اقتصاد توکنی Internet Computer (ICP)

The Internet Computer Protocol (ICP) token is the native utility token of the network, designed to facilitate governance, compensate network participants, and power computation through a unique "Reverse Gas Model." The token economics are structured around inflationary rewards for network operation and deflationary mechanisms through burning for computation.

Issuance Mechanism

The ICP token supply is inflationary, driven by two primary reward mechanisms managed by the Network Nervous System (NNS), the algorithmic DAO that governs the Internet Computer:

1. Node Provider Rewards: Inflationary ICP rewards are minted to compensate Node Providers for operating the node machines that run the Internet Computer protocol. The amount of ICP paid is determined by the NNS and depends on the node's geographic location and hardware/connectivity specifications. Rewards are minted monthly, based on the 30-day moving average price of ICP in Special Drawing Rights (XDR), an international reserve asset.
2. Voting Rewards (Maturity): Tokenholders who stake ICP in neurons to participate in governance receive daily inflationary voting rewards, known as "maturity." This maturity is distributed proportionally based on the neuron's voting power and the percentage of proposals it votes on. Maturities can later be burned to receive ICP.

The initial total token supply of ICP was 00 million. As of May 28, 2024, the total token supply had increased to approximately 518.98 million due to these inflationary rewards. The estimated annual inflation rate from paying these rewards was approximately 6.91% as of May 28, 2024, and is estimated to decrease to 5.00% eight years after Genesis, following a quadratic formula.

Allocation Mechanism

The initial allocation of ICP tokens included distributions to early supporters and participants.

• Airdrop (Past): Approximately 3.76 million ICP (about 0.80% of the initial token supply) were allocated to airdrop participants who signed up for the DFINITY mailing list and participated in community activities. These tokens were distributed monthly over one year, starting from the mainnet launch on May 10, 2021.
• Seed Round: Participants in the Seed Round (February 2017) received all their tokens at Genesis, but they were staked inside 49 neurons, each with a different dissolve delay ranging from 0 to 48 months, effectively creating a 48-month vesting schedule.

The unlocking of these initial allocations, particularly from staked neurons, has been the largest factor contributing to the circulating supply since Genesis.

Token Unlock Schedule

Based on the available data, the unlock schedule for a specific allocation (likely the initial distribution) shows a consistent monthly release of tokens.

The data indicates that a significant portion of the initial allocation was unlocked on May 10, 2021 (Genesis), with subsequent monthly unlocks continuing until May 10, 2025, when the remaining amount of this specific allocation is scheduled to reach zero, completing the unlock process.

Usage and Incentive Mechanism

ICP is a utility token with multiple core functions that drive network activity and incentivize participation:

1. Governance and Staking Rewards

ICP holders can participate in the governance of the Internet Computer via the Network Nervous System (NNS), the network's algorithmic DAO.

• Staking to Create a Neuron: Tokenholders stake a minimum of 1.00 ICP to create a "neuron," which grants voting power and the ability to propose governance changes.
• Voting Power: A neuron's voting power is calculated based on three factors:
  • The amount of ICP staked plus accumulated "maturity" (unclaimed voting rewards).
  • The length of the "dissolve delay" (lock-up period).
  • The "age" of the neuron (time already spent staked).
• Incentives: Neurons earn daily inflationary voting rewards (maturity) for participating in governance. The longer the dissolve delay and the older the neuron, the higher the voting power and potential rewards.

2. Fueling Computation (Cycles)

ICP is used to pay for computation and storage on the network through a unique mechanism:

• Reverse Gas Model: Internet Computer uses a "Reverse Gas Model" where developers, not end-users, pay for computation and storage.
• Burning for Cycles: ICP tokens are sent to the Cycles Minting Canister, where they are burned and converted into cycles. Cycles are the unit of measurement for resources (processing, memory, storage, network bandwidth) consumed by canister smart contracts.
• Exchange Rate: The exchange rate is pegged to the Special Drawing Rights (XDR), ensuring that burning one XDR worth of ICP always creates one trillion cycles. This mechanism introduces a deflationary pressure on the ICP supply.

3. Network Compensation

ICP is used to compensate key network operators:

• Node Provider Rewards: As mentioned in the issuance section, Node Providers are compensated with inflationary ICP rewards for running the physical infrastructure.
• Future API Node Rewards: The project team intends to use ICP to reward future API Nodes through the NNS.

4. Transaction Fees and Burning

Certain network actions result in the burning of ICP:

• ICP Account Transfer Fee: Transferring ICP between accounts incurs a 0.0001 ICP transaction fee, which is burned.
• NNS Proposal Submission Fee: Submitting a proposal to the NNS costs 10.00 ICP. If the proposal is rejected, this fee is burned; if it passes, the fee is returned to the proposer.

5. Ecosystem Participation

ICP is also used as a medium of exchange within the ecosystem and for launching DAOs:

• Medium of Exchange: ICP can be used for sending and receiving tokens or exchanging them on decentralized exchanges.
• Decentralization Swaps: ICP tokens can be sent to a Service Nervous System (SNS) swap canister to participate in a decentralization swap, receiving staked SNS tokens (SNS neurons) in return to govern that specific application's DAO.

Locking Mechanism and Unlocking Time

The locking mechanism for ICP is tied directly to the governance system through neurons.

Locking Mechanism (Dissolve Delay)

• Minimum Stake: A minimum of 1.00 ICP is required to create a neuron.
• Lock Duration: Staked ICP must be locked for a minimum of six months and a maximum of eight years (the "dissolve delay") to be eligible for voting and earning rewards.
• Voting Power Multipliers: The lock duration directly impacts voting power:
  • A six-month lock grants a 1.06x Dissolve Delay Bonus.
  • An eight-year lock grants a maximum 2x Dissolve Delay Bonus.
  • The bonus scales linearly between these durations.
• Age Bonus: Neurons also receive an Age Bonus based on how long they have been staked, up to a maximum of 1.25x for four years or more.

Unlocking Time (Dissolving)

The process of unlocking staked ICP is controlled by the neuron owner through specific commands:

• Start Dissolving: This command initiates a countdown, reducing the lock duration (dissolve delay). Once the dissolve delay reaches zero, the ICP can be disbursed.
• Stop Dissolving: The countdown can be paused at any time.
• Increase Dissolve Delay: The lock duration can be increased at any time, up to the maximum of eight years.
• Disburse: When the dissolve delay reaches zero, the tokenholder may disburse the neuron's ICP stake, and the neuron ceases to exist.

It is important to note that adding ICP to an existing neuron's stake will proportionally change the neuron's maturity percentage and age (e.g., doubling the stake halves the maturity percentage and age).