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The Internet Computer (ICP) is a decentralized blockchain network launched by the DFINITY Foundation in May 2021 to push the limits of Internet functionality and support smart contract development on a bigger scale. The project’s success can be attributed to its skilled team of cryptocurrency enthusiasts and smart contracts, which allow developers to create dApps. Furthermore, ICP provides nearly infinite scalability and a high level of security via a system of checks.
Internet Computer (ICP) aims to give control back to developers and Internet users who host and utilize the network. The goal of the Internet Computer platform is to expand the current public Internet by introducing Chain Key Technology, a set of cryptographic protocols that consists of several components, including Threshold Relay (a consensus model), Non-Interactive Distributed Key Generation (NI-DKG), Network Nervous System (an on-chain governance system), and decentralized identity.
What is Internet Computer (ICP)?
The Internet Computer (ICP) is a set of protocols that enable independent data centers worldwide to band together and provide a decentralized alternative to today’s centralized internet cloud providers. The ICP token is used for governance, which gives the holders a right to vote on the decisions regarding the network’s future and to pay transaction fees.
The ICP token can be purchased and traded via exchanges. However, it is much more than just the form of digital money. In its first, ICP is the only blockchain to host websites, systems, internet services, and complete financial systems created solely of smart contracts, with no private systems involved.
Why Buy the ICP token?
Internet Computer (ICP), the native token of the blockchain, is a utility token that interacts with the blockchain’s governance mechanism. Users who participate in ICP’s governance procedures or offer computer power as a node receive ICP incentives. The concept of cycles is an important aspect of the network. ICP tokens can be converted to cycles, which can subsequently be used to run blockchain-based smart contracts. The network burns the ICP crypto exchanged for cycles as a deflationary measure. It works in the same way as Ethereum’s gas mechanism – it charges for calculations.
By staking the ICP tokens, the user can propose recommendations and vote to influence the outcome. For at least six months and up to eight years, the ICP in a neuron is locked when staked. The voting power and incentives increase proportionately to the lock-in period of the ICP holdings of a user. ICP has no limited supply. However, it does want to reduce its yearly inflation rate to 5% over the period.
How to Buy ICP Coins in India?
If you are wondering how to buy ICP coin in India, then WazirX can be your best choice. You can buy ICP coin in India via WazirX, India’s most trusted cryptocurrency exchange, by following the few simple steps listed below:
#1 Sign Up on WazirX
To begin with, create an account on WazirX by clicking here.
#2 Fill in the Required Details
Put in your email address and choose a secure password.
#3 Email Verification and Account Security Setup
Next, verify the email address by clicking on the verification link you received in your inbox. Following that, you have two options to ensure the security of your account – the authenticator app and mobile SMS.
Remember that the authenticator app is more secure than mobile SMS because there is a risk of delayed reception or SIM card hacking.
#4 Choose Your Country and Complete KYC
After selecting your country, complete the KYC process. Without completing your KYC verification, you can not trade peer-to-peer or withdraw funds on the WazirX app.
To complete your KYC, you need to submit the following details:
- Your full name as it appears on your Aadhaar or any other ID proof
- Your birth date as stated on your Aadhaar or any other ID proof
- Your address as it appears on your Aadhaar or any other ID proof
- A scanned copy of the documents
- A selfie of yours to finish the procedure
And you are done creating your account! Within 24 to 48 hours, the account is usually validated.
Buy ICP on WazirX via P2P
WazirX allows you to check the ICP coin price in India before you proceed to buy ICP crypto via WazirX. Check ICP coin price in INR on WazirX here. You can buy ICP using USDT and INR.
To buy USDT, you can use the WazirX P2P route. This is fast, secure, and free. Follow these simple steps to buy USDT and then your ICP crypto:
- Log in to your WazirX account on the web/mobile app and select “P2P” from the “exchange” option.
- Next, click on the ‘Convert INR into USDT’ option.
- Add the INR price at which you want to purchase USDT. Next, add the number of USDT tokens you want to purchase and click on “BUY”. Here, the minimum purchase should be 14.5 USDT.
