https%3A%2F%2Fmedium.com%2Fdfinity%2Fannouncing-internet-computer-mainnet-and-a-20-year-roadmap-790e56cbe04a" target="_blank" rel="nofollow noopener">https://medium.com/dfinity/announcing...</a> ► Endorphin Mobile Phone OS By The Dfinity Foundation: <a dir="auto" spellcheck="false" href="https://www.youtube.com/redirect?event=video_description&amp;redir_token=QUFFLUhqa0ZicUlyWEh3QnU4VkFsOFY0d2I1QmZFN29tZ3xBQ3Jtc0ttVEVZQlJOZE1BZEljV29IWXRxM3hwMG9IdTdMaExKWjF0b1kyNXV2MUx6cllHYi1ySnlFRnNtT29FWVpRemZjbDVvci1PQlEwRG5XWjVyNjJjdzlXaU1rZjhRcWpNVnNBQlJZNlh1LTZ1WHpqWnVlYw&amp;q=https%3A%2F%2Fmedium.com%2Fdfinity%2Fplans-for-endorphin-a-free-and-open-crypto-os-for-smartphones-and-other-end-user-devices-9ebb763a711e" target="_blank" rel="nofollow noopener">https://medium.com/dfinity/plans-for-...</a> ~~~~~ 💻What Is The Internet Computer?💻 When the Internet Computer was founded, it was known as Dfinity, and it sought to take Ethereum’s world computer idea to the next level by becoming, well, the internet computer The interesting thing about the Internet Computer is that unlike other smart contract cryptocurrencies, the Internet Computer aims to replace the entire internet stack, not just the application layer ⛓How Does The Internet Computer Work?⛓ Users do not need to pay any fees when interacting with canister applications unless it’s something that requires transactions like a decentralized exchange or lending Another major difference between the Internet Computer and other cryptocurrency blockchains is that you require something called an Internet Identity to interact with applications on the internet computer ⚖The Network Nervous System⚖ The internet computer’s architecture of data centers, nodes, subnets, canisters and users is managed by the Internet Computer’s Network Nervous System or NNS What’s interesting is that the NNS itself consists of a handful of canisters running on a dedicated subnet 💰 ICP Tokenomics: ICO💰 ICP has an initial supply just short of 470 million tokens and a decreasing inflation rate that starts at 10% per year. About 25% of these tokens were sold to early retail investors 🛠ICP Tokenomics: Use Cases🛠 The ICP token is used for three things: Governance of the Internet Computer via the NNS, to pay for fees to run applications and websites on the Internet Computer, and to reward network participants 📈ICP Price Analysis📉 ICP has slowly been shedding dollars and took a nasty beating when the crypto market experienced that flash crash a few days ago. This will likely continue as there are not many demand drivers for ICP 📅The Internet Computer Roadmap📅 In January this year, Internet Computer founder Dominic Williams detailed a 20-year roadmap for the project. By 2040, the Internet Computer hopes to be larger than the regular internet Achieving this on computers is only half the battle, which is why the Dfinity Foundation recently announced its plans for Endorphin, a new operating system for smartphones currently in development 🤔Is The Internet Computer Really A Crypto Project?🤔 The Internet Computer appears to be quite centralized – the Dfinity Foundation hosts the NNS, provides the ‘standardized hardware’ required to run nodes, and seems to have most of the voting power ~~~~~ 📜 Disclaimer 📜 The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome. <a dir="auto" spellcheck="false" href="https://www.youtube.com/hashtag/dfinity">#Dfinity</a> <a dir="auto" spellcheck="false" href="https://www.youtube.com/hashtag/icp">#ICP</a> <a dir="auto" spellcheck="false" href="https://www.youtube.com/hashtag/crypto">#crypto</a> <a dir="auto" spellcheck="false" href="https://www.youtube.com/hashtag/blockchain">#blockchain</a> <a dir="auto" spellcheck="false" href="https://www.youtube.com/hashtag/decentralisation">#decentralisation</a>

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<h3 style="text-align: center;"><strong>Internet Computer ICP Lanching In 2021</strong></h3>
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<h3 style="text-align: center;"><strong>COMPLETE TRANSCRIPT</strong></h3>
00:01did you know that cryptocurrencies00:02aren't actually decentralized00:04this is because the internet we use00:07today is controlled by a handful of tech00:09giants00:09that all crypto projects rely on for00:11storage computing and00:13front-end user interfaces like mobile00:15apps and websites00:17at any time these tech giants could00:19collude to bar crypto companies from00:22using their services00:23which could crush the crypto market in00:25an instant00:26the internet computer hopes to be the00:29solution to this00:30subtle centralization problem by00:32creating a brand new decentralized00:34internet00:35its icp token recently appeared among00:38the top 10 largest cryptocurrencies by00:40market cap the other week00:41and this has left many wondering what00:44this project is really all about00:45and if it has any potential well today00:49i intend to find out00:58sorry to interrupt but i need to cover01:00my butt i01:01am