The power of Internet Computer (IC) and its ICP tokens

Learn more about the functionalities of the ICP token and purchase it right now in the Klever Wallet.

The perks of working and managing your crypto with the Klever Wallet involve the fact that you can do a lot of things with it inside the app, without having to depend on another application. 

In the Klever Wallet, you can manage your coins in the fastest and easiest way, with a lot of options in the palm of your hand. 

The same can be applicable to ICP tokens which can be purchased in the Klever Wallet. 

Available on our platform, you can discover the various uses for ICP tokens and expand your portfolio with another great and promising project. 

But first, let’s remember:

What is IC? 

Internet Computer (IC) is a general-purpose blockchain developed with the fastest and most scalable system available in the world right now. 

Made by a team of more than 200 world-renowned researchers and engineers, IC promotes what they call a “cutting-edge technology”, known today as the third major innovation in the blockchain – alongside Bitcoin and Ethereum. 

It can provide powerful frameworks for developers as they can build tokenized internet services, cross-industry platforms, decentralized financial systems, and even traditional enterprise applications and websites with it. 

What is ICP? 

ICP is the utility token for Internet Computer (IC). 

According to IC’s whitepaper, ICP token has the following functions:

Staking in the NNS: ICP tokens may be staked in the NNS (“network nervous system”, IC’s Decentralized Autonomous Organization) to acquire voting rights so as to participate in the DAO that controls the IC network. 

Conversion to Cycles: ICP is used to pay for the usage of the IC. More specifically, ICP tokens can be converted to cycles (i.e., burned), and these cycles are used to pay for creating canisters and for the resources that canisters use (storage, CPU, and bandwidth). 

Payment to Node Providers: ICP tokens are used to pay the node providers—these

are the entities that own and operate the computing nodes that host the replicas that

make up the IC. 


How does ICP Staking work? 

The Internet Computer project is built as a decentralized platform. This means that the evolution of the project is decided through stakeholders and their voting rewards. 

For those who already are familiar with staking processes, ICP tokens have the same purpose and function as regular staking. 

Whoever wishes to stake ICP tokens can earn significant amounts in return as tokens lead to voting rewards.

However, even though the rewards can be very attractive to investors, the IC project believes that the governance purpose is the great goal of being a stakeholder because the user can actively participate in the decision-making process.

According to their website, in the beginning, proposals sent to the Internet Computer required majority voting to pass. 

Now, as the process is changing, proposals ought to pass with only a majority among 3% of the total voting power

As a consequence, proposals can have a chance of approval even if large entities abstain and the majority of the network does not vote.


Meet the ICP Neurons

This is very interesting. 

ICP has a special account where the staked ICP tokens are held. This account is named “Neuron”. 

Only through a period of time with tokens held in Neurons, which can be 6 months up to 8 years, the user will have vested tokens with voting power

IC identifies each neuron according to several attributes relating to its stake, including:

1. Length of time it is locked for (called “dissolve delay”);

2. Whether it is currently dissolving toward liquidity;

3. How much reward has accrued as a result of voting on proposals (called “maturity”).

The neuron can obtain the ability to submit proposals and vote once it is locked for more than 6 months. 

The more active the neuron is in the processes of voting, the more voting rewards it can get – if the neuron participates in all voting proposals, it gets the maximum reward. 

Another interesting aspect is the “follow” mechanism where a neuron can “follow” one another and automatically vote the same as the majority of the neurons that it follows. 


The Network Nervous System (NNS)

According to IC’s explanation, “the NNS is an algorithmic governance system that oversees the network and the token economics that make it possible to build DeFi dapps, open internet services and enterprise systems”. 

That being said, Internet Computer says that the NNS mints ICP tokens for two reasons:

1. Voting rewards (Governance)

2. Node provider rewards

Staking rewards

As previously mentioned, ICP minting generates voting rewards. 

This minting process “only happens at the moment rewards are spawned, maturity is merged, or the neuron is disbursed”. 

Node provider rewards

As for the Node Providers, they are rewarded for running the node machines that power the Internet Computer.

And as a deflationary mechanism, the NNS burns ICP tokens for:

1. Minting cycles, are used to pay for computing and storage.

2. Transaction fees.

3. Failed NNS proposal fees.


How can I invest in ICP through the Klever Wallet?

As a multi-chain and resourceful crypto wallet, you can use your Klever Wallet to start investing in ICP with multiple options. 

