The Internet Computer is a layer-1 protocol that is developed by the DFINITY Foundation and aims to become ‘a blockchain network that evolves the internet’. This ‘internet computer’ intends to ‘extend the functionality of the public internet so that it can host backend software’ on a smart-contract compatible, distributed network. ICP is the native utility token of the Internet Computer, and is used in the following functions: Governance: ICP token holders may stake ICP in the Network Nervous System (NNS) to create "Neurons" to vote on governance proposals and earn voting rewards. Network transactions: ICP tokens can be dissolved and converted into cycles, which are used to run websites and applications on the network via canisters.