not a financial advisor so i can't01:03give you any financial guidance01:06everything in this video is just crypto01:08science01:09if you've never seen me before my name01:11is guy and this channel has crypto01:13galore01:14crypto coins crypto tokens crypto market01:17moves and crypto truths that are seldom01:19spoken01:20if you value quality over hype01:22subscribing to the channel and pinging01:24the notification bell is right01:26i've laid down a few timestamps in the01:28video timeline below01:29you can use them to skip around or watch01:31the whole way through if you're a true01:33crypto bro01:34and with that said let's get that icp01:37bread01:38the history of the internet computer is01:40a bit confusing but here's01:42more or less how it came to be the01:44internet computer01:45was founded by dominic williams in01:47either 201401:482015 or 2016. dominic is a computer01:53scientist01:53with over 20 years of experience and has01:55been active in crypto01:57since 2014. when the internet computer02:00was founded it was known as02:01dfinity and it sought to take ethereum's02:04world computer idea to the next level02:06by becoming well the internet computer02:11the interesting thing about the internet02:12computer is that unlike02:14other smart contract cryptocurrencies02:16the internet computer aims to replace02:18the entire internet stack not just the02:22application layer02:23like many crypto projects the internet02:25computer is maintained and developed by02:28the dfinity foundation a swiss02:30non-profit incorporated in october 2016.02:34the dfinity foundation consists of02:36nearly 200 of the world's most talented02:39developers and researchers02:40who have been collectively building the02:42internet computer protocol02:44since 2016. the massive02:47scale of this project was made possible02:49by the equally massive amount of money02:51the dfinity foundation received02:53from vc investors and the icp ico02:58these public and private funding rounds03:00raised anywhere between 12003:02and 166 million dollars03:05now i'll get back to that later unlike03:08many crypto projects the internet03:10computer's code is not completely open03:12source03:13now as far as i understand developers03:15are also not allowed to copy03:17most of the code that is open source03:20more importantly03:21participation on the internet computer03:23blockchain is permissioned and requires03:25quote03:26standardized hardware provided by the03:28dfinity foundation03:30development of the internet computer03:32began in 2019 with the release of copper03:35which introduced a software developer03:36kit03:37for smart contracts coded in motoko a03:40new03:40programming language used on the03:42internet computer03:44in early 2020 the bronze milestone03:46featured the first functional03:48decentralized application03:49on the internet computer at the davos03:51summit hosted by the world economic03:53forum03:54the featured app was linked up an open03:57source version of linkedin03:58that works just as fast as its04:00centralized contemporary04:02what you see here is built entirely on04:05the internet computer04:06a few months later tungsten opened up04:09the internet computer to third-party04:10developers and showcased04:12dfinity's decentralized tick tock clone04:14can can04:15which was built with just 1 000 lines of04:17code04:18at the end of 2020 the dfinity04:21foundation unveiled its much anticipated04:23sodium upgrade04:24which introduced the internet computer's04:26government's framework and togenomics04:29mercury the last stage of the internet04:31computer's development was completed04:33earlier this month04:34with its mainnet launch the icp token04:37also began trading on multiple exchanges04:39such as coinbase and binance with a04:41valuation high enough to place it among04:44the top 1004:44largest cryptocurrencies by market cap04:48so how in the hell does it work04:52the internet computer might just be the04:54most complex cryptocurrency project in04:57existence04:58so if what i'm about to say doesn't05:00quite click05:01well don't take it personally from a05:04bird's eye view the internet computer05:06consists of a series of data centers05:08spread around the world each data center05:11contains05:11multiple nodes and nodes from multiple05:14data centers05:15are grouped together to form something05:17called a subnet05:19each subnet forms a proof-of-stake05:22blockchain which uses a novel consensus05:24mechanism05:25called threshold relay invented by05:28founder dominic williams now threshold05:31relay is05:31outside the scope of this video but the05:34bare bones explanation05:35is that a subset of nodes in each subnet05:39is selected to produce a block based on05:41their staked05:42icp subnets are similar to the power05:45chains you see on polkadot and kusama05:48like parachains subnets host05:50decentralized applications05:52running on the internet computer now05:54whereas regular crypto dapps consist of05:56a collection of smart contracts05:58each