Once you click on the buy button, WazirX will match you with sellers. However, if you wish to purchase the USDT from a specific seller, you can add the XID of that person and complete the transaction.
- You need to select a preferred mode of payment next. UPI and IMPS modes are the two options available. Please note that IMPS linking is mandatory on the WazirX platform; however, UPI linking is optional.
- Once you confirm and click on the message “YES, I WILL PAY’, you will get 60 additional minutes to complete your payment. In case of non-payment, once confirmed, a minimum penalty of 10 USDT or 1.2% of trade will be levied. False confirmations can also cause your account to get locked.
- Complete the payment as per the payment details on the screen (seller’s bank/UPI details). Once the payment is complete, upload the payment proof and click on the checkbox “I HAVE PAID”.
Once the seller confirms the receipt of payment, your order will be marked complete, and the USDT purchased will be reflected in your “funds”.
- Now you can use this newly acquired USDT balance to purchase ICP crypto on WazirX. Go to the “exchange” option on the web/mobile app and select ICP crypto from the list of the tokens available in the USDT market. All price charts, order book data, and an order input form are visible on the right side of the screen.
Fill out the buy order form and click on buy ICP. Wait for some time. It will only be a short while before your order is executed. Once it’s done, you will receive the ICP coins you purchased in your WazirX wallet.
Learn how to buy crypto safely and securely via WazirX P2P:
Future of Internet Computer
The Internet Computer (ICP) coin grew by 368% in 2021 but lost momentum in the latter half of 2021. The downturn was carried forward in 2022, given the crypto market’s current state of decline. However, the multiple reforms it is undertaking are promising; the Internet Computer has deployed over 28,000 canister smart contracts. More than one thousand developers are developing several applications on the Internet Computer, including social media dapps, GameFi, NFTs, and many more. These Internet Computer-based projects will soon be tokenized and shall be listed on the exchanges when the developers agree on token standards.
Frequently Asked Questions
Is Cryptocurrency Legal In India?
In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India
How Cryptocurrency Works?
Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.
How To Invest In Cryptocurrency Stocks?
Cryptocurrency can be purchased in two ways: through mining or exchanges. The process of confirming and adding transactions to the blockchain public ledger is known as cryptocurrency mining. Cryptocurrency exchanges are another option. Exchanges make money by charging transaction fees, but there are alternative platforms where you may communicate directly with other cryptocurrency traders.
Can I Invest In Cryptocurrency?
Yes, with exchanges like WazirX, you may invest in cryptocurrency in India. To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you've set up the security, you'll be given the option of continuing with or without completing the KYC process.
What Are The Best Cryptocurrencies To Invest In?
The best cryptocurrencies to invest in would be the ones you study and analyze in detail. Some of the most popular cryptocurrencies include Bitcoin, Ethereum, and many altcoins such as Tron, Ripple, Litecoin, etc.
Is Crypto Legal In India?
Cryptocurrencies are legal in India, and anyone can purchase, sell, and exchange them. It is currently uncontrolled, as India lacks a regulatory structure to oversee its operations. Per the Ministry of Corporate Affairs, companies must now record their crypto trading/investments within the financial year. In cases where a person receiving the gains is an Indian tax resident, or the cryptocurrency is regarded as domiciled in India, cryptocurrency transactions have been taxable in India
Are Cryptocurrencies Legal In India?
In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.
Is Bitcoin And Cryptocurrency The Same Thing?
Bitcoin is a cryptocurrency that was designed to facilitate cross-border transactions, eliminate government control over transactions, and streamline the entire process without third-party intermediaries. The absence of intermediaries has resulted in a significant reduction in transaction costs. Satoshi Nakamoto, the creator of Bitcoin, created the first cryptocurrency in 2008. It began as open-source software for money transfers. Since then, plenty of cryptocurrencies have emerged, with some focusing on specific fields.
What Is The Meaning Of Crypto?
A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.
Is Mining Cryptocurrency Legal?
Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