Through the KWallet, you can:

  • Swap
  • Send
  • Receive
  • Charge
  • Buy
  • Stake

Everything in a very easy and straightforward way. 

Swap

To swap between two ICP and another pair is really easy: 

1. Click on the Swap tab (resembling the dollar sign) from the bar at the bottom.

2. From the tokens list, select ICP and the other token you want to swap or the opposite if you want to Swap from another coin to ICP. 

3. Enter the desired amount to swap (YOU PAY). Note, there is a Minimum value to swap. Once done, click on Next button.

4. Select the Account you want to receive the tokens on. You can select from your Accounts or Contacts by clicking on the Book icon. Alternatively, you can paste an address from the Clipboard or scan a QR code.

5. Choose if you want to Pay Fee with KLV by enabling the related button. Paying fees with KLV gives you a 25% reduction on swap fees. Once done, click on the Convert Now button.

6. After, you will be redirected to a screen that confirms that your order is placed. You can click on the “Got it!” button and relax. You will receive your tokens after a while.

To Send/Receive ICP 

To deposit ICP to Klever Wallet:

1. Click on the ICP icon from your Portfolio.

2. Switch to the desired Account.

3. Inside the Account page click on the RECEIVE button.

4. On the next screen, you can: 

– Use the sending application to scan the QR code.   

– Copy the address to Clipboard, then paste the address inside the sending application. 

5. In the case of sending, do the same as the first 2 steps and then click on “SEND”. 

6. Enter the amount you want to send, then click on the Next button. 

7. Click on the Book icon and select an Account or Contact to which you want to send the tokens. Alternatively, you can paste an address from the Clipboard or scan a QR code. 

8. Once done, click on the Send button. 

9. After that, you will be redirected to a screen where you can see all the transaction details. When everything is fine, click on the Submit Transaction button. Once submitted, a green screen will appear which confirms that the transaction is submitted successfully to the network. 

“Send” and “Receive” buttons are below the Main Account screen. These images are for example only. 

Staking ICP in the Klever Wallet

To stake ICP tokens, you have to create a neuron on the ICP blockchain and lock your tokens inside the neuron. You can stake ICP tokens inside Klever Wallet as follows:

1. Tap on the ICP token from your Portfolio screen. Then, tap on the Staking icon and input your PIN code or use Biometrics to enter the staking screen.

2. Tap on the Create Neuron button. 

Then, input the amount of ICP tokens you want to stake and tap on the NEXT button. On the next screen you will see a summary of the process, tap on the Submit Transaction button to proceed. Note, the minimum amount to stake is 1 ICP.

3. Input your PIN code or use Biometrics to sign the staking transaction. 

Once done, you can tap on the STAKING icon again to display your neuron with ICP tokens locked inside. If it happens that you do not see your neuron inside the staking screen, then you have to claim it manually. 

Claim your neuron in the Klever Wallet 

When you stake ICP, a neuron is created and your ICP tokens are locked inside that neuron. To display your neuron inside Klever Wallet, you have to manually claim the neuron as follows:

1. Inside your ICP Account, tap on the staking transaction, then tap on the Memo to copy it to the Clipboard. Note, that the staking transaction is marked with the SEND tag on the transactions list.

2. Go back to the ICP Account and tap on the STAKING icon. Then, paste the Memo and tap on the Claim button. 

The next screen will display the transaction details, tap on the Submit Transaction button to proceed.

3. Input your PIN code or use Biometrics to sign the transaction. 

Once done, you can see your neuron with ICP tokens locked inside it.

To know more about ICP Staking, how to increase it, Dissolve Delay, and more, click here. 


To invest in ICP is to invest in technology 

With so much to offer, the Internet Computer technology and its token, the ICP, it is possible to say that whoever invests in this project is investing in decentralized technology itself. 

And as we all know, decentralization is the key to web3, the future of the internet as we know. 

With time, more projects like IC will not only be wanted but it’ll be necessary to apply. 

As the world evolves to more decentralized technologies, the ones that are foreseeing its potential are already on the move. 

You can also be in this position by investing in projects like ICP. 

Start right now in your Klever Wallet via Swap or buy it with a credit card. 

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Disclaimer: This article is for informational purposes only. The information does not constitute an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Klever.Finance does not provide financial, tax, legal, or accounting advice. There is no responsibility on the part of the company or the author for any loss or damage arising from or related to the use of or reliance on any content, goods or services mentioned in this article.

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