dap on the internet computer is06:00made up of one or more06:01canisters canisters are like smart06:04contracts on steroids06:06they can automatically create new06:08versions of themselves on other subnets06:10to support additional users and can be06:12leveraged by06:13other developers building dapps because06:16subnets only consist06:17of a handful of nodes running in06:19powerful data centers06:20this makes both transactions and06:22applications run06:23at speeds that are comparable to the06:25regular internet06:27not only that but users do not need to06:29pay any fees when interacting with06:32canister applications06:33unless it's something that requires06:35transactions like a decentralized06:36exchange06:37or lending protocol now this is in stark06:40contrast to just about06:41every other smart contract blockchain in06:44existence which requires you to pay a06:46network fee06:46for every single interaction on their06:49decentralized applications06:51i'll explain how this is possible in06:53just a moment06:54another major difference between the06:56internet computer and other06:57cryptocurrency blockchains06:59is that you require something called an07:01internet identity to interact with07:03applications07:04on the internet computer this internet07:07identity can be paired to your07:09smartphone computer or a secure usb key07:12a wallet address is automatically07:14generated for you when you create an07:16internet identity07:17the device that is originally used to07:19create that internet identity07:21becomes the one that is used to verify07:23all transactions and is also required07:25to add new devices to the same identity07:29for other cryptocurrencies you just07:30generate a wallet address07:32and write down your seed phrase which07:33you can use to recover that wallet07:35or boot it up on a different device07:38the internet computer's architecture of07:40data centers nodes07:41subnets canisters and users is managed07:44by the internet computer's network07:47nervous system or07:48nns at the data center level the nns07:52decides which data centers get to join07:54the internet computer's network07:56at the node level the nns identifies07:59misbehaving or underperforming nodes08:01and removes them from subnets at the08:04subnet level08:05the nns decides which nodes form a08:08subnet08:08and is also responsible for generating08:11subnet08:12keys subnet keys are a crucial component08:15of the internet computer's chainkey08:17technology which is once again08:19outside the scope of this video the08:21simple explanation08:22is that this chainkey technology makes08:25it possible for subnets08:26to communicate with each other via the08:29nns which holds the master key that08:31validates all transactions08:33at the canister level the nns can decide08:36quote08:37whether upgrades to canister software or08:39management services08:40are allowed or not at the user level08:43the nns can make changes to the08:45economics of the icp token08:47now what's interesting is that the nns08:49itself consists of a handful of08:51canisters08:52running on a dedicated subnet the first08:54canister08:55is the registry canister which tracks08:57data center node and subnet organization09:00the second canister is the ledger09:02canister which contains a record of all09:04internet identities09:06transactions and tokens on the internet09:08computer09:09and the third canister is the governance09:12canister which allows icp holders to09:14vote on various changes to the internet09:16computer09:17including those i just mentioned now the09:19actual governance process in the nns is09:21something09:22i don't have time to cover but the key09:23takeaway is that the longer you lock09:25your icp09:26the more voting power you have moreover09:30you also earn icp for voting on09:32proposals in the nns09:34and this brings me to the tokenomics of09:37icp09:39icp has an initial supply just short of09:42470 million tokens09:44icp has no maximum supply and has a09:47diminishing annual inflation rate that09:49starts at ten percent09:50and goes down to five percent over time09:53of icp's initial supply09:55almost 25 percent was sold in a public09:57seed sale round in 201709:59for 4.1 million dollars which works out10:02to about three and a half cents per icp10:05a presentation by dominic williams10:07suggests that there were just a few10:08hundred participants in this public sale10:11and in an interview he noted that most10:13of them were from the ethereum community10:16the first private sale in 2018 saw10:18roughly 710:20of icp's initial supply sold for 2010:22million10:23at a price tag of about 63 cents per icp10:27those participating in the second10:30private sale in 2018 got the short end10:32of the stick10:33shelling out a whopping four and a half10:35dollars per icp10:37with five percent of icp's initial10:39supply allocated there that's nearly10:41100 million dollars of the remaining10:44supply10:45less than one percent was airdropped to10:46participating users on