[Crypto projects](https://revain.org/projects/) › Internet Computer

# Internet Computer (ICP): how it works, supply and reviews

## In short

- **Type**: Network of independent subnet blockchains, usually 13 to 40 nodes each, that run in parallel
- **Issuance**: New ICP is minted for governance voting rewards and node provider rewards
- **Risks and caveats**: ICP has no supply cap and has been inflationary; minting was 9.72% a year in January 2026.
- **Checked**: 31 October 2026

## Key facts

- **Ticker**: ICP
- **Official site**: [internetcomputer.org](https://internetcomputer.org/)

Key facts checked on 31 October 2026 against official sources.

## What is Internet Computer

The Internet Computer (ICP) is a network of independent blockchains called subnets that host smart contracts, called canisters, able to serve full web applications. ICP is its native token: it is converted into cycles to pay for computation and storage, and staked in the Network Nervous System to govern the network.

## Network and consensus

| Parameter | Details |
|---|---|
| Type | Network of independent subnet blockchains, usually 13 to 40 nodes each, that run in parallel |
| Consensus | ICP consensus with cryptographic (not probabilistic) finality; safe while fewer than one third of a subnet's nodes are faulty |
| Block time | Finality in 1 to 2 seconds |
| Smart contracts | Yes; canisters are WebAssembly programs (for example Motoko or Rust) with their own persistent memory |
| Runs on | Nodes owned by independent node providers, admitted by governance vote |

## Supply and issuance

| Parameter | Details |
|---|---|
| Issuance | New ICP is minted for governance voting rewards and node provider rewards |
| Fee burn | ICP converted into cycles is burned; cycles can never be turned back into ICP |
| Inflation | ICP minting was 9.72% in January 2026; the DFINITY Foundation's Mission 70 aims to cut inflation by at least 70% by end-2026 |
| Maximum supply | No fixed cap; supply depends on the balance between minting and burning |

On 31 October 2026: 558,194,257 ICP in circulation, 558,194,257 ICP in total (source: [ICP ledger API (internetcomputer.org dashboard backend); values are in e8s (1 ICP = 100,000,000 e8s); timestamp 1793466000 = 31 October 2026 17:00 UTC](https://ledger-api.internetcomputer.org/supply/total/latest)).

## What ICP is used for

- Converted into cycles, which pay for canister computation, storage and bandwidth
- Locked in neurons to vote on Network Nervous System proposals and earn voting rewards
- Paid out as rewards to node providers

## Who develops and governs Internet Computer

- **Governance**: The Network Nervous System (NNS), an on-chain DAO, controls the protocol; adopted proposals can upgrade node software without hard forks
- **Voting**: Neurons need at least 1 ICP and 2 weeks of dissolve delay to vote; voting power grows with stake, lock-up and age
- **Foundation**: The DFINITY Foundation, a not-for-profit, leads research and development
- **Developer**: The DFINITY Team publishes the technical whitepaper; code is in the dfinity GitHub organisation

## History

| Date | Event |
|---|---|
| May 2021 | Network genesis: the Internet Computer mainnet launches. |
| 18 December 2023 | The DFINITY Team publishes version 1.4 of the technical whitepaper, The Internet Computer for Geeks. |
| 6 February 2026 | The DFINITY Foundation publishes the Mission 70 paper proposing lower voting and node rewards to reduce ICP inflation. |

## Security and audits

- Each canister is replicated on every node of its subnet, so a single node cannot change its state.
- The protocol does not protect against bugs in application code; developers are responsible for their canisters.

## Risks and caveats

- ICP has no supply cap and has been inflationary; minting was 9.72% a year in January 2026.
- Most application canisters run on 13-node subnets; fewer nodes give weaker guarantees than larger subnets.
- Locked ICP in neurons can take up to two years to dissolve before it can be withdrawn.

## Official links

- Website: [internetcomputer.org](https://internetcomputer.org/)
- Docs: [docs.internetcomputer.org](https://docs.internetcomputer.org/)
- Whitepaper: [internetcomputer.org/whitepaper.pdf](https://internetcomputer.org/whitepaper.pdf)
- Source code: [github.com/dfinity/ic](https://github.com/dfinity/ic)
- Governance: [internetcomputer.org/nns](https://internetcomputer.org/nns)

## Questions and answers

**What is the Internet Computer?**

It is a network of subnet blockchains that host canister smart contracts able to serve full web apps. ICP is its native token.

**Who created the Internet Computer?**

It is developed by the DFINITY Foundation, a not-for-profit; mainnet genesis was in May 2021.

**What is the supply of ICP?**

There is no fixed cap. The ICP ledger reported 558,194,256.7 ICP on 31 October 2026; minting and cycle burns change it.

**How does ICP pay for computation?**

ICP is converted into cycles, pegged so that 1 trillion cycles equal 1 XDR; cycles are burned as canisters run.

**How is the Internet Computer governed?**

By the Network Nervous System, an on-chain DAO where ICP holders lock tokens in neurons and vote on proposals.

## Sources

- [Internet Computer — home page](https://internetcomputer.org/)
- [Internet Computer — NNS](https://internetcomputer.org/nns)
- [ICP Docs — Network overview](https://docs.internetcomputer.org/concepts/network-overview/)
- [ICP Docs — Governance](https://docs.internetcomputer.org/concepts/governance/)
- [ICP Docs — Cycles](https://docs.internetcomputer.org/concepts/cycles/)
- [ICP Docs — Consensus](https://docs.internetcomputer.org/concepts/protocol/consensus/)
- [ICP Docs — Security](https://docs.internetcomputer.org/concepts/security/)
- [The Internet Computer for Geeks (whitepaper v1.4)](https://internetcomputer.org/whitepaper.pdf)
- [Mission 70 and Accelerating the Internet Computer Economy (6 February 2026)](https://internetcomputer.org/whitepapers/mission70.pdf)
- [ICP ledger API — total supply](https://ledger-api.internetcomputer.org/supply/total/latest)

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Page updated: 2026-10-31

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Source: https://revain.org/projects/internet-computer/