coin list and the10:49remainder10:49went to the dfinity foundation and its10:52affiliates10:53everyone who received or purchased icp10:56tokens10:57had to complete kyc and create an10:59internet identity11:00to claim these tokens as far as i can11:03tell11:03the only icp tokens that are subject to11:06a vesting schedule11:07are those allocated to participate in11:09the public seed sale11:10in 2017 without getting into the details11:14these will be gradually unlocked over a11:16four-year period on a monthly basis11:19during this time they'll be locked in11:21the nns's governance canister11:23and can be used to vote the icp token is11:27used for11:28three things governance of the internet11:30computer via the nns11:32to pay for canister fees to run11:34applications and websites on the11:36internet computer11:38and to reward voters for participating11:41in governance11:42and reward data centers for providing11:44the computation11:45required to sustain the internet11:47computer11:49now as i mentioned earlier icp tokens11:51are locked to vote on proposals in the11:54nns11:55the minimum lockup period is six months11:57and the maximum11:58is eight years to pay for canister fees12:01icp tokens must be converted into cycles12:05now this is where things get complicated12:07again so bear with me12:09each icp token can be converted at a12:12rate of 112:13sdr to 1 trillion cycles now for those12:16unfamiliar12:17sdr is basically a currency created by12:19the imf12:20that is backed by a basket of fiat12:22currencies12:23so to keep things simple let's just say12:25the sdr is equal to one dollar12:28if you have one icp and the current12:30price of icp is 10012:32converting one icp into cycles would12:35give you12:36100 trillion cycles now rather than12:39require users to pay canister fees12:41these fees are paid by whoever is12:43running the canister be it an individual12:45developer12:46or a software company in other words12:48whoever12:49makes an application or website on the12:51internet computer12:52must buy icp convert it into cycles12:56and pay the canister fees so their12:58applications continue to run13:00the logic here is that having the cycle13:02conversion pegged to the sdr13:04means that these canister fees will13:06always be predictable for developers13:08it also turns cycles into a sort of13:10stable coin which will be tradable on13:12decentralized exchanges13:13on the internet computer and possibly13:16even used as a de facto digital currency13:19any cycles used to pay for canister fees13:21are burned13:22meaning that icp could theoretically13:24become a deflationary currency13:26if there are enough applications on the13:29internet computer13:30this burning mechanism also helps cycles13:33maintain their one13:34sdr to one trillion cycle peg13:38the caveat here is that cycles cannot be13:41converted back into icp13:42once they've been minted when it comes13:45to rewarding participants on the network13:48users participating in governance get a13:50cut of icp's inflation in proportion13:53to how much they've staked and how much13:55they vote13:56users claim their voting rewards once13:58per month and the unlock period for14:00these rewards is one day14:02data centers providing node services14:04also earn a share of icp's inflationary14:07rewards and this14:08is because there are technically no14:10block rewards for nodes14:11participating in consensus on subnet14:13blockchains14:15instead they earn a quote standard14:17monthly reward14:18assigned to their region now for the big14:21question14:22what does this all mean for the price of14:25icp14:26on its first day of trading icp hit a14:29price of14:30over six hundred and forty dollars the14:32price pattern that followed is14:33characteristic of newly listed14:35cryptocurrencies14:36a sudden dip a sudden jump and another14:39drop14:39icp has slowly been shedding dollars and14:42took a nasty beating14:44when the crypto market experienced that14:45flash crash a few days ago14:48in contrast to most cryptocurrencies14:50this drop looks more in line with icp's14:52longer term downward price trend which i14:54believe will continue for some time14:56this is because there seems to be much14:59more cell pressure than buy pressure15:01for the icp token those who participated15:04in icp's public sale15:06are currently in 5000 x profit territory15:09and15:09even though most of their tokens are15:11vesting i have a feeling that they're15:13allowed to claim their monthly voting15:15rewards15:16those who participated in icp's first15:18private sale15:19are currently in 200x profit territory15:22with no apparent vesting period15:24even participants in the later sale and15:26airdrop are up nearly 40x15:29any data centers participating on the15:31internet computer are also earning icp15:33through their nodes which they are15:35likely selling to cover the costs of15:37operation15:38these node rewards don't seem to be very15:40large considering there are just15:4216 data centers running 88 nodes for the15:45internet computer15:46now if this is true it's ironically good15:49for icp's price action15:51even though the icp being sold by these15:53parties is probably a small percentage15:55of its circulating supply15:56it's still substantially more than the15:58current demand for icp16:00for starters users don't require icp or16:04cycles to interact with the internet16:05computer16:06you could argue that governance rewards16:08would incentivize someone to buy icp16:10and i would agree with this claim were16:12it not for the fact that you must16:14lock that icp up for a minimum of six16:17months16:18this is not ideal especially when we're16:21in a bull market16:22that could be ending in six months time16:24or sooner16:25not only that but because most of icp16:28supplies seems to be held by larger16:29investors16:30the voting rewards the average retail16:32user would get from the nns16:34would be negligible in addition it seems16:37that data centers do not need to hold16:39significant amounts of icp16:40if at all compare this to filecoin where16:44in storage miners must take16:45tons of fill coins to provide storage16:48for its network16:49as far as i can tell the only demand16:51driver for icp16:52beyond basic speculation is coming from16:55app creators who need16:56cycles to power their app canisters16:59there don't seem to be17:00many developers building applications on17:02the internet computer which is not17:04surprising when you consider the fact17:06that there is no clear monetization17:08structure17:09as annoying as it can be to constantly17:11pay transaction fees for dapps built on17:13ethereum and the binance smart chain17:16it means that developers actually have17:17an incentive to build17:19however icp's poor price action isn't17:22stopping the dfinity foundation17:25in january this year internet computer17:27founder dominic williams detailed17:29a 20-year roadmap for the project in17:31what may be17:32the longest medium post i have ever seen17:36over the next five years the dfinity17:39foundation will focus17:40on the adoption of the internet computer17:42protocol and hopes to double its team of17:44experts ten years from now17:47the dfinity foundation hopes that the17:49internet computer17:50will become a viable alternative to the17:52regular internet we use today17:55by 2040 the internet computer will be17:57larger than today's internet and the17:59reign of tech giants like google18:01and amazon will come to an end achieving18:04this18:04on computers is only half the battle18:07which is why the dfinity foundation18:08recently announced its plans for18:10endorphin a new18:11operating system for smartphones all18:15apps and features on endorphin phones18:17will function as if they were websites18:19the app widgets we see on smartphones18:21today would just be bookmarks for those18:23websites18:24to quote the medium post there will be18:26no distinction between18:28websites apps and dapps content18:31will simply be transparently cached18:33where it is accessed and there will be18:35no need for a bothersome download and18:38install process18:40endorphin will leverage the internet18:42computer and this means18:44you will need an internet identity to18:46use an endorphin phone18:48and all the upgrades and changes to the18:50phone will be managed by the18:52nns if you think the internet computer18:56is starting to sound like less of a18:57cryptocurrency project and more like the19:00end game of the world economic forum19:02well you're not alone dozens of people19:05have voiced their concerns about the19:06implications19:07that the internet computer's internet19:09identity could have on privacy19:12after all lots of code is closed sourced19:14and patented19:16even though the internet computer is19:18technically decentralized19:19the nns seems to be a single point of19:21failure given that it's run on a19:23dedicated19:24subnet that is presumably run by the19:26dfinity foundation19:28while the amount of icp tokens allocated19:30to the dfinity foundation and its19:32affiliates is not greater than 5019:35they are likely the only entities who19:37are willing to lock their tokens19:39for that eight-year period the longer19:42you lock your icp19:43in the nns the more voting power you19:45have and the more icp rewards you earn19:48from inflation19:49these can then be compounded back into19:51governance19:52what this means is that the dfinity19:55foundation has19:56total control over the internet computer19:59it can probably vote on whatever20:00proposals it wants20:01and this voting power will only increase20:04over time20:04if its tokens stay locked now this is a20:07huge problem because the full extent of20:09the nns's governance over the internet20:11computer20:12is not entirely clear and the powers it20:14seems to have20:15now are already quite concerning data20:18centers are required to provide their20:20personal information20:21and run hardware curated by the dfinity20:24foundation20:25and even then the nns could vote to20:27reject their application20:30more importantly even though the20:31canisters that run all the applications20:33on the internet computer are technically20:35quote20:36unstoppable it seems that the nns20:39could vote to shut down undesirable apps20:42if this is the case could the nns do the20:45same to individuals20:46if everyone is using the internet20:48computer and even their20:50phones are leveraging the protocol this20:52would effectively cut them out of20:53society20:55this isn't just speculation either in a20:572018 interview20:58dominic williams noted that the internet21:00computer will be designed21:02to conform with the laws of the21:03countries in which it operates21:05how is this possible for a protocol that21:08is supposed to have21:09open governance and decentralization21:12that doesn't sound21:13at all like a cryptocurrency to me now21:16in fact21:17you could say that what the defensive21:18foundation's team is looking to do with21:20the internet computer21:22is not eliminate the tyranny of today's21:24tech giants21:25but instead crown themselves as rulers21:28of the internet21:29thankfully the solution here is quite21:31simple and that's to fully open source21:32the project21:33so that people have the option to build21:35their own internet if this nightmarish21:37scenario starts to play out21:39as it so happens making more of the21:41internet computers code available for21:43public scrutiny21:44also seems to be on the dfinity21:46foundation's roadmap21:48let's just hope it's not too late by the21:50time they actually do it21:53the internet computer is easily one of21:55the most powerful projects in the21:57cryptocurrency21:58space it really seems to have the22:00potential to replace the internet we see22:02today22:02with something that is much more22:04efficient convenient22:05and safe those talking points sound22:08familiar and22:09they somehow remind me of a quote22:12absolute power22:13corrupts absolutely i can't help but22:16think22:16that dfinity foundation could quickly22:19fall prey to this parable22:21the internet computer's network is not22:23nearly as decentralized as it seems22:25and it's clear that its end goal is to22:27replace the entire planet's information22:29infrastructure22:31if this happens there will be no escape22:33because you will have a single identity22:35that is tied to everything you do22:38if you're booted out by the dfinity22:40foundation it's game over22:42now to be fair you could say this isn't22:45all that different from the system we22:46have now22:47we already have multiple internet22:49identities for various emails apps and22:52services22:53oddly enough however this setup is more22:55decentralized and actually preserves22:57more privacy22:58than the internet computer even though23:00you may have an account with a data23:02hungry tech giant23:03more often than not that information and23:05activity is siloed23:07as a simple example facebook can't23:10access the data your government has23:11about you23:12and your government can't access the23:14data facebook has about you23:16unless you live in certain countries of23:18course23:19what the internet computer is proposing23:21is a total consolidation of control23:23one wherein the possibility of a network23:26of interoperable and decentralized23:28cryptocurrency blockchains23:29is just an afterthought to paraphrase23:32founder dominic williams23:33projects like ethereum will just be used23:35as toys23:36by die hard cypherpunks now i happen to23:39disagree with that statement and that's23:41for one23:42simple reason true cryptocurrency23:44projects23:45are permissionless anyone can23:47participate and these participants23:49compete for open source code that23:51improves as it's copied23:52over and over the internet computer may23:55have financial23:56and institutional backing but it lacks23:58the raw economic incentives24:00to create the decentralized world real24:02cryptocurrencies will bring24:04drops mic24:08hats off to you if you made it this far24:10if you want to pick up some icp tokens24:12then they are available on binance and i24:15have an exclusive deal24:16with a 20 discount on trading fees which24:19is down there24:20in the description if you liked this24:23video then24:24let it be known turn that like button24:26blue and remember to subscribe to the24:27channel and ping that notification bell24:29if you haven't already24:31if you've already watched every video24:33the coin bureau has to offer24:35take that enthusiasm over to my twitter24:37tiktok and24:38instagram you can even join my free24:41telegram channel where i give you the24:42daily updates24:43you need to dominate the crypto market24:46if you want to take your portfolio to24:48the next level24:48then you can subscribe to my weekly24:50newsletter and get the tips and tricks24:52that will help 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<h3>SEC TARGETING Crypto: Which Projects At RISK?? 😨</h3>
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